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Advice on what to do re mortgage
bruceiow
Posts: 30 Forumite
Hi everyone, bit of friendly advice required please!!
Our mortgage is running on the high side - i think we are at 6.7% with a two part mortgage. We sold a property and under under advice of C&G took out an additional mortage to buy our house. Effectively we are left with two mortages with one monthly payment as both are with C&G.
It isnt a massive mortgage by any means (about 150k over 27 years as it stands now). our property is in equity thankfully as we bought before everything went mad!!.
My wife and I have a young child, both of us work but stuggle every month and have very few luxuries. I forecast cash flow and find it very difficult to save, even with strict management of outgoings.
I am sure the mortgage is a thorn in the side that need not be so painful. We currently are relieved of 1,000 per month for our mortgage which is quite a chunk of our income.
The mortgage is fixed 5 year on both parts and we are in year 3. there is a get out clause, but I believe that early repayment can run in to many '000s.
I was wondering how receptive C&G (or lloyds now I guess) would be for me to renegotiate with them a better deal?! We have no history of debt, no missed payments - but would benefit from a better deal as the cost of childcare and lack of any help from Mr Brown as we work really hurts each month!!!
Any views/opinions gladly received.
Many Thanks
Our mortgage is running on the high side - i think we are at 6.7% with a two part mortgage. We sold a property and under under advice of C&G took out an additional mortage to buy our house. Effectively we are left with two mortages with one monthly payment as both are with C&G.
It isnt a massive mortgage by any means (about 150k over 27 years as it stands now). our property is in equity thankfully as we bought before everything went mad!!.
My wife and I have a young child, both of us work but stuggle every month and have very few luxuries. I forecast cash flow and find it very difficult to save, even with strict management of outgoings.
I am sure the mortgage is a thorn in the side that need not be so painful. We currently are relieved of 1,000 per month for our mortgage which is quite a chunk of our income.
The mortgage is fixed 5 year on both parts and we are in year 3. there is a get out clause, but I believe that early repayment can run in to many '000s.
I was wondering how receptive C&G (or lloyds now I guess) would be for me to renegotiate with them a better deal?! We have no history of debt, no missed payments - but would benefit from a better deal as the cost of childcare and lack of any help from Mr Brown as we work really hurts each month!!!
Any views/opinions gladly received.
Many Thanks
0
Comments
-
You will have to pay the Early Repayment Charge - no way out of it.
I can only suggest going on to the Debt Free Wannabee forum and posting a Statement of Affairs to get help on where you can shave money from your household expenses.0
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