Re Mortgage HELP

hugh2908

Hi all
My mortgage is up for renewal in september and it's at 7.5% fixed with G E Money! 23 years £102000 left Value of home is £140000
I was wandering with the interest rates so low at the moment would it be worth me paying a early exit fee to leave this mortgage so that i get a better fixed deal now before potentially the interest rates increase again, or should i sit tight until september ??

Many Thanks
H

Thrugelmir

What's the ERC?

What rate do you move onto in September?

Have GE made you an offer to remortgage elsewhere?

happybroker

hugh2908 wrote: »

Hi all
My mortgage is up for renewal in september and it's at 7.5% fixed with G E Money! 23 years £102000 left Value of home is £140000
I was wandering with the interest rates so low at the moment would it be worth me paying a early exit fee to leave this mortgage so that i get a better fixed deal now before potentially the interest rates increase again, or should i sit tight until september ??

Many Thanks
H

GE Money have been waiving early repayment charges in a bid to get their loan book down. This hasn't always been actively promoted but it you write to them and tell them that you are aware that this has been going on and would they consider allowing you to do the sameI would not be surprised if they said yes.

hugh2908

Thrugelmir wrote: »

What's the ERC?

What rate do you move onto in September?

Have GE made you an offer to remortgage elsewhere?

Thanks for the response ,
G E Money have not been in any contact should i phone them up and ask if they will waive the ERC I guess ill have to find out what the ERC is also

Thrugelmir

hugh2908 wrote: »

Thanks for the response ,
G E Money have not been in any contact should i phone them up and ask if they will waive the ERC I guess ill have to find out what the ERC is also

Give them a call. At least you'll then find out their position.

happybroker

hugh2908 wrote: »

Thanks for the response ,
G E Money have not been in any contact should i phone them up and ask if they will waive the ERC I guess ill have to find out what the ERC is also

write to them, then you will have something official from them before you start throwing money at a re-mortgage.

This is a cut & paste from the template I have been using with my clients, just edit the dates to reflect the end of your early repayment charge period;

Redemptions Department
GE Money Home Lending
Malvern House
Croxley Business Park
Watford
WD18 8YF

//2009

Dear Sir,

Re Mortgaged Property:
Account Number:

It has been brought to my attention that GE Money Home Lending is waiving early repayment charges for customers who are in a position to re-mortgage to another lender and I am writing to seek confirmation that this will apply to my mortgage.

I understand that the terms of my contract are such that I would ordinarily incur a charge if the mortgage is repaid before 2009 but am currently looking at options before me to move my mortgage and would be most grateful if the early repayment charge could be waived.

I look forward to hearing from you soon.

Yours sincerely

happybroker

oh and send it recorded, they are possibly the best there is at not receiving mail!!