Can i change my Mortgage

666soupster

Hi all i am looking good advice.
I have 11 years left and £33,000 to pay on my repayment Mortgage with the Halifax.I recently left my full time job because i had no choice in this matter,i am now working part time and i can pay my payments no problem.
All i want to know is should i move my Mortgage to another lender so i get my monthly payments down, i pay around £350 a month it the minute.
I dont want to add years back onto my mortgage i just want to pay less money a month because money is tight.I have no ties or fees to the Halifax so i think i am clear to move.
I would be very grateful if someone with loads of experience in this feild.
Thanks for looking.:eek:

_Andy_

What interest rate are you currently paying?

666soupster

Andy to be honest i dont know m8 but i would think SVR.I had all the details but last week i done a clear out and i have thrown out my Mortgage statements like a !!!!!!.I went onto the Halifax on-line service to get the rate but they dont give you it.Thanks Tommy

beecher2

It'll be 3.5% if it is Halifax's SVR, but that would give you payments closer to £300/month. It is quite a low rate as it is - not sure you'd get much lower elsewhere and be likely to have to pay fees.

You could post a Statement of Affairs on Debt Free Wannabee to get help wtih your budget.

666soupster

_Andy_ wrote: »

What interest rate are you currently paying?

Andy i originally borrowed £25,000 and i have re-mortgaged 3 times up to the value of £48,500.So i am sure iam paying for all the separate fees.Which i know is silly but at the time in needed the money,if you want i will ring the Halifax tomorrow to get the rate.I have no ties to the Halifax well thats what i stated the last time i re-mortgaged.Thanks Tommy

666soupster

beecher2 wrote: »

It'll be 3.5% if it is Halifax's SVR, but that would give you payments closer to £300/month. It is quite a low rate as it is - not sure you'd get much lower elsewhere and be likely to have to pay fees.

You could post a Statement of Affairs on Debt Free Wannabee to get help wtih your budget.

I am ok paying the payments but i would love to get them down if i can.

666soupster

beecher2 wrote: »

It'll be 3.5% if it is Halifax's SVR, but that would give you payments closer to £300/month. It is quite a low rate as it is - not sure you'd get much lower elsewhere and be likely to have to pay fees.

You could post a Statement of Affairs on Debt Free Wannabee to get help wtih your budget.

Thanks, what is the Statement of Affairs on Dept free wannabee.

Thrugelmir

666soupster wrote: »

I am ok paying the payments but i would love to get them down if i can.

On the amount you owe. The majority of your repayments are capital rather interest. So the benefits of remortgaging aren't going to be significant nor possibly worth the expense.

The easiest way of reducing your outgoings is to extend the term. However if you are on a tight budget then the pain is merely extended.

Perhaps find a another part time role to supplement your income and enable you to clear your mortage quicker.

kingstreet

First thing I'd do is ask Halifax if they have a product you could move to which has a lower rate. As Thrugelmir says, you are paying mostly capital back now, so a lower rate might not make much difference, but it's worth a call to find out.

If you are working P/T, is your income enough to move to a new lender?