Advice wanted from remortgage experts

aaronsmoney

Hi folks

Looking for some advice. I have a 1 bedroom flat which has a mortgage of ~£22500 with 21 years left. The flat is imo ~£30000. This value is me going by what other flats in the area go by and isnt an actual valuation. 4 years ago when i bought it was valued at £25000. Halifax mortgage, My interest rate is always 1% above B of E

Basicly i want to make some improvements, i.e install double glazing and gas ch. My house has been bloody freezing. The doors and windows are getting old and the white meter heating bill im sure would be improved.

First thought would be to go for a remortgage, however I have bad credit history although all my debts excluding mortgage are paid off. Do you think i would still be able to get a better interest rate on a remortgage? or because of my credit history would it be better to stick with my current interest rate.

The second option was a homeowner loan from my mortgage lender to do the work, again this might not be possible due to my credit history but if it is would it be wise to do this if im looking to get a better mortgage deal in a few years time once my credit has improved?

Any advice would be greatly appreciated

Cheers
Aaron

UK007BullDog

You have quite a few choices open to you but:

1. Get a credit report on yourself first of all to see how your credit status looks like.
2. Go to your current lender and ask them for their best deals for you.
3. Visit a whole of market broker and ask there for the best deals and take your credit report with you.

Personally I think the interest rate will go up again come February and then maybe once more a few months later. Because just today I read the headline that UK people spent 6 billion in the last 2 days shopping. So you might want to look at a fixed deal. As the rates have gone up since you took out your mortgage originally you might not get a better rate as you have now. To save on costs always speak to your lender first of all as re-mortgaging to a new lender costs: Solicitor fees, booking fees, survey fees, fees from your old lender.........