Can Anyone Think of a Reason Why I Shouldnt Remortgage?

PDub

Ive owned my first propertly for just under 5 years, which has been totally renovated which I moved into in January.

House is worth roughly 45-50% more than what currently owe on it.

I have no loans, credit cards etc... except I owe my parents money for help (my dad done the majority of the work on the house brilliantly!) renovating the house.

My bank account (advanced) and mortgage is with HSBC.

For very little money extra each month I can get a 5 year fixed rate (fixed at 4.29%) and borrow extra to potentially pay off my parents and finish the garden without also extending the term (currently on 25 of a 30 year, will look at 25 year.)

Any help would be greatly appreciated.

Thanks.

handytips

What help do you need ?
Seems like you have already chosen HSBC ?
If you are willing to pay more money on your mortgage on a monthly basis then i would suggest you try and reduce the term further. You really need the services of a broker than a bank.

PDub

handytips wrote: »

What help do you need ?
Seems like you have already chosen HSBC ?
If you are willing to pay more money on your mortgage on a monthly basis then i would suggest you try and reduce the term further. You really need the services of a broker than a bank.

I guess i'd like to free up some money and keep my monthly bills roughly similar.

Im just not sure if there are any hidden pitfalls to doing this. I was just about to set up a montly direct debit to pay my parents off so doing it via a mortgage for less than what i was going to pay them seems to make sense to me unless you know of a reason not to?

Only reason i mentioned HSBC as its my own lender, they have a low fee of £399 and no deposit required and is also easier to stay with them.

I guess youre right, i could do with some advice from a broker.

Thanks for the reply.

Phil.