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Abbey Mortgage - what shall i do?!
bearne1
Posts: 85 Forumite
Just after some advice, have an Abbey mortgage which has been paid on time for 12 months. Outstanding is £91.5k and £93.6 to pay should i wish to remortgage.
Require minimum amount of 15k to pay off N/West loan at 8k + 1.5K overdraft + 1.5k credit card. Any spare money to aid home improvements.
What are my best solutions?
Many Thanks
Require minimum amount of 15k to pay off N/West loan at 8k + 1.5K overdraft + 1.5k credit card. Any spare money to aid home improvements.
What are my best solutions?
Many Thanks
Young, happy but bogged down with a mortgage!
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Comments
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Property value is 120k.
Many ThanksYoung, happy but bogged down with a mortgage!0 -
wait until the end of your tie in period, are you nuts ?nothing.0
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So you have a £2100 penalty to pay if you re-mortgage now away from your lender.
On that basis it does not like it is worth moving, but difficult to say without knowing any exact figures or scenario.
When does your current deal with Abbey expire? Abbey should be your first port of call for any extra borrowing like this. Make sure that you take any extra borrowing either on a scheme that has no penalties or a scheme that will tie in with when the first deal expires.
This way, when they have expired and you need to look for a new deal, you will not have any overhanging penalties on both parts of your mortgage, and you will be free to move away shoould you find a better deal elsewhere
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can you provide reasoning?Young, happy but bogged down with a mortgage!0
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Deal with Abbey ends in Nov this yr so not very long!
Will try Abbey i guess and see what they can do!
Fed up of large overdraft and credit cards fees so would be nice to clear them whilst having the extra money to finish house. Do you rate the cashback deals?Young, happy but bogged down with a mortgage!0 -
Deal with Abbey ends in Nov this yr so not very long!
Will try Abbey i guess and see what they can do!
Fed up of large overdraft and credit cards fees so would be nice to clear them whilst having the extra money to finish house. Do you rate the cashback deals?Young, happy but bogged down with a mortgage!0
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