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release from fixed term mortgage
Julesdizzy
Posts: 1 Newbie
We are in a fixed term mortgage for another 18ths, however the rate is £800 a month, the house is in negative equity, we are struggling to pay mortgage and would love t move to a lower rate, can we get out of fixed term?
0
Comments
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Without repaying the ERC, highly unlikely.
What's your current rate?0 -
you may also find it difficult to get another mortgage offer whilst you have no equity0
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Your only option would be to pay the Early Repayment Charge and see if your present lender would offer you a new rate. I'd advise going over to the Debt Free Wannabee forums for help with your budget - maybe you could take in a lodger to help pay the mortgage?0
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