Mortgage Confusion

kingstreet

Ok, Steve.

Let's take the current value as what you paid then, £110,000.

We now need to work out what you will have to repay. You'll have paid a bit of your mortgage back, but will have the penalty, arrangement fee and mortgage account fee to add on.

Did you have any arrangement fee added to the mortgage at the point it started? £499? £999?

Let's use £95,000/£110,000 as an example. You'll have to work out the true balance yourself and check the true value.

£95,000 mortgage on £110,000 value. That's 86%.

If you pay fees to transfer (valuation and legal), the HSBC 3 year discount at a variable 3.84%, means a 23 year repayment mortgage of £95k would cost £518.81 per month.

This is an example only and obviously you're going to have to calculate if remortgaging offers decent value for money and is achievable in your circumstances.

ste_86

yes kingstreet it all makes sense now but having read what all of you have wrote it would make sense for me to stick it out until next year as for the sake of the fees and the charges i would incur it wouldnt do any harm to wait another year
Thank you all again

kingstreet

Spot on, mate. It isn't a good idea for you, but you now know why and won't be wondering "what if...?"