Looking to remortgage - any help

scw1

We have used a financial service before who have done it all for us but now we need to do it ourselves and have no idea where to start.

Right we are currently with the Halifax. Have £39,000 outstanding. £29,000 is interest only and £10,000 is repayment. Our rate has gone up to 3.99%. We are not tied into any term with them.

We have a seperate endowment policy.

Property is worth £150,0000. And we have 8.5 years left on the mortgage.

Any help please?

Thanks

Sam

ACG

What is it you would like help with?

Telling us what you have and not what you want doesnt really help us to help you.

The_J

I'd probably just stay where you are.

getmore4less

ACG wrote: »

What is it you would like help with?

Telling us what you have and not what you want doesnt really help us to help you.

Telling us what they have is the critical piece of information most people leave off.

Anything better will do for a start.

With the LTV you should be able to find a better deal if your salary, age and credit stack up. rate/fees will be critical for payback period on changing.

I would probably look at a liftime tracker and see out the mortgage with that and not have to go tound the remortgage cycle again.

if you want some flexability to overpay and prepare for any short fall on the endowmwnt an offset might be an option.

Also review the endowment .

you could use a broker, or some on line comparison sites.

First direct are a good benchmark if you qualify for their products.

scw1

ACG wrote: »

What is it you would like help with?

Telling us what you have and not what you want doesnt really help us to help you.

I want to know what people think in terms of is it best to stick where we are, could we get better rates elsewhere, how do we go about it etc etc.

I would like to save some money each month ideally.

scw1

The_J wrote: »

I'd probably just stay where you are.

Can I ask why (genuine question - not being arsey or anything)

The_J

scw1 wrote: »

Can I ask why (genuine question - not being arsey or anything)

Alright rate, no tie ins leaving you free to overpay, not much time left on your mortgage therefore incurring fees for remortgaging possibly not worth it. Investigate the lifetime trackers with HSBC to see if you qualify, could save you £15-20 a month.

Without knowing your situation fully I couldn't possibly advise though.

Thrugelmir

scw1 wrote: »

I would like to save some money each month ideally.

Then scrimp and cut back. Use the savings to repay the interest only part of your mortgage. As its only going to rise higher. Your objective should be to clear the mortgage.