Remortgage??

adethfc

Hi All

looking for some advice please.

ive just come to the end of my fixed term period on my mortgage.

My home is worth 175k

I had a 145k mortgage over 30 years at 5.89% with HSBC paying £859 a month.

I am now on their variable rate of 3.94% paying £707 a month
owing £134.7k

Im not in a position to overpay and continue to pay £859 as i need to bring down my cost of living.

Is it worth riding their variable rate or remortgaging?

ive seen deals that would bring my monthly payment to £650. but is it worth saving £60 a month when their are costs of around £900?

Any views would be really appreciated.

ACG

You would save £1200 over 2 years, however from that £1200 you have to deduct whatever the costs would be of the new mortgage.

Personally for the hassle and what you would save id be inclined to just stick with the variable rate.

Thrugelmir

adethfc wrote: »

ive seen deals that would bring my monthly payment to £650. but is it worth saving £60 a month when their are costs of around £900?

How would you fund the costs of remortgaging?

Borrowing the money negates the benefit.

shop-to-drop

Ask HSBC what else they can offer you. You can do this via internet banking if you use it. They will probably offer you their fee free lifetime tracker rate which would bring your interest rate down further without any upfront charges.

bigadaj

shop-to-drop wrote: »

Ask HSBC what else they can offer you. You can do this via internet banking if you use it. They will probably offer you their fee free lifetime tracker rate which would bring your interest rate down further without any upfront charges.

Hopefully the OP will have this sorted from a year ago!