Re-mortgaging

1Moneymonster

I have had a mortgage now for just over a year, i am on an interest only mortgage and have recently enquired to find a better deal but they say that they would charge me an early redemption charge of 5% of the remaining balance which is 8K? is this right or is there a way around it as the current out goings for the mortgage per month is very high!;)

homer_j_3

if there is a red charge then you will be liable for it, no ways around. the trick is to see if there is a better deal out there that will save you money in the long run.