Mortgage advice please

wendfrombev

I am currently selling my property for £119000 ( fingers crossed) and owe £49000 on my mortgage with the Halifax. I took this out last year on a 5.45% fixed repayment rate to be portable as I knew I was selling up now ive got another year to go.
I wish to plough all the equity into another property up to £125000.
Ive been to the Halifax to top up my mortgage and they have offered me up to £63000. When I looked again the rate was 5.95% it seems a lot to me.
I also have a repayment fee of £1434, is this the amount I have to pay them if I want to get out of this deal?
I really don't want to pay 5.95% is it worth my while hunting for a lower rate and going with them when I eventually sell and buy another property.

I am attempting to sell my house privately so wish me good luck...

hokkers999

wendfrombev wrote: »

I am currently selling my property for £119000 ( fingers crossed) and owe £49000 on my mortgage with the Halifax. I took this out last year on a 5.45% fixed repayment rate to be portable as I knew I was selling up now ive got another year to go.
I wish to plough all the equity into another property up to £125000.
Ive been to the Halifax to top up my mortgage and they have offered me up to £63000. When I looked again the rate was 5.95% it seems a lot to me.
I also have a repayment fee of £1434, is this the amount I have to pay them if I want to get out of this deal?
I really don't want to pay 5.95% is it worth my while hunting for a lower rate and going with them when I eventually sell and buy another property.

I am attempting to sell my house privately so wish me good luck...

Good old Halifax, put profits before customers! you haven't said how much you earn though, there are lenders who are MUCH more generous than Halifax with multiples.

Is your current deal not portable? then you would only have the extra you want to borrow at a different rate and should also avoid the early repayment penalty.

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