Remortgage before rates increase

hd7481

For one reason or another we have been stuck in our IF mortgage now for about a year past the fixed period. We have had about 3 price increases so far with another one predicted on the cards.

We have £51,500 of a mortgage and the rate we are paying is something like 6.3% (possibly a bit higher) and our payments per month are £363.60.

My husband has just started a 6 month contract of employment and there is the possibility of this being extended. There is also the option that we might move within the year as I graduate this year and am currently looking for employment. So, to be tied in for a short a period as possible on a fixed rate.

The house is worth about 70-75k. Any ideas?

Will_it_make_me_rich

I can only suggest visiting websites like moneynet and msn money. Speak to there mortgage teams.
But if you think you may be moving within a year it probably won't be worth it.
If you are wanting to change your mortgage before rate rises then you need to be quick as lenders are pulling the fix rate deals now.
Maybe even consider a discount rate which would still be better then your current one.

HTH

hd7481

Gonna apply for the ING one tonight, knocks £30 off a month what we are paying just now and means we are not tied in.

Thanks.

payless

does your employment positions meet their criteria ?

hd7481

I have no idea, but will check before applying. If it doesn't we will be crippled paying about £400 a month for a 1 bedroomed bungalow for heavens knows how long.