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morgage advice please
123money
Posts: 348 Forumite
please can anyone help i have a morgage but if i change morgage i have a 2,000 exit fee. i really need some money to do up my house, is it best to remorage and pay the buying out fee? or is it possible to take a 6month break? i have been with amber home loan only for a year. if i wait another year i wont have to pay the buying out fee. would really appreicate any advice thanks for reading my post :money:
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please can anyone help i have a morgage but if i change morgage i have a 2,000 exit fee. i really need some money to do up my house, is it best to remorage and pay the buying out fee? or is it possible to take a 6month break? i have been with amber home loan only for a year. if i wait another year i wont have to pay the buying out fee. would really appreicate any advice thanks for reading my post :money:
Try a further advance from Amber.
This way you will not need to pay a redemption fee.
Alternatetively, you could get a secured or an unsecured loan but do be aware that the interest rates will be higher in this case.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Why not wait until a further year is up, you then have the following advantage.
1) No redemption fee
2) 12 months to save up for improvments.
3) The probability that you can get a better mortgage rate from a lender other than Amber.US housing: it's not a bubble
Moneyweek, December 20050
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