morgage advice please

123money

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:

MortgageMamma

Well the first bit of advice I would give is that it would be a much better idea to save to do the work on your house, but if its urgent you do have options

1. Call amber homeloans up and see if they will give you a further advance. This will be a seperate loan from your mortgage and will avoid early repayment penalties of £2,000. Bear in mind the T&C's will be different to that of your mortgage

2. Look into unsecured/secured lending

MM

123money

thanks for that do u no if i will b entiltled to a morgage break or do u have to be with a company for a few years. its just im pregnant and could really do with some extra cash to

MortgageMamma

The rules surrounding mortgage breaks differ from company to company but normally you have to overpay the mortgage in order to take a payment holidayGive amber a ring and see if they can help you, although I would be careful if you are borrowing more money with a baby on the way. If amber cannot help and you really cannot pay the mortgage whilst on maternity leave you could include in your remortgage amount a budget for say 6 months mortgage payments to assist you on maternity leaveGood luck with your babyMM