Remortgage advice please

momisa

My current mortgage is now on the SVR of 6.49% costing £423 pcm.

I owe £56,000 due to be repaid February 2027.

My home’s sale price is around £90,000 – judging by local sale prices.

I'm pretty sure I can get a better deal elsewhere and feel that a fixed rate deal would be better for me given that I have £24,000 of debt. Even better if I could get a deal without costing me more money to change.

Am I better going for a 5 or 10-year deal? Should I try to consolidate my debts into my mortgage? Should I get help from a broker or do it myself?

Thanks

nrsql

>> Should I get help from a broker or do it myself?
Ask a broker or several to see what they can offer - if you can do better yourself and feel able to do that then you haven't committed to anything.

And yes you can do better.
As to a fixed rathe and period - that's your decision as to where you think rates are going and what your situation will be ove the period.

You might also consider interest only (and a larger mortgage?) untill you pay off debts if you are paying more interest on them. This will be transferring debt to the mortgage so make sure you do pay off the debts rather than consider it more money to spend.

JoeK_3

You do not post sufficient information here to be able to give advice.

I would always see a whole of market mortgage broker as there are over 40,000 UK mortgage products to choose from. How could you possibly wade your way through those?

As a whole of market mortgage broker, I know that there are lenders out there that will allow you to consolidate your loan and mortgage amount at the same low interest rate, with both the loan and the mortgage having different terms.

Hope this helps.

JoeK

Lipstick_2

Do you feel confident in doing it yourself?

It's easy to consolidate debt for the term of the mortgage but it could cost you a lot more over the longer term.

As whole of market mortgage brokers, we help people with this type of remortgage all the time.

Lipstick

momisa

I think I've decided to opt for broker advice. I'm reluctant to go for an interest only deal and I'm not keen on adding my debts to my mortgage as I feel I'd end up paying more over time.

Can anyone recommend a whole of market mortgage broker?

Thanks for the replies so far.