remortgage from int/only to S.V.R?

shortchange

My wife has a Int-only mortgage policy which i am not on,although payed by us both.
She recently asked the M/provider about clearing the outstanding £30,000 by
Remortgaging.The figure of nearly £600 per month over 5 yrs on a S.V.R was quoted.
Appart from the low amount required for re-mortgaging, (£30,000) my wife retires in 2010 and i retire in 2013.
Our present joint income of £32,000 will drop to £21,000 when she retires,but will have a small pension,and some savings.
I would still be able to continue paying into the mortgage for the remaining 3 yrs.
Does anyone on the Forum have any ideas on how to solve the above prob's,
or had a similar experience.

chardanna

what mort provider are you with? Are you able to make over payments? are you able to make capital repayments? How is your intrest calculated, daily, monthly or annually?

shortchange

Hi Chardanna,
the mortgage is with The Bank Of Scotland.
We can make over payments,but not to the £600.00 suggested by the Bank.
We are unable to make a Capital repaiment.
The interest is calculated daily.

KTF

Why go for SVR rather than a fixed, tracker, etc? Are you tied in to the current deal? Even though the amount you need to borrow is low you may be able to beat the banks quote.

Speak to a fees free whole of market broker and let them see whats on offer.

shortchange

Thanks for your reply,as it turns out my wife has a Tracker Int/only mort.,
We are now trying to find a Broker with Free Fee's and Whole of Market deal.

Thanks again

shortchange