Advice Needed On Remortgage With Charge Please

ladyjill

Three years ago I remortgaged to get myself out of debt after two years of illness.
I chose a self-certificate mortgage, interest only, with an interest rate of three per cent above base.
I am now in full-time employment with a permanent contract.
I want to remortgage, in order to reduce my mortgage payments, still keeping the interest only mortgage.
I am 58 years old, and will work as long as I can to support my daughter and son through university, as there is no financial help from their father.
When I remortgaged, I paid £2,739 to the Legal Commission to move the charge which my ex has on the house, made during the settlement of the divorce.
I also paid the mortgage company £1,950 for providing the mortgage.
The mortgage amount is £102,450.
Is there any way I can avoid paying these apparently exhorbitant fees again when I remortgage in order to lower my outgoings?
My monthly amount is now, with the latest hike, £725.
I would be extremely grateful for any advice you can give me.
I feel that my efforts to pay off my debts and keep our family afloat have been heavily penalised.

JoeK_3

There are many lenders including some small building societies that offer fee free remortgages.

Do a google search for research or find a good whole of market mortgage broker.

JoeK

apk1

Assuming your income is ok, and you have no credit problems, there should be no problem, as you say the charge has been removed ( or was it just postponed ?) so that won't be payable again.

you should however look at total costs, as you may get a better deal by paying an upfront fee.

From what you have said assuming no credit problems I would hope you can save a substantial amount per month - possibly enough to convert some of the mortgage to a repayment, or do you have any other means of repayment ?

ladyjill

Many thanks for your fast response!
Sadly, the almost £3000 paid to the Legal Commission was simply to move the charge imposed by my ex to this present mortgage.
[Have you any idea why it is so high?]
Although I have had no further debt problems during the last three years, I suspect that I still have some adverse credit on file, from the period before, even though I paid all my debts in full.
How do I find the kind of expert advice you suggest?
I have waded through this site and it seems full of very well-meaning, but conflicting advice about fees paid for advice.
Thank you again for offering your advice.

apk1

Ladyjill, £3000 sounds exhorbitant, was your ex disputing it or were there other problems ?

With regard to your credit if you have been ok for the last couple of years, you are effectively starting to repair your credit history, it may still not be good enough to use a "high street bank"etc, but you should be able to get a much better rate.

I think you need to speak to a broker, who will explore your full circumstances, you will need to weigh up any potential legal bill again with any cost savings.

It would be worth getting a credit report from the likes of experian or equifax first so the broker knows the extent of your credit problems.

herbiesjp

Are you on around 8.5% with your current lender? Who are they?
What is your income? WHat is your property value
You should be able to find lower interest rates, however what deals and mortgage amounts available to you will depend greatly on what your current credit history looks like and the answers to the above
HTH

ladyjill

My income is £28,000, and the house is worth about £450,000, as we live in London.
The mortgage company is 'igroup'.

herbiesjp

You should be fine to get that agreed for you

Which part of london are you in?