Mortgage rate of 6.2% - Halifax

Squirejim

Hi All, lookign for some advice if possible.

Im on a fixed 6.2% rate which is due to expire on 1/12/14, and will revert to Halifax SVR (currently 3.99%). Circumstances have changed where my partner is now not working, so can look after our baby daughter. Im looking to reduce the high interest mortgage which im curently on. Not sure why i took this one out, but hindsight is a wonderful thing! My options appear to be:

Swiching a deal within Halifax - I can move 3 months befroe the 1/12/14 and possible take advanatage of a 3.5% rate, as LTV is still high (approx 80%)

Or do i consult a mortgage adviser to see if i can switch mortgages now (there is a hefty early repayemnt fee which is well over £3k and might be £6k

My concern is if i wait until December, or possible September to switch with Halifax, is that rates may well rise in the meantime and the deals available now, will not be available in 3 / 6 months time.

Looking for some impartial advise as the monthly repayments are crippling at the minute and a drop to 3% rate would reduce the monthly mortgage by about £350 a month!

Tillytwopaws

Might be best to wait until a few days after 1 October and do an online product transfer. Remortgaging elsewhere or going through a mortgage review with the Halifax will involve a full affordability assessment. You should be in your lowest banding now for early repayment charges, mortgage servicing would be able to give you an exact figure.