Advice for Mortage please

cceg

Hi

I currently have a fixed rate mortage for the next 7 years, we have 8.5 years left on our mortage and we owe £102000 - our house is worth approx £400000

We have already had the fixed ate for approx 5 years and we are payng over the odds at 6%

I really dont know if we are just better off leaving it as it is, or looking for a switch and fix deal vearing in mind we will probably have to pay a fee of around £1000 and you can get long term fix rates currently.
Obvisualy we are only looking for about 25% of what our house is worth and im not sure if we would get a good deal because of this.

Any help greatly appriciated

Ideally we would like to keep paying roughly what we are but maybe knocking a year or so off our mortage

Thanks

kingstreet

Check the early repayment penalty.

4% to 5% of the amount being redeemed is more likely on a long-term fixed rate and this will impact the cost effectiveness of any remortgage.

TrickyDicky101

Can you overpay each month to reduce your outstanding balance?

Mortgage_LOS

Make sure you check if you have any Early Repayment Charges. If you pay off the mortgage the lender will charge you for the privilege. These charges will be noted in your Key Facts documents and your mortgage offer. Generally in section 10.

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

jimjames

cceg wrote: »

Hi

I currently have a fixed rate mortage for the next 7 years, we have 8.5 years left on our mortage and we owe £102000 - our house is worth approx £400000

We have already had the fixed ate for approx 5 years and we are payng over the odds at 6%

What term did you sign up for? 12 years seems a very strange length?