Can I remortgage after a year?

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I bought my first house last year for £194000 with a 25% deposit and a First Direct 5 year fix (2% early repayment charge so 3k)

Rate is 3.69% and after a year the balance due has dropped from £145500 to £141000 or so as would be expected. I am a reasonable saver and still have around 10-20K about and a job which is stable for the foresseable future

With all the low rates about it struck me that it might be worth shoving some more of my savings (looks like about 6k) into getting my LTV from the 75% to the 70% band and remortgaging Salary is 42K (single - no dependants) so would have no addordability issues


It seems a bit too simple to be true. Can I do this?, I realise a lot is about arrangement fees and arrangement fees, but looks like even swapping the savings on the rate to an overpayment could easily save me a couple of years on the mortgage

I realise that I could even get a better deal on the 75% ltv.

Also could I remortgage on my own bank? They have a cheaper rate, could I just phone them and say I'll pay the ERC and have that rate?

thanks for any pointers.

Keith

Hi,

I'm with FD too on a 5 year fix, entered in Nov 2013.

We are currently attempting to remortgage with FD. All it takes is two calls, IF you are happy to select your own rate from their website.

You'll obviously need to pay the early repayment fee.

If you go to another lender then you'll have to go through their affordability process.

another_login

thanks, I will do some sums, But it could save me quite a lot of loot

another_login

Keith. HI- Can I ask you something else? How are first direct revaluing your house ? Are they using an index from purchase? or a sort of hometrack aggregrator?