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remortgage advice
fogma
Posts: 41 Forumite
Hi,
I'm sure I know the answer to this but here goes anyway...
I took out a £96,500 90% LTV 7 year fixed rate mortgage with Halifax in November 2013 at 4.69% with a purchase price of £107,500.
The value of the house has now increased to around £140,000/£150,000 and I have £91,250 remaining on the mortgage.
It seems to make some sense to remortgage to a lower LTV% to reduce my repayments even though there is currently a 3% ERC payable which I would have to add on to my mortgage.
Does anyone know if there's any chance of Halifax letting me get a new product with them at around 70% LTV without having to pay the ERC if I say I'm changing lender?
I'm also ideally wanting to add on some other debt I've accumulated and therefore maybe increase my mortgage to around £100k.
Any advice would be great, and yes I know the ERC was clear when I took out the mortgage and in hindsight it's a stupid rate to fix in for for so long but I just didn't contemplate the house value increasing.
I'm sure I know the answer to this but here goes anyway...
I took out a £96,500 90% LTV 7 year fixed rate mortgage with Halifax in November 2013 at 4.69% with a purchase price of £107,500.
The value of the house has now increased to around £140,000/£150,000 and I have £91,250 remaining on the mortgage.
It seems to make some sense to remortgage to a lower LTV% to reduce my repayments even though there is currently a 3% ERC payable which I would have to add on to my mortgage.
Does anyone know if there's any chance of Halifax letting me get a new product with them at around 70% LTV without having to pay the ERC if I say I'm changing lender?
I'm also ideally wanting to add on some other debt I've accumulated and therefore maybe increase my mortgage to around £100k.
Any advice would be great, and yes I know the ERC was clear when I took out the mortgage and in hindsight it's a stupid rate to fix in for for so long but I just didn't contemplate the house value increasing.
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