remortgage advice

fogma

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.

Thrugelmir

fogma wrote: »

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?

No chance I'm afraid to say.