Remortgage after Renovation

a4331085

9 months ago i put down a 10% deposit (£12,600) on a £126,000 house purchase with a 2 year fixed deal. The house i bought was in major need of renovating and we have spent ~£25,000 on improvements since then which includes a full rewire, new bathroom and kitchen, 80%+ replaster etc.

Would it be worth approaching my own mortgage dealer (Santander) to get a remortgage at the reduced LTV or would it be better to wait until closer to the end of the 2 years fixed period? Are Mortgage companies normally receptive to remortgages partway through a fixed deal?

Thrugelmir

What's the penalty for exiting your current deal?

What rate of interest are you currently paying?

a4331085

Thrugelmir wrote: »

What's the penalty for exiting your current deal?

3% until November 2017

Thrugelmir wrote: »

What rate of interest are you currently paying?

3.65% until November 2017 then 4.65%


I think knowing the above answers my question, if i saved £120 per month by getting a better deal i would save £120 * 18 months = £2160, whilst exiting would be ~£3000 based on the ~£3000. I assumed the exiting meant leaving the mortgage company not just changing deal.


Thanks for asking them questions as i had not really contemplated the repaying being as much as it is.