Remortgage/Change Product Situation Change

EGOCD

Hi,

I'll try and keep this short. I need some advice, please. I bought my first home just under 2 years ago for £250,000. My loan was £210,000. I was made redundant 5 months ago and still haven't managed to find a job. I used to earn a good salary, hence why I was able to borrow so much from the bank (Halifax).

The problem I have is my fixed rate of 2.89% runs out at the end of Feb '17. Halifax will offer me another 2 year fixed at ~2.6%. If I was able to remortgage I could get much better deals elsewhere (less than 1.5%) which would save me over £100 a month in interest.

Halifax currently has their SVR at about 4.5% which is out of the question for me as my payments would soar to over £1000 a month.

I'm currently waiting to hear back about a job that I interviewed for which pays much less than I used to be on, but has a guarantee of a promotion at a later date. I know that I can afford these payments, but obviously the banks are going to disagree and not lend me enough. There is obviously a chance I don't even get this job.

Due to various legal things being sorted out my home is now worth roughly £320,000, so if I was to remortgage even better deals would be available due to the lower LTV.

Basically I just need some advice.. Should I wait and see if I get this job before renewing my Halifax deal to another 2 years? Should I just accept that I'm stuck with Halifax until I get a better paid job again?

Thanks.

kingstreet

See what the situation is in February?

dimbo61

Well you might get the job and you might not.
Can you reserve the cheaper 2.6 percent deal now which will not kick in till Feb 2017.
Getting a new mortgage deal with another lender has got a whole lot more difficult in the last 12 months without taking into account a Lower income.
If you can overpay every month over the next 2 years and pay down your debts.
The costs to move lender may well wipe out any savings you make by getting a lower interest rate.