Is remortgage even possible?

Okydoky25

Hi, I currently have 2 mortgages on the one property after moving last year and instead of paying to get out of the fixed rate we borrowed on a second mortgage.

Total to repay is £264,000 One ends May 18 the other is July 21. Both I believe with exit fees of £6k.

Due to doing a lot to the property and rising prices in the area we have had an estate agent value at £400k. We purchased at £300k.

We have been looking on line and we would ideally like to remortgage the property for £300k releasing equity of £37k to cover exit fees and money spent on the house. By doing so it looks like we could get a much better mortgage deal of around 1.74. we are currently on 3.9. This would not only pay off some debt but reduce our monthly mortgage payments by £200 a month.

This all sounds ideal however is this possible? Is this something our current lender would help with or would we need to leave them and look elsewhere? TIA

YHM

Afternoon Oky

It is something that your lender would gladly help with, however, with such a considerable mortgage, I would recommend using a broker to make sure you are getting the best rate possible. You have already taken it on the chin you will have charges to break out of your fixed, so you may as well look to the market to see what is best for you instead of just lining your current lenders pockets...