Expat who wants to remortgage

swapnilz

hi.
i am currently a house owner who has remaining mortagage of around 130000.
house currenlty valued at 430000
fixed rate of 5.24.
penalties all included for early exit is around 5500pounds
time remaining is about 3 years for no penalty exit.

i am currently living and working in india.
house empty except have a friend living there alone looks after it and takes cares of all bills.

would it be worth applying to remortgage now to save money or should i wait.

if its worth the money saved will i get a remortgage considering that i work in india.
better money here than UK but also have bought house here wih mortgage

csgohan4

This will be one for a broke who will look at your circumstances as you don't work in this country. Do you earn in Pounds?

YHM

Based on the mortgage balance and the size of the mortgage, I would doubt you would recover the ERC.

It is definitely a job for a broker though. Expat mortgages are specialist

swapnilz

dont earn in pounds i am afraid. rupees

swapnilz

by ERC i understand u mean early exit penalty.by broker wd anyone recommend London and Country.
is there a online way to do this broker thing or a physical visit a must.
any advice appreciated.

swapnilz

looking at website below
knowyourmoney.co.uk
entering my figures and time left says i must get a rate of interest 3.61% or below or make it viable.
wd you agree

csgohan4

Good luck with L+C, they are free and as they say, you get what you pay for

YHM

Sounds like you've already decided on L&C. Good luck....

Mortgage_Adviser

Although I am an expat broker as it is is said above the you need to be saving money after paying ERC. It is not correct just to compare the montly payments as there will be costs in arranging a new mortgage as well. These will be lender arrangement fees including the valuation fees. There will also potentially be legal fees as well. And the brokere fees as specialist brokers do normally charge fees as well this means the figure of 3.61% to achieve is not accurate. There is a lender with the rate of 3.19%. But I doubt this will be worthwhile your time.