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Early Remortgage
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thedaveyb
Posts: 5 Forumite
Hi,
First venture into the forums and looking to see if I can improve our current position as at the moment whilst we are surviving financially the situation is not what it could be.
We are currently coming to the end of the 4th year of a 5 year fixed mortgage on a property worth somewhere around £130k. We had a council discount when buying the property which means our mortage was around £55k (via Santander). I understand that there is a lot of equity there and following a conversation with our bank (Natwest) that in 2019 at the end of the term barring no 'red flags' credit wise we would be able to remortgage and obtain a proportion of that equity.
However we currently have around 18k of Credit Card based debt that I would be intending to wipe out with the equity - basically moving our available monthly 'free cash' from around the £300 mark to around 1.5k a month - a big difference!
In short, do I have to wait till 2019 - is there any means of pulling the trigger early on this?
First venture into the forums and looking to see if I can improve our current position as at the moment whilst we are surviving financially the situation is not what it could be.
We are currently coming to the end of the 4th year of a 5 year fixed mortgage on a property worth somewhere around £130k. We had a council discount when buying the property which means our mortage was around £55k (via Santander). I understand that there is a lot of equity there and following a conversation with our bank (Natwest) that in 2019 at the end of the term barring no 'red flags' credit wise we would be able to remortgage and obtain a proportion of that equity.
However we currently have around 18k of Credit Card based debt that I would be intending to wipe out with the equity - basically moving our available monthly 'free cash' from around the £300 mark to around 1.5k a month - a big difference!
In short, do I have to wait till 2019 - is there any means of pulling the trigger early on this?
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You would have to pay any repayment charges on your current mortgage.0
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