Can I change mortgage after a year?

Coffeelover78

My husband and I took out a 2 year fixed rate mortgage with specialist lenders Kensington last November due to him having a ccj, our interst rate is 4.7% but now his ccj is off his credit file and we both have great credit scores, is there any way of changing our mortgage without incurring lots of costs? We went through a mortgage broker to find this deal as the leading lenders wouldnt lend to us because of the ccj and it was the only way to get a mortgage. Our monthly payments are £1100 !! Any advice gratefully received

[Deleted User]

You can change your mortgage at any time, as long as you pay any early settlement fees.

Your great credit scores aren't a factor in lending, so you need to assess whether you can get a better deal or not, based on your circumstances.

Caz3121

Coffeelover78 wrote: »

is there any way of changing our mortgage without incurring lots of costs?

Our monthly payments are £1100

assuming you can get a decent rate how much would you save in monthly payments over the next 11-12 months?

If the saving is less than the early settlement fee then you may as well keep going with the current mortgage until you can move without fees

If you save more than the fees then it may be worth doing

getmore4less

What's the ERC?
Size of mortgage and term