7 years left should i move

cityboyhirst

Hi
Not very good with mortgages/money, but i was told by a friend that it would be to my advantage to look at changing my Standard Variable Rate mortgage to another type or mortgage provider. I'm a bit skeptical as i owe £25500 with only 7 years left. A broker charging £100+ just for an answer seems a lot. Can anyone help please

Thrugelmir

Who is your mortgage lender? 

JustJane101

cityboyhirst said:

Hi
Not very good with mortgages/money, but i was told by a friend that it would be to my advantage to look at changing my Standard Variable Rate mortgage to another type or mortgage provider. I'm a bit skeptical as i owe £25500 with only 7 years left. A broker charging £100+ just for an answer seems a lot. Can anyone help please

What rate are you on? SVR tends to be much higher than anything you'll get on the market. Although most lenders have a minimum loan amount I think. 

Unicorn_cottage

Have you read the below? https://www.moneysavingexpert.com/mortgages/why-remortgage/

Unicorn_cottage

Do you have early redemption costs?

cityboyhirst

Hi guys
My mortgage provider is Halifax with an interest rate of 4.24% (as of 31st march) and as far as I'm aware I don't have early redemption costs (my statement says that paying off my dept at time of statement was mortgage amount)
hope this helps you to help me
Thanks

LRmortgage

You can probably get a product transfer staying with Halifax into a much lower rate than the SVR. 

This may not be offered if you are behind on your mortgage or have consent to let. Log onto your Halifax mortgage account and see if it is offering you any options. 

cityboyhirst

thanks guys spoke to Halifax and my improved choices where 3 and 5 year fixed rate thanks for the advice