Need help with remortgage

DonC

Hi All, 

On 1st June my fixed rate ends.

Halifax says it is changing from 1.56% fixed to 4.24% variable and my monthly payments will be going up slightly.

I still owe £37,237 and my "Remaining full term" is 20 years.

If I apply for another mortgage, am I able to reduce the "Remaining full term"?


I've found a 5 year fixed with Halifax on moneysupermarket.com.
£205 Monthly payment until 31/8/2027
2.93% Initial rate
£0 Product fees
£12,313 Initial term cost
3.8% APRC
Representative example: a repayment mortgage amount of £37,237 over 20 years, representative APRC 3.8%. Total amount payable £53,270.07 includes interest of £16,033.07 product fees of £0 and other fees of £0. Repayments: 63 months of £205.21 at 2.93% (fixed), then 177 months of £227.92 at 4.49% (variable). Early repayment charges apply.

Does that look acceptable?
Is there anything I need to be aware of or need to ask?


Any help is appreciated.

Edi81

If you apply to reduce the term you will need to go through full underwriting.