Remortgage to get away from Engage Credit

veravera123

I currently have a mortgage with Engage Credit. It was previously with Kensington & they transferred it to Engage. My rate was 4.6% and I was paying £520 a month. I not have had a second increase to 6.5% which means £618 a month. As I am in a variable rate with around 9 years left, I would like to move away but my credit history is only fair. What are peoples thoughts please, 2 interest hikes from them in less than 3 months is making me very nervous. Any advise welcome. 

K_S

@veravera123 On the face of it, it would make sense to remortgage away to another lender (even if it's a specialist one) both to reduce the interest paid and to fix for a period. Depending on the details you may also be able to increase the term if you want to lower monthly payments.

Whether or not you will be able to remortgage, and at what terms, will depend on the specifics, including your credit history.

I would recommend getting a copy of your credit reports, current mortgage details and speaking to a whole of market broker to get a realistic idea of your options.

You could start off with a broker on the MSE list here and (if they can't help due to your credit history and/or other complications in your requirements) then other brokers.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

veravera123 said:

I currently have a mortgage with Engage Credit. It was previously with Kensington & they transferred it to Engage. My rate was 4.6% and I was paying £520 a month. I not have had a second increase to 6.5% which means £618 a month. As I am in a variable rate with around 9 years left, I would like to move away but my credit history is only fair. What are peoples thoughts please, 2 interest hikes from them in less than 3 months is making me very nervous. Any advise welcome. 

veravera123

Thankyou very much for your reply. I will do that.