what advice do i give to my friend about mortgage?

homersimpson_3

his mortgage is about 6.5k, flexible and no tie in. he regularly overpays. he owes about 3k on credit card (he applied for it after i told him about stoozing) and his 0% introductory offers ends in feb 2006 (i think). he used stoozed money to pay off part of mortgage.
my friend is paying about 6.4% on mortgage which seems high to me. am i right? should he remortgage, if so with whom?
thanks

payless

pls confirm mtg is only £6500 and with which lender

homersimpson_3

mortgage is £6500 (six thousand five hundred) and is with direct line.

payless

a number of lenders not interested in a mortgage of this size

even with "assisted fees package" need to be careful costs ( exit fees ? ) don't outweigh any interest rate gain from swap

Joe_Bloggs

The stoozing angle may be the best way to go with such a small mortgage.
There are lifetime of balance deals that are a few %. Request a redemption quote from your lenders to find out how much it will cost to end the mortgage.This may trigger a rethink on their part. A 2% reduction on the rate will save [ (0.064-0.02)*6500] = £130 approx per year. Probable fees from changing lender will dwarf this amount. This capital amount is not worth another mortgage lenders/brokers business !
J_B.

homersimpson_3

i also thought about stoozing but not sure even to suggest it. he already owes 3k to virgin and earns about 13k. what are the chances of getting another credit card- previous financial history is fine? looked at egg website but even if he applies for that interest free deal ends in feb 2006. so if he applied to egg (and accepted) in feb 2006 he then has to find 2 places to transfer debts with another 0% deal? what lifetime deals require a few % and can he pay off any amount from this debt when he chooses? like idea of redemption quote and will explain to him charges may outweigh any possible savings. thanks