Help me MFWers

jessicamb

Hey folks

Can somebody tell me if I'm being dumb or not

I took out a graduate mortgage a couple of years ago on very generous terms (the main one being 100% mortgage :eek: <--- I know but it was before I found MSE). Now a couple of years down the line and thanks to an equally generous discounted period I haven't paid off huge amounts of capital .

Rather than trying to refinance what I suspect would be classed on paper as subprime lending (I can afford the mortgage and never missed a payment - its the high LTV) is it a better option to take the standard variable rate for a year and try to clobber down as much of the capital as possible - and then reassess the situation when the credit crunch panic has (hopefully) abated somewhat and I am in a better position to pick a decent mortgage deal?

The mortgage is £75k and it pains me to think I would have to pay out hundreds of pounds in fees for a rubbish deal, when the cash could make a fair dent against the capital.

Is anyone else doing this?

Di-Dough

I'm not very good at this sort of thing but I would check what the SVR rate is with your current lender and then see if you can remortgage at a cheaper rate ..... if you cann't then yes I would do what you suggest