Remortgage

[helppppppx]

Is anyone else's mortgage up in March/April and so stressed about what to do?

Can't look at a remortgage until end of October but spoke to my mortgage advisor today

Best option they could do today would be £650 more a month than we are already paying which is £950

If we went for that option we'd also have to pay £1000 early redemption as our mortgage is currently in two parts with one part not up until late next year. We'd also have to pay £400 to mortgage broker and whatever fees for the new mortgage?!

You need a better broker! You can just remortgage on the part that's expiring and you don't need to pay for a broker

She said we'd need to do the whole mortgage to move to a different provider? Is that not correct?

Well that would be correct if you're moving lender, but what kind of deal can your current lender give you? You won't need a broker if you're staying with your current lender. Who are you with?

Barclays seem really competitive compared to other lenders. Nationwide seem pricey. Have you done a comparison site search?

Yes, she’s correct. You can come out of your mortgage early just for one part and refix and just pay the early repayment charges on that part but you’ll have to stay with the lender you’re with. We did exactly that 2 months ago, we’re with HSBC and part is up next year and part in 3 years; so we paid the ERP for the part next year, refixed and are keeping the part due in 3 years as it is. If we’d moved it all away from HSBC we’d have had to move it as one.

We'd have to move to a new lender if we want to lock in a remortgage rate now as we've got 6 months and existing lenders don't let you lock in a deal that far in advance so would have to wait a few more months