Remortgage Help

skybye · 2022-08-04T14:50:31+00:00

If you was going to remortgage now or in the next few months would you fix for 2 or 5 years? If you had to pay £900 early repayment to remortgage in October would you do it?

ineedabreakfromreality · 04/08/2022 16:36

Absolutely. We’re paying a £4000 ERC (approximately 0.8% of the total mortgage) to remortgage early.

Original poster

skybye · 04/08/2022 18:39

If I pay the £900 I can remortgage in October, it's more before that

Will it change much between now and October?

OP posts:

BooksAndChooks · 04/08/2022 18:45

When does your current fix actually end? Is October 3 months before the end of fix or 6 months before the end of fix?

I would go for 5 years.

TuxedoJunction · 04/08/2022 18:48

Will it change much between now and October?

The next Bank of England rate review is mid-September. My guess is that it will go up by at least 0.25%…so I’d do it before then if you can.

Original poster

skybye · 04/08/2022 19:19

We have around £190k on one mortgage and then £90k on the other

The £190k the fixed is fixed until 30/04/2023 and the £90k is 31/12/2023

Our mortgage broker said we could start looking at a new fix for the £190k in October if we move providers

The £900 would be to pay off the £90k with a new mortgage for £280k with a new provider

Wouldn't be able to afford to do both before September as early repayment charges would be too high

OP posts:

dreamersdown · 04/08/2022 19:20

Fix for as long as you can, as soon as you can.

MsFogi · 04/08/2022 22:58

We paid the ERC and fixed for 10 years both to make it worth the hit and for longer term certainty.

Original poster

skybye · 05/08/2022 09:03

I think if I left both mortgages now then I'd have to pay over £5000

I just don't know if that's worth it for us at the moment

Have emailed my mortgage broker to get things sorted asap in October just worried by then it'll be even worse

Looking like our payments if we fixed now would be £1150. Already £200 pm more.

OP posts:

unicornsarereal72 · 05/08/2022 12:29

I've just spoken to my mortgage guy. My fixed rate is oct next year. He said interest rates are currently 3.5/3.75. And are marginally higher because banks know interest rates are on the move bit feels they will settle at around 4% next year. And not worth the early exit fee. As either way looking at increase in costs. I'm not happy about the advice but my exit fee comes down nov. So will re look at things then.

Superstressed79 · 07/08/2022 12:17

I need some help. Mine and my husband’s relationship broke down 2 years ago. We’d been together for near 9 years. He moved into my council property with my children and I. He didn’t drive and I used to take him to and from work for 6 years. We had am amazing relationship till he found out about his muscular dystrophy. Then everything turned. He’d be rude to me. Put a physical barrier in bed. Didn’t want to do anything anymore. Became snappy with my children. Made me feel like nothing. Controlled me what I did and whom I was friends with. Told me I wasn’t cooking food right. Tipped whole meals I made for him into the bin but wouldn’t help. Always accused me of having an affair but I wasn’t. He didn’t like the fact I had a lot of male friends. More so down to the fact of male work environment I worked in. Which is actually met him.

Id made arrangements with a female friend to have a spa pamper night. She could see I was low. I asked my husbands permission and he said he wasn’t bothered. I went. Kept in touch with him and called him on my way home at 9 in the morning to go food shopping. I arrived home at 12:30 to be point blank accused of having an affair. And left the home saying it was over. He went to my parents again accusing me of an affair. He called my female friend I was with asking her to clarify I was with her. Still accusing me of not being with her. Wouldn’t answer my calls over the weekend. I was made aware he’d already started with the divorce by the mon/wed. On grounds that I wouldn’t allow him access to my phone. I put makeup on washed my hair and put a summer dress on to go out. We are now fighting over property in court. It’s costing thousands of money I haven’t got. We were able to purchase my council property for a very discounted cost due to my years with them. We’d only had the mortgage a year and a bit when he left. He’s arguing over household items that we updated from my original when we were together. He said I was due to inherit my parents property. They are just in there 60s and very much still with us. He questioned bonds I set up for my children when they were young. He’s questioning the whereabouts of my rings. I’m frightened I’ll lose mine and my daughters home. As he wants half of the now valued amount. There’s 130k equity due to all discount and rise in the house price due to work we undertook. We’re both in relationships. He lives with his now fiancé. And I live in the house with my 14 year old daughter. Who’s currently self harming I’m so stressed and I feel my solicitor doesn’t give me any information as to how this could end up.

BooksAndChooks · 07/08/2022 13:54

Superstressed79 · 07/08/2022 12:17

I need some help. Mine and my husband’s relationship broke down 2 years ago. We’d been together for near 9 years. He moved into my council property with my children and I. He didn’t drive and I used to take him to and from work for 6 years. We had am amazing relationship till he found out about his muscular dystrophy. Then everything turned. He’d be rude to me. Put a physical barrier in bed. Didn’t want to do anything anymore. Became snappy with my children. Made me feel like nothing. Controlled me what I did and whom I was friends with. Told me I wasn’t cooking food right. Tipped whole meals I made for him into the bin but wouldn’t help. Always accused me of having an affair but I wasn’t. He didn’t like the fact I had a lot of male friends. More so down to the fact of male work environment I worked in. Which is actually met him.

Id made arrangements with a female friend to have a spa pamper night. She could see I was low. I asked my husbands permission and he said he wasn’t bothered. I went. Kept in touch with him and called him on my way home at 9 in the morning to go food shopping. I arrived home at 12:30 to be point blank accused of having an affair. And left the home saying it was over. He went to my parents again accusing me of an affair. He called my female friend I was with asking her to clarify I was with her. Still accusing me of not being with her. Wouldn’t answer my calls over the weekend. I was made aware he’d already started with the divorce by the mon/wed. On grounds that I wouldn’t allow him access to my phone. I put makeup on washed my hair and put a summer dress on to go out. We are now fighting over property in court. It’s costing thousands of money I haven’t got. We were able to purchase my council property for a very discounted cost due to my years with them. We’d only had the mortgage a year and a bit when he left. He’s arguing over household items that we updated from my original when we were together. He said I was due to inherit my parents property. They are just in there 60s and very much still with us. He questioned bonds I set up for my children when they were young. He’s questioning the whereabouts of my rings. I’m frightened I’ll lose mine and my daughters home. As he wants half of the now valued amount. There’s 130k equity due to all discount and rise in the house price due to work we undertook. We’re both in relationships. He lives with his now fiancé. And I live in the house with my 14 year old daughter. Who’s currently self harming I’m so stressed and I feel my solicitor doesn’t give me any information as to how this could end up.

I think you would get some better help and advice if you started your own thread and copy and pasted what you have said here. Maybe in the relationships topic?