Remortgaging after a split: keep term, extend term or use savings?

[ThisIsMe87]

I am due to remortage after a 5 year fix at the end of the year. Rate will be increasing from around 1.9% to who knows what with the current climate. However here is the problem. Current mortgage is in joint name with my ex and I will be remortgaging in my name only. So I guess I have two options. One keep the term the same and risk paying above my means every month and hope that I do not default or Two I extend the term and live reasonably comfortable. However I know that I will be paying alot more interest over this time frame.

In addition to this I need to cover legal expenses. Which could be around £3-5k, so do I add these on to my mortgage or do I use my savings to cover these costs. I currently have around 4 months of wages saved and this would put a huge dent in this and cant see myself recouping this money quickly.

Anyone been in a similar position and advice on the good and bad.

For context LTV is around 50% and

Will it be expensive to just re-mortgage with the same provider? Could you extend the term but then potentially over-pay to give you more flexibility?

Try London and country brokers. I've used them 3 times, very good, and lots of products avaliable not just the large banks

Due to the situation its not as simple as rolling over the mortgage to a new fixed term it is classed as a new application so does not make a difference if I change lender or not. Plus my current providers rates are very high compared to others. Another way of making money out of a rubbish situation unfortunately

I agree, L&C are helpful, and they’re paid by the mortgage company, rather than by you.

Thanks, used them initially when moved in to the house 8 years ago and were very helpful.