A question about : Should I Remortgage With Different Lender
Hi, I'm currently coming to the end of my Fixed Rate 3.19 2 Year Halifax Mortgage. House was purchased in Augist 2013 for Ј212000.00 and a 20% deposit was put down. Current Monthly Mortgage Amount is Ј825.00. I have overpaid Ј10000.00 of mortgage by paying 600.00 extra for the majority of the months I've had this deal which has brought down the mortgage amount to Ј155000 at the moment and looking to get this to Ј150000.00 by the time August arrives.
Looking at current Halifax Mortgage Rates if the mortgage amount goes below Ј150000.00 the best remortgage rate i can get is 3.59% based on the LTV being on 70%, (i am not relying that the house has increased in much value during this short time period) This would be a 4 year fix deal.
If i add the current ERC fees at the moment which will be around Ј4500.
My partner moved in with me and pays rent and bills which amount to the Ј600 i have been overpaying the mortgage with. Partner has poor credit history and although earning more than me would never be considered at this moment in time and would take 5 years or more for her credit rating to look remotely acceptable to a lender.
Is it worth looking around or just taking the slight increase in mortgage payment for the next 4 years and would hopefully be in the better 60% LTV bracket which is where the better deals seem to be placed as at the moment all i can see is an approx Ј100 difference to my current payments compared to switching to halifax and saving the remortgage fees.
Any help greatly appreciated
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