Any way out of a fixed rate mortgage...

[Moose.]

...without having to pay the release fee?

My current fixed rate deal doesn't expire until end of August and is fixed at 5.95% with a release fee of 3% (~£3000 as it stands). My mortgage lender's current standard variable is 4% which is substantially less! I've tried to negotiate with them but they will not move the mortgage onto another rate without me paying the fee, thus making it pointless changing. I've told them it's quite hard to make the payments at the moment (true!) but all they've said is don't default on your payments or else! Not exactly sympathetic

Any ideas folks or is struggling on until September the only option?

[Moose.]

I let the property out (mortgage company are aware of this) but I've not been able to let for a while now, so payments are tricky without the rental income. Not to mention I've been spending a LOT of money on training for a future career which means I have no savings any more. I should be able to keep going until then, but was just a bit annoyed at the lender's bluntness really.

[Moose.]

shouldbworking said:

So you fell for both the 'buy to let is an easy way to make a mint' and the 'train for a career in IT to print money' ads?

Err, not at all! You are jumping to conclusions I'm afraid. You don't know me or my situation which I'm not going to discuss in detail here. Suffice to say, things haven't worked out as planned. I tried to sell the property last year, so I could be mortgage free and be able to take up a job paying half what I currently am, but the buyer pulled out just before the crash leaving me with no option but to let it out. It had been successfully let for 3 years (always at a rate about 2/3rds the mortgage, so it's never paid the mortgage each month!) but the current market isn't great and dropping the price hasn't helped.

Besides, I already work in "IT" and have no desire to continue to do so.