Remortgage Question - One for Alex Maybe...?

[NicoG]

Morning all.

I've had a mortgage for very close to one year. It's a three-year fixed with the Post Office (Bank of Ireland)

I don't have trouble paying the monthly repayment, and I've never missed one, yet the interest I have to pay on my overdraft and CC means that, in theory if I could remortgage and get some cash out to pay these debts off would save me more than £120/month in interest alone.

I've already moved the balance of the CC to get that interest free for a year, but a back-of-a-fag-packet calculation leads me to believe that the increase in my monthly payment would be far less than the interest payment.

I realise that the days of borrowing more and more against ones house are behind us for the foreseeable future, but as I have seen an identical property in a complete state sell for way more than I paid, I feel this might be worth considering.

Question is really, what are my chances of success? I have been promoted and earn more since affordability assessment was done, so again in theory I should have some slack there too?

Is it even worth calling them?

Thanks in advance - Nick.

[Oggs]

Call them there's no harm in asking and ask if there is a fee for changing your mortgage as it is fixed.
A lot charge, if yours does is it less that your interest payments.

[NicoG]

Thanks chaps - I already know that there are penalties for ''early repayment'' but not sure whether or not this change request would invoke these.

As for the point about LTV - this is a good point, as I was right on the limit of the 25% LTV at the time I took the mortgage out, I wanted to get this as there was a dramatic fall in the rate when I did this....

With that in mind I am less hopeful of a good outcome...

Nick.