Remortgaging

[Craphouserat]

Hi

Quick story to explain this post:

Dropping hours at work so dropping pay by approx 9% so need to look at my outgoings.

My 4 year fixed term deal expires in approx 6 months. I'm paying quite a bit each month and know I can cheaper, there are early repayment charges on this product. I also have a large loan through the same bank and will probably refinance this. It's a 6 year deal of which I have 2 years left to run - I'd rather let it run the two years to get rid but in order to pay off my car I'm looking to refinance this loan over a longer term getting a little extra on top to pay the car off.

I have a very good credit history with my bank and I am considered a good customer - so I'd be hopeful they could move me onto a better mortgage deal without any repayment charges. I don't think I'm in a position where I could add the remaining outstanding loan to the mortgage - this would be the best and most obvious solution but without going into it I don't believe I'm in a position to do this yet.

My query is should I go to my bank where I have both these products and tell them I need to reduce my outgoings and see what they can do or shop around and just move? How soon before my fixed mortgage deal ends should I start shopping around?

I hope this post makes sense - thank you for reading, any advice/thoughts appreciated.

Cheers

CHR

[Sarnie]

Craphouserat said:

Hi

Quick story to explain this post:

Dropping hours at work so dropping pay by approx 9% so need to look at my outgoings.

My 4 year fixed term deal expires in approx 6 months. I'm paying quite a bit each month and know I can cheaper, there are early repayment charges on this product. I also have a large loan through the same bank and will probably refinance this. It's a 6 year deal of which I have 2 years left to run - I'd rather let it run the two years to get rid but in order to pay off my car I'm looking to refinance this loan over a longer term getting a little extra on top to pay the car off.

I have a very good credit history with my bank and I am considered a good customer - so I'd be hopeful they could move me onto a better mortgage deal without any repayment charges. I don't think I'm in a position where I could add the remaining outstanding loan to the mortgage - this would be the best and most obvious solution but without going into it I don't believe I'm in a position to do this yet.

My query is should I go to my bank where I have both these products and tell them I need to reduce my outgoings and see what they can do or shop around and just move? How soon before my fixed mortgage deal ends should I start shopping around?

I hope this post makes sense - thank you for reading, any advice/thoughts appreciated.

Cheers

CHR

No lender will waive the ERC's just because you think you are a good customer, the industry hasn't worked like that for about 20 years.

Once your rate is within 3 months of the expiry date you can secure another rate with the same lender or another. It will always be simpler to stay with your current lender buts not always the cheapest option as rention rates offered to current clients are often poor.

Feel free to drop me a line now or closer to the time if you want a more specific chat

[Craphouserat]

Sarnie said:

No lender will waive the ERC's just because you think you are a good customer, the industry hasn't worked like that for about 20 years.

Once your rate is within 3 months of the expiry date you can secure another rate with the same lender or another. It will always be simpler to stay with your current lender buts not always the cheapest option as rention rates offered to current clients are often poor.

Feel free to drop me a line now or closer to the time if you want a more specific chat

Thanks for responding Liam.

I have sent a Pm.

Cheers.