Hi,
We have 17 months left to run on a 5yr fixed deal. Our rate is 6.5% and i wondered if there could be a possibility of buying out of it somehow and changing lender.
We owe £134k and the house has recently been valued at £145k (what we paid for it). We have an early repayment penalty of £4k.
However, when i look for the best deals you need 10% to get the HSBC 3.74% 2 yr fixed but this has a fee of £1,499.
We only have approx 7.5% equity in the house so is there anyway round it? I have heard in the past of new lenders valuing homes at higher than they are actually to increase the equity?
Any advice would be greatly appreciated
We have 17 months left to run on a 5yr fixed deal. Our rate is 6.5% and i wondered if there could be a possibility of buying out of it somehow and changing lender.
We owe £134k and the house has recently been valued at £145k (what we paid for it). We have an early repayment penalty of £4k.
However, when i look for the best deals you need 10% to get the HSBC 3.74% 2 yr fixed but this has a fee of £1,499.
We only have approx 7.5% equity in the house so is there anyway round it? I have heard in the past of new lenders valuing homes at higher than they are actually to increase the equity?
Any advice would be greatly appreciated