Hi all, sorry if my questions seem a but silly how ever this is my first remortgage and I'm not sure how to work things out etc..
Basicly for the past few days I have been taking mortgage advice from London and county as I was under the impression my fixed term of 2 years was up however after finding the remortgage deal I though I was going to go with I rang my current mortgage company to find out what the amount I currently owe was. To my dismay they inform me that I actually took out a 3 year deal so I have another year to wait so here lies my dilemma, the remortgage deal I have been offered still seems to make sense even if I pay the current early repayment charges I was just wondering if I'm missing a hidden catch?
The figures are as follows
Current mortgage:
Term remaining - 23 years and it was a 3 year fixed deal
Current balance - 39801
Amount to end early - 41480
Current monthly payment - 250.31
Remortgage deal:
Term - 25 years and would be a 2 year fixed deal
Remortgage amount 52500 (releasing equity for home improvements)
Monthly payment - 254 all fees legal, valuation and arrangement are free
As far as I can see here it would still benefit me by over 10k to switch to this deal as the monthly payment is only 4 pounds a month more? Or am I missing something?
I look forward to your replys
Basicly for the past few days I have been taking mortgage advice from London and county as I was under the impression my fixed term of 2 years was up however after finding the remortgage deal I though I was going to go with I rang my current mortgage company to find out what the amount I currently owe was. To my dismay they inform me that I actually took out a 3 year deal so I have another year to wait so here lies my dilemma, the remortgage deal I have been offered still seems to make sense even if I pay the current early repayment charges I was just wondering if I'm missing a hidden catch?
The figures are as follows
Current mortgage:
Term remaining - 23 years and it was a 3 year fixed deal
Current balance - 39801
Amount to end early - 41480
Current monthly payment - 250.31
Remortgage deal:
Term - 25 years and would be a 2 year fixed deal
Remortgage amount 52500 (releasing equity for home improvements)
Monthly payment - 254 all fees legal, valuation and arrangement are free
As far as I can see here it would still benefit me by over 10k to switch to this deal as the monthly payment is only 4 pounds a month more? Or am I missing something?
I look forward to your replys