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Old 21-02-2017, 01:18 PM
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Join Date: Feb 2017
Posts: 1
Default Moving home - change interest rate whilst still in contract

Me & my brother bought a house a few years ago and are now both looking to get seperate homes the trouble is one of us needs to take on the current mortgage with Santander as it has 3 years left on it so need to avoid the early repayment fee.

We are currently paying 4.99% interest rate which is very high - is there any way Sanatander would change the deal we are on if we extended the contract again to 5 years and got a better interest rate? We just really want to avoid the 6000 Early Repayment Charge but need a better deal at the same time.

Ive got an appointment with them but not till saturday just wanting some advise before.

Thanks in advance
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Old 28-02-2017, 02:04 AM
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Join Date: Nov 2013
Location: Hong Kong
Posts: 154
Default Re: Moving home - change interest rate whilst still in contract

The best way here is to see if you can get a mortgage GBP166 per month cheaper as they wll charge you teh ERC. If you put the current house up fir rent that should cover the mortgage then use your current incomes to secure your new mortgages each.

Ged
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