Remortage ... comments?

[SID THE CYNIC]

Morning folks!

I'm wanting to remortgage Sid Towers to get a better rate ( if that's still poss) and to rasie a few quid to sort a few things out.

An 'independant' advisor who popped round has suggested one of these Cash Back mortgages... I get 7% of my total mortgage in me hand.. bit pay a slightly higher rate for it.... but am tied to it for 5 years.

Anybody got one of these? Or remortgaged recently? Any experts out there to offer any advice?

All comments gratefully recieved!!

Cheers!

Sid

[Lizard]

Depend if it,s at a fixed rate I guess sid, depending on the amount involved, if you can afford the higher payments, and they are at a fixed rate, then maybe worth going for, as long as the 7% is enough to settle your bills etc, but if it,s at a variable rate, and charged on the full mortgage, that can be very pricey, may be cheaper to get an online personal loan over 5 years, some rates as low as 4.9/to 6%.

hope this helps.

remember you are at risk of loosing your home if you dont keep up the payments on it.

Liz (independant loony)

[Marblehead Johnson]

Hi Sid

I work for a firm of IFAs/Mortgage Brokers (this is the most shameful thing I've ever admitted on the Forum!!)

If you e-mail me privately, I'll see whether I can help.

cheers

Marblehead

[Ace]

Don't do it Sid!!!! I did a few years back and really got stiffed in the long term. Short term is great with all that extra dosh and only a small increase on yer repayments, but wait till the capped period is over, then WHOOOOOOSH!!!!!!!!!!!...............you soon notice the difference