I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

dose this mean i hav to stay with the mortgage company for another 3 years ( as i have been with the mortgage company for 2 years already), how dose it work?? i got my house for 鎷?0,000 with a 10,000 loan but now the house is worth around 鎷?10,000 can i get any money out of the house to pay off my outstanding credit!!

I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

You should be able to transfer your mortgage to another lender before your mortgage term has ended, however, you may have ot pay a penalty to do so. you need to read your contract.

You can release equity in your house. I don%26#039;t understand where all this idiotic talk of a house being worth x comes from. A house is not worth anything until it is sold for that amount. It might be valued at X amount, but you do not make money on a house that has increased in value until it isactually sold for more money and it is in your bank account.

People need to get away from the idea that an increase in value is a way of making money before the proprty is sold. Taking out equity on a house is dangerous for that reason. The house is not worth anymore than when you bought it, only that it is valued at a higher level. The way to truly release equity from a property is to sell at a higher price than you bought it for and pocket the money. Remortgaging on the supposed increased value of your house is madness if the market looks as if it might fall, for the simple reason that you are borrowing against an increase in monetary value that is a fantasy until the property is sold.

I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

You should be able to refinance unless you agreed not to until so many years are up or unless you get a penalty. The 5 years you are referring to pretty much just lock in a lower rate for 5 years, then its possible it will go up along with your payments after that. When you refinance you can include outstanding debt with your refinance since you have equity in the house.

I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

yes.... but you will still owe to the new bank.....

I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

More than likely you will be able to get out of your current mortgage, but you will have to pay a penalty. E.g. For every year left in the fixed part you have to pay 1%. So if you have 3 years left, you have to overpay 3%. So if you have 鎷?0000 remaining, you%26#039;d need to give them 鎷?0309 to pay it off. If you want to find out what the penalty is, either look at the mortgage conditions leaflet you have (and you really should have had a look when you set up the mortgage) or go and talk to the mortgage provider.

The only way to get money out of your house is to sell it. I%26#039;m not sure if that%26#039;s what you%26#039;re looking for, but it%26#039;s the only way.

I want to change to another mortgage company, but hav a fixed rated mortgage for 5 years!!!?

hi it may be possible to work around ur penelty (ERC) i work for a mortgage broker if you would like a free quote to see your options and the figures email me on quotes@mukconnections.co.uk