I absolutely agree with Maxsteam and to add further weight I think it is worth considering the date taken and the rate of mortgage that you have. Being a mortgage broker myself and knowing how rates have moved in the last few years I would suggest that theproduct that you took was a high loan to value (percentage of the property value borrowed) loan on your last remortgage or it may have even been a purchase.

As house prices have reduced even further since 2009 it is likely that you may not have much or enough equity within your house with which to source another new mortgage product. Unless you can find a good amount of equity within your property value (at least 25%) then you would not be able to eligible to a rate that would make a change of mortgage product worthwhile due to the penalties you would have to pay in order to break your current contract

You may have a high rate but it is a fixed rate so you shouldbe able to budget for it easily enough knowing it will not change. With luck the value of properties will increase n the next few years and your next remortgage will be better value for money

It will be possible to change the mortgage but there will be a penalty of several thousand pounds for ending the fixed term agreement. The lender will be able to give an exact figure. You also should make enquiries about the possibilities of a remortgage as there is always the chance that the application can be rejected. As it's not that long until the end of the term, it is likely to be best waiting unril 2014 before making any changes.

Hi i bought mortgage from

Halifax amount 110,999 for 25 years

Scheme

Date the mortgage effect - 18/06/2009

Rate 5.99% fixed

''Period 5 yr 3 mth''

initial cost £714.98 ( exclusive insurence)

well i want to reduce my monthly payment.

i want to do remortgage, can i do it before before scheme date?

let me know what is best for me please.

Thanks a lot