Paul Eggleton

OUr's is up for renewal in September and I just wondered what current real life experience is of any higher costs/difficulties in getting attractive mortgages etc.

ta

whilee

mine went over today n got a good deal with the abbey on a tracker thingie, reduced my payments by 200 a mth and got 20k back...

i think it would be differant if i was changing now proberly wouldnt get the money

Lambchop

iTrader: (1)

mine is end of nov so i'll watch this closely! coming off an attractive 4.69% 3 yr fixed will not be nice!

Fil

came of a 5 years fixed @ 5.04% in feb

on a 5 year fixed @ 5.59% now

reduced an extra 5 years of the term aswell, paying a ton more a month.

So aint really noticed it, will do if i move tho, i expect!

dvid

I would be interested to hear people's experiences too!

How do people get money back when they remortgage? Never understood that? I always assumed that Remortgage = Monthly payments increase

R5FORD

iTrader: (1)

iv just become a qualified mortgage broker over here in ozz

bit usless to you lot tho

whilee

hows it going over there mortgage wise compared with here.... proberly a stuped question

collierm

Just in the process of switching to Abbey from Nationwide. Going onto a 5 year fixed at 5.63%, if I had slightly more equity, could of got this down to 5.59%. I'm on variable now until it goes through, 6.79% which is a killer.

Nationwide tried to stick me on a 5 year loyalty rate of 5.83%. Thanks but no thanks.

dojj

iTrader: (3)

that must be one hell of a big mortgage mate

paying an extra £100 is fine, but what size and what are the repayments like now?

for example, on my £180k mortgage, with 22 and a half years left on 0.5% below bank of england base rates fixed for at leas the next 18 months i pay just shy of £1100 a month before anything else even gets considered

if i was on the normal rate i would be getting screwed for £1450 a month so i think the grand i paid the mortgage advisor paid for itself

Paul Eggleton

I'm really tempted to go long term fixed; 5 or even 10 years

dvid

HOW!!?!?

My mortgage of 257K is up for revewal next year... Currently on 5.05% fixed until April.... Got about £253K left

R5FORD

iTrader: (1)

its going well mate., well for me anyway lol.. as most people want to chage mortgages now as intrst rates are rising..

but i also run this progrm where we can save you thousnads of your mortgage in the end and we can make your mortgage length become alot shorter.

Lambchop

iTrader: (1)

i thought my mortgage was high!

screw the repayments on that!

dvid

Haha £1287 a month over 35 years.... I'm only 25 so plently of time it will be gone by the time I'm retired! I HOPE

Lambchop

iTrader: (1)

35 years? *gulp*

dvid

I know! But imagine the repayments on 25 years! :shock: Sussex aint cheap

Paul Eggleton

Chop, ours is £264k, was £270k when we first moved in. £1500/mth on average (variable)

Fil

was on a 35 year one, when i bought my place just over 5 years ago, with some moving about, paying more, its now down to 23years, but plan to move sometime, and ill bet it will be back to 30+ years

whilee

dont know how they work it but i had a mortgage for 200k.. it was revalued at 320k i asked for 20k they said ok
my payments were going to be £1,245 now changing over i pay £1,044 and its workrd out that i get a months grace from paying aswell

frog

Several ways...

-Increase loan against equity in the propery based on property prices increasing. For eg. house bought for 100K, borrowed 90K. Renewing 3 years later, house now worth 120K, you could theoretically borrow 90% of that, so, 108K. Pay 90K back to original lender, now got 18K in back pocket - which you will pay back over the next 22 years.
Cheap monthly cost, but a hell of a lot more expensive than a 3 yrs loan over time

-Other will offer an x% cashback, which is similar to the above, at the end of the day, you get nowt for free, you end up paying for it one way or the other

dvid

Wow! Nice deal! Our house was £279K when we bought it and its definately worth over £300K now so hopefully I will get something similar lol.. EDITED Maybe not worth it then as just seen the above! Cheers!

Dan

Ditto!! But I didn't pinch as much as 20k!

It's Czech Mate

Going for a 10 year fixed with Halifax - fully portable, can under/overpay and switch between interest only and repayment as and when with no charge......5.6%

Paul Eggleton

The moneysupermarket bollocks is chucking out minimums of 5.9% so it goes to show the deals are direct with the lenders

whilee

i bought mine 4 yrs ago for 200k well it was 232k but council dicount so not a bad rise in 4 yrs... only thing i did was put an extention on which only cost 10 k... so with the cash back im getting a full conservatory accross the back of the house is now ordered and another respray

It's Czech Mate

Exactly......I do have plenty of equity to help as well tho.

matts1

Just changing, have a 120k mortgage, will be paying 670 a month on a capped tracker fixed for 5 years over a 33 year term.

Made around £100 difference a month

Wazzzer

will be on a 5.60% interest rate, £640 a month for 32 years, fixed for 5 years.

Cost me £499 to do it though

Phil

iTrader: (1)

I got mine fixed for 10 years last August ... Probably end up paying over the odds but i'd rather be safe than sorry when it comes to the house I live in! If it was for renting out etc i'd definitely take a few more risks to try and reduce costs.

vinnya77

iTrader: (1)

I've been a mortgage broker for a number of years. The market is a mess, it's the worse I've seen it, with lenders looking for all sorts of reasons not to lender, changing criteria and products day to day. With a number of lenders even stopped lending, and rates going up despite the Bank of England cutting rates. If you want any questions answered as alot is changing, feel free to PM.

foreigneRS

http://www.moneysavingexpert.com/

he's on jeremy vine's show on bbc radio2 tomorrow at 1pm to talk specifically about remortgaging. hth.

Smiggy

I'm in the same boat as a few people. Mortgage is up for renewal in the next month or two. Think my balance left to pay is approx £102k. Gonna have to start looking about.

angel24

I'm due to remortgage in October, currently with Northern Rock and i've just received a letter from them advising me they probably wont be able to help when it comes to it.
So i guess i'll be tuning into Radio 2 tomorrow. Thanks for that foreigneRS!

frog

Tbh, there's nothing seriously wrong about taking a little money out of equity if you are going to put it back into the property, increasing its value as a results (e.g. conservatory, extension, etc...)

If you use the money to buy a car, or a holiday, or something which depreciates fast, think about how much a 20k mortgage would cost over 15/20/25 years, that's how much your nice holiday / car / etc... is reallly costing you.

Worst, when you get rid of the car, you are still paying for it, and need money to buy the next one !

I can't believe our financial adviser told us he added 30K onto his mortgage every three years to buy a new car !!! And then... recommended we did the same !


If borrowing against equity doesn't yield more equity, or, the same, it's not worth doing...

The only other reason I could think it would be worth doing, could be to raise cash for a deposit on another property

dvid

Good thinking, we will need an extension

foreigneRS

exactly - or if you can get a better interest rate as savings/investments than the you are paying on the mortgage

danneth

our fixed rate run out end of feb so far cost us £160 a month more with the mess its in atm we had no chance of getting a better deal or one even close to the same without a 6/7k deposit

danneth

same with us we also got this letter

matts1

You need to get out there sharpish as it will take a while to get a new mortgage sorted.

If you leave it till the last month etc, then you may end up on the standard rate and this is likely to be BIG BUCKS!!!!! Check your paperwork.

Mine is due in May and I started to sort it in Feb - this way, should I get knocked back then I have time to search for another deal.