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  • FIRST POST
    • paulnstar
    • By paulnstar 5th Jan 18, 12:10 PM
    • 22Posts
    • 13Thanks
    paulnstar
    Intrest Only at 0.5% lifetime tracker - would bank reduce settlement if i paid early?
    • #1
    • 5th Jan 18, 12:10 PM
    Intrest Only at 0.5% lifetime tracker - would bank reduce settlement if i paid early? 5th Jan 18 at 12:10 PM
    Hi everybody
    Back in 2008 we completed on our 1st flat with an interest only mortgage tracking at 0.5% lifetime with C&G.

    We have been trying to sell the property and we finally have an offer however the offer is below our mortgage settlement figure.

    Question: Would C&G (now TSB?) be willing to negotiate on the mortgage fee outstanding its £133k the same balance from 2008 (we've just been paying the interest every month)?

    My thinking is that its in C&G interest to get their £133k back sooner so they can lend it out again at a higher rate.

    Thoughts?
    thanks
    Paul
Page 1
    • kingstreet
    • By kingstreet 5th Jan 18, 12:12 PM
    • 32,579 Posts
    • 17,536 Thanks
    kingstreet
    • #2
    • 5th Jan 18, 12:12 PM
    • #2
    • 5th Jan 18, 12:12 PM
    Highly unlikely.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • zx81
    • By zx81 5th Jan 18, 12:14 PM
    • 14,802 Posts
    • 15,641 Thanks
    zx81
    • #3
    • 5th Jan 18, 12:14 PM
    • #3
    • 5th Jan 18, 12:14 PM
    No. .
    • haras_nosirrah
    • By haras_nosirrah 5th Jan 18, 12:16 PM
    • 1,365 Posts
    • 2,537 Thanks
    haras_nosirrah
    • #4
    • 5th Jan 18, 12:16 PM
    • #4
    • 5th Jan 18, 12:16 PM
    I doubt it. Can I just ask why are you selling the property? Are you porting the mortgage to another property or selling to rent?

    If your mortgage has been around £100 or under for the last 10 years have you been putting any money into savings to enable you to repay the balance?
    Last edited by haras_nosirrah; 05-01-2018 at 12:18 PM.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • paulnstar
    • By paulnstar 5th Jan 18, 12:34 PM
    • 22 Posts
    • 13 Thanks
    paulnstar
    • #5
    • 5th Jan 18, 12:34 PM
    • #5
    • 5th Jan 18, 12:34 PM
    ok - looks unlikely, but worth checking :-)

    we've been living in the property until recently, now we're just looking to get rid and move on.

    thanks all.
    • haras_nosirrah
    • By haras_nosirrah 5th Jan 18, 1:09 PM
    • 1,365 Posts
    • 2,537 Thanks
    haras_nosirrah
    • #6
    • 5th Jan 18, 1:09 PM
    • #6
    • 5th Jan 18, 1:09 PM
    if you are going into rented can you not ask for consent to rent the property out? If your mortgage is that cheap then the rent you receive should cover it and then some.

    If you are selling and buying on can you apply to move the mortgage to the new property?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 5th Jan 18, 1:13 PM
    • 56,652 Posts
    • 50,043 Thanks
    Thrugelmir
    • #7
    • 5th Jan 18, 1:13 PM
    • #7
    • 5th Jan 18, 1:13 PM
    With interest rates so low why haven't you been repaying the capital debt? Do you now own your own property?
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
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