-
Pay the ERC or wait
I know there's loads of these messages about but I'm panicking like others and really not sure how to play it.. I'm with Barclays. I have 240k outstanding on a 1.54% fix which expires August 2023. I can either re-fix now at 3.15% (5 years) by paying a £5k ERC, or I can wait until Feb 2023 and re-fix for free at whatever…
-
How long for target to send out HCA repayment pack?
Does anyone have recent experience of applying for their HCA redemption, and can shed light on how long it is taking Target to send out the redemption pack? I am buying a house where sellers have a help to buy loan. We are ready to exchange contracts, but we've been told that sellers are still awaiting their HCA redemption…
-
Variable rate mortgage, was planning on moving house within 3-6 months, not sure what to do now
Hi all, Current home owner for about 9 years with around 30% mortgage paid off so far. We are looking to move from our 2 bedroom house to 3 bedroom within the next 3-6 months, before all this chaos kicked off we were just about to get a mortgage in principle sorted this month and book viewings, but not sure what to do now.…
-
Base Rate Tracker mortgage
Hi - After some advice. We have a Base rate tracker (old Abbey flexible mortgage) which tracks base rate plus 0.49%, so our rate is now 2.74%. We have £240k on our mortgage. I'm really unsure whether i should fix at a higher rate or just stay on this mortgage as the rate is still lower than most fix rate mortgages. But…
-
Advise - Lloyds mortgage offer not for full 6 months
Hi, Need some advice, bit worried with fixed rates rising daily. I have a mortgage which the fixed period is coming to an end of ERC period 28th Feb 2023. To get a fixed rate as early as possible, I applied to Lloyds for a 3.33% 5 year fix on 6th September and received offer quickly on 8th September. Lloyds website says…
-
Mortgage overpayment
Hi I have a few mortages of various rates. The higher balance is on the lower rate and the smallest balance mortgage is on the highest rate. If i wanted to overpay which one would be best? Pay the one with the higher balance but lowest rate, to get the balance down further before the deal ends? or the lowest mortgage with…
-
Question re fixed rate mortgage
Hi I have a mortgage about £172k o/s Property worth about £265k. 22 years left My fixed rate runs out 31/5, I have been told I can lock in a new rate on 2/12. My current rate is 2.49 - 2% redemption penalty - £3440 - would i be better of fixing now and paying that - I tend to fix in for 5 years My current monthly payment…
-
Would you dig into your savings to secure a lower mortgage offer?
Hello, I am a FTB in the process of organising a mortgage for my offer accepted last week (great timing, I know!) My deposit is 74% LTV. I understand this is at a 5 year fixed rate of 4.24% with no product fees. Another offer may be available at approx. 0.75% less fixed for 7 years, but with product fees of £999. The…
-
Halifax • transfer mortgage offer to different property
Hi I had offer on house accepted back in May. Vendor and solicitor very slow and extended offer (with new higher rate) a couple of weeks ago so it’s valid until March 2023. After conversions this week it’s clear purchase is going nowhere. So I viewed another property today and offer accepted. My broker indicated before I…
-
Renewal
Hi, Our fixed mortgage with natwest is up in a few months and they have given us a few new options to renew. Two, and five year fix and variable. We are looking to fix again, but uncertain for how many years encase all this price increases might eventually settle down. We are fairly new to all this, so can anyone advise…
-
Pay ERC off £16.5k.
Looking at rates today, we can end our 1.4% deal which is due to expire February 2024. But the ERC is £16.5k between now and Feb 2023 or £10k/2% thereafter. We can re-fix at 3.7% for 5 years with LTV of around 68%. Payment goes from £1780 to £2250. We would struggle financially with a 6-7% mortgage given the size of our…
-
Agreement in principle
So today I did some research to try and get something planned should rates rise. My fixed term ends Nov 23 and would have to pay a 2k ERC of I bugged out now. Which I'd be happy to do. Anyway I've received 2 agreements in principle today online. How long can I keep these for ? I'm planning to hold out with these agreements…
-
How long to fix
Like everyone else we are looking to re-mortgage as our current fixed ends feb 2023. All the information on here is amazing as always, but there seems to be no suggestion what would be the best length to fix for. Any suggestions if this is a short term issue and a 2 year fixed is the way to go or should I be looking at 5…
-
Advice on staying with Accord mortgages after fix ends?
I hope someone can help, has anyone recently come to the end of their fix with Accord mortgages and decided to stay with them? Myself and my partner are in a sticky situation as he lost his job a few months ago. We have been OK up until now and will be for a bit longer due to a settlement agreement from his last job, and…
-
Remortgage and Early Repayment Conundrum
Hi All Got a bit of a conundrum to throw out for views. Our current mortgage product ends on 31 Jan 2023. We reserved a new rate with out lender last month on which we can complete from 1 November free of any early repayment charge. Given everything going on I have enquired about completing on the new product asap as our…
-
Natwest extension and moving over mortgage offer to another propery
It's looking likely that our chain is about to fall apart with our purchase. Both us and our buyers have mortgage offers from Natwest, ours is valid until January, theirs until November. We are hoping to offer on a chain free home, our buyer is obviously very nervous, even with an extension, its still only until December.…
-
Sorry for ANOTHER ERC question but ... (8 months, £1.6k ERC)
Our deal (N/wide) ends Sept '23 N'wide tell me I can move to a new deal with them as early as May '23 "which will start as early as July '23" My ERC is £1,594 "approx as of today". House valuation is probably in & about the £220k-£230k based on recent sales in the area. £79k left on mortgage. 21 years left on mortgage…
-
Was this a wise move?
I have mortgage with The Coventry that has two parts: Part 1 - ~£52k balance with 19 years left (legacy 0.75% BOE rate tracker that I ported from a previous house where my fixed deal ended)Part 2 - ~£70k balance with estimated 11 years left due to over payments - (10 year fix at 2.75% until Dec 2027) I really didn't want…
-
How many mortgage applications are too many?
My mortgage is up in 6 months and my current lender can't discuss a new rate until December. I have an agreement in principle (DIP) with a new lender and am considering going for the full mortgage application to lock in the current fixed rate. In the unlikely event that my current lender can offer a better rate in…
-
When Is ERC Actually Incurred
LIke many I am currently looking at ending my fix early to get a likely cheaper rate now than would be available when my fix ends at the end of May 2023. My ERC is currently £1,550 but decreases daily. If I apply for a remortgage with another lender, and obtain the maximum 6 month validity of offer that I have seen quoted…
