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to remortgage or not?
Try to be quick - trying to remortgage to release come equity to pay off debts, do a loft extension and significant works. House value (as per mortgage co £420K), outstanding mortgage £125K - until £2036 Monthly income - £6k Monthly debt repayments - £2k Mortgage and other outgoings - £2k We did need to urgently create a…
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Interest rate
Why can't the BoE have a specific lower interest rate just for mortgages that isn't linked to general interest rate... This would help home owners
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Can I get out of fixed rate mortgage that I feel coerced/pressured into signing?
Our current fixed rate deal comes to an end at the end of this month and my husband is pressuring me into signing the new remortgage deal with our lender because it is at such a good rate. This would then last another 2 years 10 mths however as I have asked him for a divorce I've said that I am not comfortable with signing…
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Overpaying on an interest only mortgage.
Hi there, I've asked this elsewhere but I'm still a little unsure as to the best way forward. We currently owe £175k to Bank of Scotland and term ends in Feb 2027. I switched it to interest only years ago and the circumstances never allowed me to switch back to repayment. In the last 6 months or so things have improved. I…
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MSE mortgage overpayment calculator accuracy?
I am trying to calculate the best option for overpaying vs savings. Having used the MSE calculator, it tells me that I am better off saving, however, am I correct in thinking that this wont be accurate, as it it asking me for the following info Mortgage balance Term Percentage My mortgage term is 28 years, but the rate is…
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Barclays Regular Overpayments or Lumpsum?
I have a Barclays 7 year fixed Mortgage and I want to save as much money as I can in the long term and reduce the amount of interest I pay them. However I am confused as to what is the best overpayment strategy. Below is a description of the overpayment options that Barclays give me, either regular overpayments or larger…
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Existing Nationwide borrowers - product-switch/rate-switch window is now 6 months before end of fix
Just got notified by Nationwide that from today (5 October), for clients that already have a mortgage with Nationwide, a rate-switch can be requested within 6 months of their current fix ending. So if you are currently on a Nationwide fix ending 31/03/2023, you *should* now be able to secure a rate if staying with…
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Could anyone help me understand overpaying (Nationwide) mortgage?
May be in a position to overpay a fair chunk. If so then I have some questions: I thought overpaying was overpaying. Seemingly not. I wasn't aware there's ways to overpay. Now my mortgage is a repayment mortgage if that helps matters. I did a dummy run on the site to see what the options were: So the idea behind overpaying…
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Remortgage self employed covid grants and PIP income
Hi, Which companies if any will include covid grants as part of self employed income? Which companies will accept Personal independence payments as income if the award needs to be renewed 3.5 years into the 5 year fixed term period? Would any company do this? Thanks
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Interest only or repayment on BTL properties?
I have 2 Buy To Let properties which are both on repayment mortgages for another 20 years. I don’t plan on ever selling them but using the monthly rent as part of my retirement plan. My plan was to pay these mortgages off and therefore enjoy the full profit of the rental income in retirement. Is this a good idea or should…
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Rate predictions
My 1.99% 5 year fixed with Halifax finishes 31 October. 6 months ago I got a re-mortgage offer with First Direct but higher at 2.29% 5yr fixed but with a £490 fee. I really wanted around 1% but had to have got that last year and ERC was about 8k. Now the chancellor has u turned and energy has been price capped do we think…
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Halifax Re-mortgage Timescales
Can anyone who's recently remortgaged with Halifax give me a rough idea of timescales/timeline for the process. Broker submitted the application earlier today and we were contacted within about 15 mins from ESurv to book in the survey/valuation. Is it normally this quick? We're at about 74% LTV, both employed full time,…
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Natwest Confusion
I received an AIP letter following my application which said "a satisfactory full credit assessment has been completed". A couple of days later I received a call to say my application had failed on the credit score but she couldn't say why. The tracker however says that they have instructed a valuation. Does anyone have…
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Mortgage advisor - commission for selling mortgages and insurance??
Hello, How much commission do mortgage advisors receive for selling mortgages? I have heard it is around 0.35%. Is that accurate? How about selling insurance then along with the mortgage? What types of insurance are we talking about? Is it life insurance and/or mortgage protection insurance? What commission do brokers get…
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Help-to-Buy + Mortgage renewal - stay on Equity Share or buy out?
Hi all, I'm hoping to get some advice on this as my current offer runs out in May but want to have a solid plan before speaking to a broker. I am currently on a H2B mortgage, Equity Share arrangement (Government owns 20% of the house right now). I bought the house at £325,000 and it is currently worth £370,000 (based on…
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Overpaying
Hi guys, First Time Buyer here, I’m almost 2 years into a 5 year fix @1.89% of a 20 year mortgage. I have overpaid £1000 every month since the start, as I want to clear it as soon as I can. As interest rates in an easy access savings account are now well over 2% I’m guessing that’s where the £1000 per month should be…
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Timing of lump sum Mortgage Overpayment - when on low or high interest deal?
So my mortgage is due for renewal early next year and I have approx £70k left. I'm currently on 3 year fixed @ 1.7% interest and with the rates rising am looking at about 4.5% for a 5 year fixed. I have sufficient savings to overpay 10% of the balance, but I can't work out whether I should do that now while on the low…
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Overpay on mortgage, further advance or save?
Hi all Trying to decide what is best financially for us to do. We have a mortgage, fixed at 1.92% until June 2025 with a balance of £361000 We have a further advance with same mortgage co, fixed at 3.09% until August 2027 with a balance of £120000 Our mortgage term is another (approx) 28 years (which I'd like to reduce) We…
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Is it too late?
Is it too late to try and remortgage with a new lender? I'm with Accord and they only let you switch 90 days before expiry which would put me in mid-November. By that time the rates will seemingly go up again although that already seems to be factored in to all the products.Is it worth engaging a broker to try and get some…
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Who else is riding it out?!
So amidst all the panic last week we were due to have a
meeting with a broker on Saturday. I actually spoke to him today ahead of it
and he said rates are going up tomorrow and did we want to submit our
application today. Our current fix (2.64%) ends September next year so we’d incur
a £1400 ERC if we re-mortgaged now.…
