Mortgage deal ends in Jan - Should I look for something new now or wait??

sandybrag

With the Bank of England base rate cut today, and the massive injection of capital into the banks this is not the best time to go looking for a good deal I know.

But my current mortgage deal ends in January with the Halifax. Should I go looking for something else now, or wait a week or two while everything settles down?. Or should I just go for it now and start looking for a new mortgage deal today?.

Thanks for any advice offered,
Sandy

sandybrag

Thanks Chris.

How long does taking a deal take to setup etc?.
I was told to start looking a few months in advance?.

How late can I leave it before my current deal ends to get a new one?

swt61

Hi, I have a morgage capped rate ending at the end of November I currntky pay £882 a month on a interest only option It ill increase To about £1069 we have a total outstanding of £15800 and the house is now only worth about £210000.

The mortgage was a self cert one

I want to re-morgage just to keep my monthly payment the same at the moment until it all dies down in the market.

A broker I have used said nothing available at the moment or basically its not worth me changing as I will save nothing.

I cannot afford the increase!

Any advice please.

Thanks,

Simon

herbiesjp

sandybrag wrote: »

With the Bank of England base rate cut today, and the massive injection of capital into the banks this is not the best time to go looking for a good deal I know.

But my current mortgage deal ends in January with the Halifax. Should I go looking for something else now, or wait a week or two while everything settles down?. Or should I just go for it now and start looking for a new mortgage deal today?.

Thanks for any advice offered,
Sandy

Now is exactly the right time to start looking - a remortgage process can take 4-6 weeks as a rule of thumb.

Start the discussions with a whole of market adviser, and see if there is anything that apeals now that could be applied for. They will be able to advise how to proceed without incurring any up front fees on a suitable product.

That way you have got something lined up just in case rates do not improve. If they do improve you simply do not proceed with the first deal applied for

herbiesjp

swt61 wrote: »

Hi, I have a morgage capped rate ending at the end of November I currntky pay £882 a month on a interest only option It ill increase To about £1069 we have a total outstanding of £15800 and the house is now only worth about £210000.

The mortgage was a self cert one

I want to re-morgage just to keep my monthly payment the same at the moment until it all dies down in the market.

A broker I have used said nothing available at the moment or basically its not worth me changing as I will save nothing.

I cannot afford the increase!

Any advice please.

Thanks,

Simon

Am i right in guessing the mortgage amount you put is a typo -should it be £158k

Do you still need to self cert? If so why?

There are definitely deals out there that will give you the same repayment figures, but it will depend on your circumstances as to whetehr or not you will be eligible

Have you spoken to a whole of market adviser?

swt61

herbiesjp wrote: »

Am i right in guessing the mortgage amount you put is a typo -should it be £158k

Do you still need to self cert? If so why?

There are definitely deals out there that will give you the same repayment figures, but it will depend on your circumstances as to whetehr or not you will be eligible

Have you spoken to a whole of market adviser?

Yes sorry it is £158,000

I need self cert as I originally was just self employed my situation now is this

Self employment income Roughly £25,000
Employed Income £24,500(payslips to prove)
Wifes income £8450 (payslips to prove even though only just started Job)

We do have some adverse against us & a bank default .

We have never had any default on a morgage or late morgage payment .

We currntly hold 2 basic bank accounts with the Halifax which our salaries are paid into but we have a very old ccj woith the Halifax approx 9 years old that we are paying off through a third party & not directly to the Halifax.

Thanks,

Simon

p.s yes we spoke to a Broker who advised us they could not save us any money at the moment I have a provisional appointment with the ABBEY 2mrw is it worth seeing them or not ?

herbiesjp

Do you have proof of your self employed income?

If so, there could be some options still available to you. DO you have an up to date copy of your credit file from Equifax or Experian?

Depending on what it states on there, will dictate what rates you could be looking at.

I'd suggest chatting it through with a whole of market adviser, with them looking into the details of your whole scenario

swt61

herbiesjp wrote: »

Do you have proof of your self employed income?

If so, there could be some options still available to you. DO you have an up to date copy of your credit file from Equifax or Experian?

Depending on what it states on there, will dictate what rates you could be looking at.

I'd suggest chatting it through with a whole of market adviser, with them looking into the details of your whole scenario

I have an accountant who does my annual returns for me they will hgive me a letter stating what they anticipate i will earn in the next financial year.

I have checked our files and they do show a default and a ccj for my wife.

my wifes file is not very good

i have got car credit no problem & have a good payment history and have just managed to get a credit card through capital one.

helens file is the worst.

many thanks

herbiesjp

Hi Simon

Is Helen's ccj the one that is 9 years old? or is that another one?

Is the mortgage in joint names?