Mortgage Money Help!

andyg

i think going the SVR route might be a good option also.
if i reduce my term from 35 years to 25years does that mean i will enter into a new contract, or will it be better to just overpay like you mentioned?

skint_chick

feisty i got this info from the person i spoke to on the phone to halifax existing customer department. They told me that since my LTV was 115% based on their computerised valuation I could have a new deal from the 95% range of products and this was normally the case. I don't know if this is true with every customer but it was with me - and I did say "MAY be able to" not "you can".

Maybe it depends on your original LTV too or this is no longer the case or maybe I just was lucky and spoke to someone who hadn't a clue and sent me an offer for a product I shouldn't have been able to get.

pixiepie99

andyg wrote: »

i think going the SVR route might be a good option also.
if i reduce my term from 35 years to 25years does that mean i will enter into a new contract, or will it be better to just overpay like you mentioned?

I'd say it's better to just overpay.

You lender would probably be able to alter your morgage term for a small fee (£50-100) but you wouldn't be any better off doing that.

feisty1

interesting........thk u

beecher

skint_chick wrote: »

feisty i got this info from the person i spoke to on the phone to halifax existing customer department. They told me that since my LTV was 115% based on their computerised valuation I could have a new deal from the 95% range of products and this was normally the case. I don't know if this is true with every customer but it was with me - and I did say "MAY be able to" not "you can".

Maybe it depends on your original LTV too or this is no longer the case or maybe I just was lucky and spoke to someone who hadn't a clue and sent me an offer for a product I shouldn't have been able to get.

There have been posts from other people with Halifax mortgages saying the same thing recently. Halifax allowed me to ditch a fixed rate after I'd set it up and paid the arrangement fee - they told me they wouldn't normally do this either. I feel sorry for the people who don't phone them up and just accept that it can't be done.

Bambywamby

Even if you are in negative equity you may still get a fixed rate deal from your current mortgage provider. Don't assume you can't, ring them!

We are with Natwest (our previous provider also), have £15'000 neg equity and have just fixed for 10 years, at what I consider a reasonable rate of 5.34%. The mortgage is portable and you can pay off up to 10% a year.