Recommend me a mortgage

blinko

Hi all

I was wondering if i could get some advice on a mortgage or 2,

at the moment im with alliance and leicester and paying 4.59% fixed for 2 years this is currently coming to an end in the next 3 months.

the mortgage i need is £76,000 ideally fixed rate but with interest rates so low anything seems to go.

im 51, earn £15k, ideally would like the mortgage for 2 - 3 years

any advice would be greatly appreciated thanks

dwsjarcmcd

Hi blinko,
I'm afraid that with your salary and required mortgage you are really limited to what A & L offer you. No-one else is going to accept you at over 5 x salary.

Sorry, David

herbiesjp

What is the loan to value i.e. what is the current property value, and then based on the mortgage amount we can work the rest out.

If you have any dependents, bad credit history or other debts the answer will be a definite no.

If you have a high loan to value then you will have no chance really, however at lower LTVs you might, have one or two options, but generally David above would be right

blinko

sorry gents heres some more info,

property was bought about 2 years back for £160,000 its a new build near feltham.

exit fees are 2.5k ish i know ouch

no bad credit history, no other loans

so i take it LTV would be 76000/160000*100 = 47.5%

Conrad

A person asking the question you ask might try;

C & G or Nationwide with trackers around 3.8%. C & G ay be more likely to accept you.
Impossible to know without applying as thier affordability models are linear beasts that for example take into account everything from the short term (means payments are higher - even on int only as an ISA or similar reqauires higher funding), your area, how long in job, occupation type, profiles and many other factors.

As I oftern say, we can spend all day talking, but in the end the application may be declined.

Good luck

PS - see what A & L can offer

blinko

thanks i know, i hate this massive financial models that i do think are good but when your at home trying to do the math the weight of variables makes it difficult

_Andy_

At 5 x income I'd try Abbey or Woolwich.

dimbo61

You will not be paying a £2,500 exit fee as no point and you are on a very good rate already with your deal finishing in three months.
Why do you want a deal over 2-3 years ?
Are you planning on paying it off over 2/3 years ?
Winning the lottery ! About to be left a house !
Think long term rates have not been this low for a very long time
5/10 year deals might be better.
Putting in the 3 deals on the A & L website ( 5 year deals ) 4.44%/4.89%/4.99%
You would pay about £620-634 a month and still owe £55k after 5 years.
This is over 14 years taking you up to retirement age for MEN

herbiesjp

Being a new build bought two years ago, the value on that will definitely be lower than the £160k you bought it for

However, even taking a knock down on the valuation should leave you with a good LTV to get a good deal and a lender with generous multiples.

Have you spoken to any lenders direct? Or are you going via a broker -they would know pretty quickly which lenders could help you?

blinko

this is the first time i've remortgaged, before i think i just too kout the alliance and leicester one because it was there and half decent.

thanks dimbo, i'd kinda prefer to have fixed at 3% isgh and then after 2 years remortgage again, i dont think interest rates will be in the 4 and 5's after 2 years although im aware they wont be this low forever

not planning on winning the lottery but im aware that promotional offers save me alot of money so i try and take advantage of them as much as possible

its been ok so far

never really considered a mortgage broker, how much are there fee's

herbiesjp

Some charge a fee and others are fees free