why hasnt anyone offered ANY advice!!!!

buckrogers_

Hello all im a virgin poster so here goes!

Im looking for some advice (if there is any) regarding getting rid of the equity loan we have with TVH.Ok here's our story , rented for years and found it v.difficult to save the amount required at present to get a deposit together for a house.I found out about TVH and mychoice homebuy and we were accepted , fast forward to the present-we moved in at the start of Feb with a loan for £46,000 in place from TVH (this equates to 22% of property value) on a 3 yr fixed rate repayment deal @ 6.44% (mortgage of £164,000) monthly payments are £1150 which we could comfortably manage. I however got a bit fed up with hearing about other peoples rates/monthly payments compared to ours and looked into it with our mortgage provider. Fast forward again and we changed products to a 2 year fixed rate repayment @ 4.49% but incured the obligitory get out fees of £5,000 (which was added to the mortgage as we couldnt raise that amount of cash) so we now have a mortgage of £167,000. I did all the calculations and we would be making an immediate monthly saving of £250 with our payments dropping from £1150 to £950 & on a shorter term and we will save more than the £5,000 get out fees over the 2 yr deal (i do realise that we will theoreticlly be paying interest on that £5,000 over 24 yrs if we were to remain on this particullar mortgage for its duration!).Anyway there is our background info, the advice im looking for is what can we do to pay off the equity loan as its linked to the % value of the property & not what you have borrowed as i'd be loathe to hand over the equity TVH stand to gain if we just carry on as we are at present.We bought our property under market value for £210,000 so when things improve we should possibly be able to sell at the right time and walk away with some equity, plus what we can save between now and then and start again with our own deposit.One of the clauses that TVH put in place is that you cant start to either Staircase your loan or pay it off entirely untill you have been in the property for 1 year.A neighbour said something about drawing down on the property if it gets valued at more than the price it was valued at when we aquired the mortgage if that makes any sense.So there you have it any advise please would be appreciated , many thanks Buck.

opinions4u

Please can you edit your post and put some paragraph's in. It is very difficult to follow in its current format.

Mips

Im looking for some advice (if there is any) regarding getting rid of the equity loan we have with TVH.

Ok here's our story , rented for years and found it v.difficult to save the amount required at present to get a deposit together for a house.I found out about TVH and mychoice homebuy and we were accepted.

Fast forward to the present - we moved in at the start of Feb with a loan for £46,000 in place from TVH (this equates to 22% of property value) on a 3 yr fixed rate repayment deal @ 6.44% (mortgage of £164,000).

Monthly payments are £1150 which we could comfortably manage. I however got a bit fed up with hearing about other peoples rates/monthly payments compared to ours and looked into it with our mortgage provider.

Fast forward again and we changed products to a 2 year fixed rate repayment @ 4.49% but incured the obligitory get out fees of £5,000 (which was added to the mortgage as we couldnt raise that amount of cash) so we now have a mortgage of £167,000. I did all the calculations and we would be making an immediate monthly saving of £250 with our payments dropping from £1150 to £950 & on a shorter term and we will save more than the £5,000 get out fees over the 2 yr deal (i do realise that we will theoreticlly be paying interest on that £5,000 over 24 yrs if we were to remain on this particullar mortgage for its duration!).

Anyway there is our background info, the advice im looking for is what can we do to pay off the equity loan as its linked to the % value of the property & not what you have borrowed as i'd be loathe to hand over the equity TVH stand to gain if we just carry on as we are at present.
We bought our property under market value for £210,000 so when things improve we should possibly be able to sell at the right time and walk away with some equity, plus what we can save between now and then and start again with our own deposit.

One of the clauses that TVH put in place is that you cant start to either Staircase your loan or pay it off entirely untill you have been in the property for 1 year .A neighbour said something about drawing down on the property if it gets valued at more than the price it was valued at when we aquired the mortgage if that makes any sense.So there you have it any advise please would be appreciated , many thanks

Buck.

PasturesNew

buckrogers_ wrote: »

Feb 2009: loan for £46,000 (TVH)
Equal to: 22% of property value
Deal: 3 yr fixed rate repayment deal
Rate: 6.44%
Mortgage: £164,000
Monthly repayments: £1150


We changed products

Deal: 2 year fixed rate repayment
Rate: 4.49%
ERC: £5,000 (added to mortgage)
Mortgage: £167,000

Immediate monthly saving: £250
Monthly payments: £950 (and a shorter term)

Question

What can we do to pay off the equity (TVH) loan as its linked to the % value of the property & not what you have borrowed.

Property bought under market value for £210,000
Cannot staircase until a year after purchase

Covers the basics I think.