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amber / redstone
sandrad44
Posts: 30 Forumite
Can anyone advise me if we can overpay on an interest only mortgage ?
we were originally with Amber Home Loans and then mysteriously were moved to Redstone. I believe they are just an administrater for the collection of the mortgage payments. They cannot offer you any new deals etc so I am wondering if they are just a ' debt collector ' are we free to pay off extra to the mortgage every month ? This would be ideal as our mortgage is libor + 2.5% Our credit file has some defaults that will remove next year on;y leaving 2 small satisfied ccj's If we could overpay quite a bit each month and then see what the market offers us next year ???
we were originally with Amber Home Loans and then mysteriously were moved to Redstone. I believe they are just an administrater for the collection of the mortgage payments. They cannot offer you any new deals etc so I am wondering if they are just a ' debt collector ' are we free to pay off extra to the mortgage every month ? This would be ideal as our mortgage is libor + 2.5% Our credit file has some defaults that will remove next year on;y leaving 2 small satisfied ccj's If we could overpay quite a bit each month and then see what the market offers us next year ???
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Comments
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Redstone have bought your mortgage and the terms remain the same now as on your original Amber mortgage offer. Call them and ask how much you can overpay by in the year (usually 10%) and if they are cool, get stuck in and take advantage of the rate.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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do you think we will get a new deal next year when we have the two ccj's ( satisfied ) they are from 2007..........0
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There isn't enough info to go on - e.g. how much do you owe, what is your home realistically worth?0
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valuation £180000 - currently owe £121500
We have been waiting since June to remortgage with Beacon , but the longer it drags out the more time I have had to rethink . The fee for the beacon deal is £2700 I feel that if I could over pay till the credit file is more favourable just showing the old ccj's..0 -
do you think we will get a new deal next year when we have the two ccj's ( satisfied ) they are from 2007..........
Firstly, you won't with redstone but if you have plenty of equity you may be able to remortgage - to be fair though with Libor so low, you can avoid any (remortgage) arrangement fees and therefore pay some chunkets off to potentially create some equity.
Usually recent ccjs and mortgages = rates a lot worse than Libor + 2.5%*.
(*not a scientifically proven equation)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
do you think with the ccj's ( satisfied) we will be able to get a mortgage from a high street lender next year as beacon seem to be the only subprime left........
and they have a hefty fee........0 -
How large (as in £ amount) were the CCJs?0
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One was for £176 and the other £210.000
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