who do i contact to remortgage

smnb08

hi guys
i currently have a mortgage with redstone this was arranged for me by london and county but was through beacon homeloans.
who do i contact in order to remortgage when my fixed rate runs out beacon or redstone?
also what roughly do these companies lend as in how many times your joint income?
thank you x

_Andy_

Hi

So are you wanting to stay with your current lender or change?

What were the reasons for going with a subprime lender at the time?

You mention multiples of income - what is/are your actual income/s and how much do you owe?

Also how much is the home realistically worth now?

smnb08

hi andy
we still have previous credit problems which will not come off our file for a couple of years so we want to stay with the same lender.
also it was very stressfull and took a long time to get this mortgage so thought it would be easier to stay with them as they can see we pay on time every month.
our joint income is 34k our mortgage is for 90k house worth approx 120k.
we would love to move next year just looking into if thats possible.
thanks for your help

_Andy_

OK - that's understandable.
I guess you'd need to ring whichever company sends statements to you but hopefully one of the brokers on here can confirm.
Best of luck with it

Conrad

Beacon homeloans are no longer lending as far as Iknow and Redstone certainly do not lend.

You will migrate to redstones variable rate when the time comes.

It may be than Beacon will resume lending next year.

Good luck.

smnb08

thank you
does anyone know what redstones variable rate is?

Conrad

Different mortgage offers at different points in time may contain different 'go to' rates. You need to check with them - tis the only way to be sure.

smnb08

hi i have just looked at my keyfacts and it says when my mortgage fixed rate comes to an end i will go on to the variable rate which will be 3.5 above the current libor rate.
at the moment i am on 8.8% so am i right in thinking my payments are going to drop quite a bit or am i missing something here?

carlyjc1

Hi! The current libor rate is 0.61188% so that's good eh? 3.5 above that is a mssive drop in your rate

smnb08

carlyjc1 wrote: »

Hi! The current libor rate is 0.61188% so that's good eh? 3.5 above that is a mssive drop in your rate

well this is what i thought our mortgage would drop £300 a month:beer: surely there will be a snag im never that lucky!

smnb08

Conrad wrote: »

Beacon homeloans are no longer lending as far as Iknow and Redstone certainly do not lend.

You will migrate to redstones variable rate when the time comes.

It may be than Beacon will resume lending next year.

Good luck.

so where would that leave me with regards to moveing house??
there doesnt seem to be any mortgages around at the moment that would suit us and i cant move the mortgage im in.

i guess we will be selling up and renting for a bit or stuck in my little house a bit longer.