who do i contact to remortgage

dimbo61

Can you use the extra £300 a month you will be saving to clear more of your other debts or overpay the mortgage to build up more equity in your property.
Might be difficult to get a mortgage with a high street lender in the current market ! GOOD LUCK

smnb08

dimbo61 wrote: »

Can you use the extra £300 a month you will be saving to clear more of your other debts or overpay the mortgage to build up more equity in your property.
Might be difficult to get a mortgage with a high street lender in the current market ! GOOD LUCK

yes that would be the sensible thing to do i guess.i just really thought that so long as i kept paying everything on time i would be in a better position come the end of our fixed rate.

we dont have any other debts only our mortgage we had to consolidate when we remortgaged as we couldnt keep up the repayments on everything this is why i have a poor credit rating.

Conrad

smnb08 wrote: »

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.

If you rent 'for a bit', keep in mind that will reduce your credit score (the ones lenders use that is - not necessarily those public experian score systems).

You're right, there are'nt any low rate deals for poor credit cases. This may change in a few years, the the Government is tightening up regulation making it very difficult for lenders to lend to such people - a classic case of regulation that is supposed to benefit people actualy hinders and disadvantages many more. In effect several million people are locked out of the mortgage market.

THE GAP BETWEEN RICH AND POOR WILL WIDEN DUE TO THIS - MARK MY WORDS. MP's and Lords are'nt aware of this yet as they tend not to mix with ordinary people. In time I think this problem will become known to the Government.

Point is, most people do not get repossessed (less than 1%) yet the new rules are designed to stop people getting mortgage that might be more likely to be repossessed, so a huge amount of people that would not be repossessed are unable to even get a chance at home ownership.

dimbo61

If you have no other debts then build up some savings say 3/6 months of income and overpay the mortgage say 50/50 that way you have money for a
rainy day ( not getting loans/credit card bills ) and also clearing a LITTLE bit of the mortgage each month.
Beaware overpaying can be addictive and WILL save you thousands in interest
GOOD LUCK

aimzrabbit

hi just a quick point here smn .... i have a former beacon product and there are penalties for overypaying on mine

also my product is not transportable and i dont think any of the former beacon mortgages are