Flexible mortages

teabelly

I want to switch my mortgage and extend it slightly at the same time. Is there anyone that a) does a decent flexible mortgage with a low apr ie less than 1% above base rate and b) one which will let me switch and have the money in less than a month? I am with Britannia at the moment and they have just said it will take 4 to 6 weeks to arrange an extra amount. I think this is ridiculously slow as the amount of the extension is the same as a chunk I paid off 2 years ago...The total loan amount would still remain less than the original loan amount. I am fairly sure when I enquired before they said it took about 2 weeks to arrange.

I was thinking of the combined current/mortgage account but I am content with Lloydstsb (strange I know....). Their online banking at least works properly! Are there any of those that are just so good I should switch the whole caboodle?

Robert_Sterling

Generally speaking if they are flexible they are not cheap and if they are cheap they are not flexible.

homer_j_3

To be honest a remortgage will take just as long. They can be done faster and sometimes can take longer. It is just the nature of the beast really.

teabelly

Rats. I was hoping for a quick fix solution! Looking at the APRs then the Britannia flexible is one of the cheapest around anyway so I'd be stupid to get rid of it.

Oh well, back to the drawing board :rolleyes:

MarkyMarkD

The APR is tosh - IGNORE IT!

There are very definitely flexible mortgages with pay rates very significantly less than 1% over BBR. And included amongst these are mortgages which will allow you to switch products subsequent to any initial deal expiring, to another deal which will likely be less than 1% over BBR.

Any decent flexible mortgage will let you draw down overpayments almost instantly - far better than what the Brit are currently offering you, but I presume your current mortgage is not a flexible one?

You're not likely to get a remortgage arranged in the timescales you talk about, but you could get a personal loan (without penalties) and pay off the personal loan from the mortgage proceeds.

Robert_Sterling

MarkyMarkD wrote:

The APR is tosh - IGNORE IT!

On many loans the APR is of great importance.

On many mortgages where you are only tied to that lender for a few years they are of little value.

What we really need is a pseudo APR for the period for which you are committed to stay with that lender.

joepubli

I agree and it could be based on a period which is over any tie-in period. If no tie in period then say over 5 years.

MarkyMarkD

As this thread is about mortgages, I stand by

the APR is tosh - IGNORE IT!

I also agree with RS1 and joe that it would be far more useful to show the APR over the tie-in period, if there is one.

MortgageMamma

I personally think that the APR should be only be calculated and disclosed on a fixed rate product over the term it is fixed as it cannot reflect accurately on a variable.

As to the original post, I do believe I know a lender which can remortgage you in less than a month should you have a good credit rating and want to borrow less than 75% of your property value. They don't promise to do this, but I used them on Monday this week and was faxed a copy of my clients offer on Friday afternoon.

Gorgeous_George

I'm with Britannia at 0.75% above base rate for life. They were excellent when I joined them and I see no reason to change.

If you need some money quicker than the re-mortgage takes then I'd suggest an overdraft. Mortgages are important agreements to both the customer and the provider and, IMHO, should not be rushed.



GG

teabelly

I'm not sure I want a £15k over draft The money is for home improvements so using the mortgage is the cheapest and safest method.