how do i remortgage to a better deal without a job!

adybaines

hi to all,

been with northern rock for 6 years and my deal is coming to an end this month, was a tracker fixed to base rate but will now jump 2.5% up the the SVR of 4.79%!! from a quite sedate £300 to nearly £600

called them to see if i could move to a new deal and was told the system doesnt have me elligable for any new offers... i have never missed a payment or had a problem - but the mortgage is on interest only which maybe why? was taken out at 95%ltv for 140k house is now worth 185k... so guess that brings the new ltv down to 75% but northern rock wont know that will they?

my problem is i am currently out of work and had to use up my savings to cover the mortgage, i was offered housing cost support where they pay the interest or something on the mortgage.... but didnt pursue it as i had a few job prospects at the time and also didnt want it to affect a remortgage with them in the future...

thinking maybe it was the wrong move as the jobs didnt go ahead back in sept/oct and now nr have said im stuck on my current deal i could have been getting the mortgage paid for each month - damn

anyway bit long winded - trying to find out if NR would make a record of me being on JSA if i did try to claim, which would be accessable by other lenders in the future?

because once im working again im thinking of a self cert mortgage and dont want to claim the housing cost help although its £600 a month if it means i cant get a mortgage with another lender?

do you think the interest rates will stay doen at 0.5% for the next few years?

finally im on annual interest! so they apply it all at the start of the year so will prob have to wait till next xmas before changing it..?

thankyou in advance for your replies and merry xmas

andy

Conrad

1) Ask N Rock to revalue your home. If your under 75% as far as Im aware they can stick you on about 3% (they just dud this for a client of mine - out of the blue and without clients even asking and they are at about 70% I think but may be less. Valuations can be done electronically.

2) JSA may not be made known to another lender

3) No such thing as self cert now and rates super high even if you did find one

4) Bank of Englan Govenor does not know what rates will be next months so youre asking us to second guess something he doesnt even know himslef!! My hunch would be rates will climb very slowly but as to when is impossible to answer as it depends on inflation etc

Wutang_2

adybaines wrote: »

hi to all,

been with northern rock for 6 years and my deal is coming to an end this month, was a tracker fixed to base rate but will now jump 2.5% up the the SVR of 4.79%!! from a quite sedate £300 to nearly £600

called them to see if i could move to a new deal and was told the system doesnt have me elligable for any new offers... i have never missed a payment or had a problem - but the mortgage is on interest only which maybe why? was taken out at 95%ltv for 140k house is now worth 185k... so guess that brings the new ltv down to 75% but northern rock wont know that will they?

my problem is i am currently out of work and had to use up my savings to cover the mortgage, i was offered housing cost support where they pay the interest or something on the mortgage.... but didnt pursue it as i had a few job prospects at the time and also didnt want it to affect a remortgage with them in the future...

thinking maybe it was the wrong move as the jobs didnt go ahead back in sept/oct and now nr have said im stuck on my current deal i could have been getting the mortgage paid for each month - damn

anyway bit long winded - trying to find out if NR would make a record of me being on JSA if i did try to claim, which would be accessable by other lenders in the future?

because once im working again im thinking of a self cert mortgage and dont want to claim the housing cost help although its £600 a month if it means i cant get a mortgage with another lender?

do you think the interest rates will stay doen at 0.5% for the next few years?

finally im on annual interest! so they apply it all at the start of the year so will prob have to wait till next xmas before changing it..?

thankyou in advance for your replies and merry xmas

andy

Take advantage of the government help - if you have no job you can't remortgage and yet if you run out of money, you get repossessed.

And there are NO self cert mortgages any more.

theartfullodger

thankyou in advance for your replies

Ta, nice of you to say so in advance...

Bit radical I know, but have you thought of getting a job?? Advantages include being paid, you're off the streets and doing something useful (hopefully..) and might then be in a better position to get a deal...

That's surely the British way of approaching these things, eh??

Cheers!

Lodger

SouthCoast

If you are on JSA then apply for help with your mortgage costs:

http://www.adviceguide.org.uk/index/your_money/money_management_index_ew/mortgage_problems_index_ew/how_to_sort_out_your_mortgage_problems_index_ew/help_with_mortgage_costs_if_you_re_out_of_work.htm