Need a new Mortgage - Pronto

Leigh-Anne_60

Hello folks

I come on here tonight with the sole purpose of genning myself on everything about remortgaging - but all of Martins advice PDF's are down.... So thought i would you lovely lot for your advise;)

Right got my current deal with HBOS, currently on 5.? which is due to expire on the 1st August when it will rise to 6.5%:eek: Have 82K oustanding with 18 years - however want to remortgage for 100k (buying land abroad) - So open to adding a couple of years to term (no more than 20). Currently pay £580 - could realistically pay about £800 with no extra hardship (daughter starts school in sept - so better off in £250 monthly nursery fees)

I have no plans to move - ever!! More than happy with my house.

Last time i remortgaged i just enlisted the help of an IFA with no outside comparisons - And was quite happy with the service(landed 2 year tracker with HBOS). However if there is other options - ie Mortgage brokers which people seem to rate on here?? 10 year fixed... Open to any methods/deals to get me the cheapest monthly rate?

Your ideas/ Opinions..... what deals should i look out for...

Cheers

Leigh-Anne

herbiesjp

It will depend on the value of the property, your income or joint incomes, andif youhave any other financial commitments in the background.

A 10 year fix may be a good idea for you then, unless you are happy to take a risk on variable rates

Leigh-Anne_60

Value of property is about 150K - Fixed income of 30k. Apart from mortgage & general household bills no other substantial outgoings

Have other property(abroad) now valued at 45- 50k - which i bought when remortgaged 2 years ago - so 82k covers both properties. But i guess that wont be considered in application

LA

herbiesjp

Indeed, only the £82k as a whole would be re-mortgaged along with the extra funds to be taken up to £100k

So the loan to value appears fine along with your income figures

MortgageMamma

you seem really sure what you want, which is great. whats your main objective, having the cheapest monthly payments or reducing your capital balance on your mortgage quickly? what are you doing with the foreign land?

Leigh-Anne_60

The plan is to build on the land keep some & sell some on ( have other capital going in to land/build - just in case your all wondering where you can buy land and build for 20K;) )

So i guess in the short term my goal would be to get the cheapest monthly rate - As i know/am hoping will be able to pay off quite a bit early a few years down the line

LA

MortgageMamma

Personal question to ask I know, so PM me the answer if you like, whats your credit rating like? Do you have any preferences as to how long you fix for? would you perhaps prefer a mortgage that could fluctuate with rates in general but not go above a certain level with no tie in's?

Leigh-Anne_60

No no problems mamma, my credit rating should be OK i think - never default on any payments & never been refused anything - Only thing i have really applied for is CC's though - transfering balances every 6/9 months - though balance is below 2 k on 0% acc 2 cards

I guess if pushed would rather have fixed - Know what im paying/have to pay, personally i cant see interest rates going down - so not bothered about being tied in - The way i see if they do go down its a gamble i took and lost. But saying that it was a tracker i have had with HBOS and thats seen me Ok (with a couple of .25% reductions)

With regards to period - Guess around 3-5 years, however if good deal not adverse to longer!!

God i really dunno what i want do i

LA

MortgageMamma

so if you could have a flexible mortgage - with no tie in's, for three years and it was capped i.er couldnt go above 5.14% would you go for that?

or would you prefer say a 3-5 year fixed at say 5.09% with tie ins for 3-5 years

Leigh-Anne_60

Ohhhh errr, im so indecisive. Without actually seeing figures its hard - the difference between 5.09 & 5.14 i guess its only pounds in monthly repayments

I think i need to get some quotes in. I think the only thing ive convinced myself of tonight, Is that i dont know what i want!!:o & and that im not very specific in my needs

One thing, how long does it take for a mortgage app going through - from memory about 6 weeks - is that still the same? have 4 weeks before my high rate of 6.5 kicks in and dont want to be paying that for long

Thanks for all your help

Leigh-Anne

MortgageMamma

I would recommend you get a brokerto do the legwork for you

To be honest how long a remortgage takes is largely down to you and the lender that is selected. Its important you give your broker or direct salesperson all the documents they need asap. Most companies that deal through brokers want online mortgage app's now and get them the same day. Examples of companies that deal online are Abbey, halifax, alliance and leicester, woolwich, northern rock, intelligent finance. Offline companies i.e. paperbased cheltenham and gloucester (v slow admin) nationwide (good admin) first active (good admin).

Out of the online companies Abbey and Halifax will get an offer out to you in 5 days if you give them all the info they ask for, and woolwich are ok but slower. A & L I don't rate very highly whatsoever, and northern rock are ok too.

None of the above is a recommendation, i just wanted to give you a brokers perspective of which lender performs best. if you go direct to one of these lenders I can't vouch for performance on that level as they have different teams set up for brokers and direct