Help Im clueless!!!

NaomiJE_2

Hi
My partner and I brought our property may 2008- we had a two year tracker mortgage which has been fab during the crunch!!
BUT it ends in may... so does that mean we have to apply for another mortgage or just it just carry on as fixed now?
If we have to get another one will we be cradit checked?
And also can u add to the mortgage? Do they check for this?
We are going to see a financial advisor next week- but i relly have no clue so please enlighten me!?
We want some extra to pay off credit card etc- is that reason one they will like or not??
God im rubbish :(haha
Any help would be greatly appreciated!!
Also the amount our mortgage started at ( b4 the interest rates dropping) would that be roughly how much it would be fixed?
Thank u
Naomi:)

opinions4u

NaomiJE wrote: »

BUT it ends in may... so does that mean we have to apply for another mortgage or just it just carry on as fixed now?

If you do nothing, you will go on to your lender's standard variable rate (SVR) or, possibly, some other sort of deal as described in your orginal mortgage offer. Dig out your paperwork!

Alternatively you could ask your lender for another deal (fixed or otherwise) and see what they've got to offer.

Alternatively you could move your mortgage to another lender.

How much do you owe?
How much is your property worth?

If we have to get another one will we be cradit checked?

Yes.

And also can u add to the mortgage? Do they check for this?

Yes, but increasing debt isn't always a good idea.

We want some extra to pay off credit card etc- is that reason one they will like or not??

It's not always a good idea to move short term credit card debt on to a mortgage and repay it over half a life time.

NaomiJE_2

Thank u for ur help.
Will i get credit checked even if i stay with the same company?
my bumf says... after the tracker ends the base mortgage rate (SVR) will apply for the remainder of the term 6.74% in may 08 and it says itl never go more the 2% over base rate?? But doesnt that then make it a traker?
God its so hard- Our mortgage dropped over 200 quid cos of the interest rate... and we have lived to our means. Its going to be a HUGE shock having to find that extra money.
Just thought having depts in one place would be more managble? We owe thousands so anything will help
Naomi

VIGILANT22

What is causing you concern about being credit checked...have you missed payments, defaulted etc?

NaomiJE_2

VIGILANT22 wrote: »

What is causing you concern about being credit checked...have you missed payments, defaulted etc?

Ummm well we missed one mortgage payment then payed it back over the next two months... had trouble getting credit checked for mortgage in the first place due to someone elses credit history appering on my partners check.. sorted it for th mortgage- not sure how it will stand now though.
Missed a few store card payments and applied for two loans and a credit card unsucessfuly :(:(

Got no chance really have we:(

VIGILANT22

think you've answered this yourself....get a copy of your credit file (not score) and see what is on there re' missed payments...who is yr current lender?

SimbaSimon

NaomiJE wrote: »

Thank u for ur help.
Will i get credit checked even if i stay with the same company?
my bumf says... after the tracker ends the base mortgage rate (SVR) will apply for the remainder of the term 6.74% in may 08 and it says itl never go more the 2% over base rate?? But doesnt that then make it a traker?
God its so hard- Our mortgage dropped over 200 quid cos of the interest rate... and we have lived to our means. Its going to be a HUGE shock having to find that extra money.
Just thought having depts in one place would be more managble? We owe thousands so anything will help
Naomi

Its not a tracker as it doesn't follow the Bank of England rate to a exact amount, i.e. 1.74% for example, however gurantees it will be no more then 2% over base rate. So in shouldn't be anymore then 2.5% with the Bank of England rate being just 0.5%.

NaomiJE_2

VIGILANT22 wrote: »

think you've answered this yourself....get a copy of your credit file (not score) and see what is on there re' missed payments...who is yr current lender?

Nationwide... ok but then when I see how crap it is and cry.. what next?!!
PUH people say money cant buy u happines but it can certainly help you from giving up!!:(
Thank u

NaomiJE_2

SimbaK2K wrote: »

Its not a tracker as it doesn't follow the Bank of England rate to a exact amount, i.e. 1.74% for example, however gurantees it will be no more then 2% over base rate. So in shouldn't be anymore then 2.5% with the Bank of England rate being just 0.5%.

So thats not a fixed rate either then? Could I transer to one of those without having to reapply? Id just prefer to know how skint i was each month with no suprises!!
Thank u so much

VIGILANT22

You need to restructure your budgeting...look at the interest on yr store cards...jump over to the wannabe debt free board I understand they have useful tips...means tightening yr belt!!...no more takeaways!!

NaomiJE_2

Haha I dont even remember what a curry smells like.. were still getting nowhere.. both had cut to income due to lack of hours.. Do u know anything about the ads u see in the back of papers about consolidation?? I know the apr is rediculus but surely having it all in one place with no late fees or 15 different interests woul help??