Remortgage Guide Discussion

kiatia

Hi
I would like some info please. Thinking of remortgaging. At the moment i have an endowment mortgage for £25k ending oct 2010 and reserve debt of 35k with barclays on top of this. Overall £60k and at the moment an endowment of £20k coming out in oct 2010 a shortfall of £5k on my mortgage and the extra £35k i borrowed. I think I need to remortgage for an extra 15 years on the remaining £40k is this cheaper than a loan for the same time?
Thanks Debra

hib3032

first thread so bear with me i have a intrest only morgage of 43000 pounds that finishes in 6 years and have 50000 in cash do i pay it off or pay off 20000 and remorgage at a repayment over 7 years for 23000 and invest 20000 grand in say a cap protected investment for 6 years(scottish widows)i already have 10000 with scotish widows that finishes in 4years already that seems to be doing ok and this is what my bank manager has suggested to do.any thoughts? cheers

himitsunomogura

Hi - I'd like to get the guide, but the links appear to be dead. Can anyone help?

cmgames

I am currently with Britannia atm but am looking to remortgage to Natwast on a 5 year fixed. I am currently in a two month period whereby if i switch to another provider I will have to pay a £125 discharge fee with no exit penalties. This period will last till 29.9.12.

If I agreed to remortgage in the next two weeks say, would that give me sufficient time to complete the remortgage process in that time period and therefore not having to pay an exit fee? Also, what are all the steps involved in this process?

Tulyar

(Aside comment) Agree on weddings - ours cost under £400 and had it in the house, as most important part of lives. Remember that Scots took the minister to the farm so that no-one needed to take a lot of time off work to attend, and England now catching up by permitting ceremonies anywhere that has officiant present.

Now to the remortgage issue - 14 year history with current lender and interest only facility with equity to borrowing ratio less than 40% at peak valuation - still around 50% with lowered values, but circumstances prompt a need to revise arrangements. Rental income will easily cover payments and earnings from work cover living costs, but cannot find a lender who will take rental income into account despite 10 years of consistent rental income, and easily let properties.

One possible lender might consider but not for less than £1m! Could possibly grow to that level but this would require rapid growth of portfolio, presenting a potential 'gap' bringing properties up to standard and renting out.

Are there any lenders out there who I can have this discussion with without falling foul of the tick box regime that only takes earnings other then rents into account? or ways to restructure the way I present the earnings to get the rental income recognised?

NB 1952 - a very good year for a certain stallion.

Hannahrs207

My mortgage deal runs out in a month, but I am planning on putting my house up for sale in the next few weeks, should I remortgage or will this cost me more later?

jtpyett

I wanted to get people's opinions

5 year fix at 5.8% is ending, house valuation £19000 and outstanding £158000 so about 83%

London and Country have advised mortgage at 3.98%

However, currently with Santander and their current variable standard rate is 4.74% so payments will drop at end of period anyway

Wondering whether to pay standard variable rate for a bit, keep an eye on the market and also try and get the % owing below 80% and then strike a new year fix then

Good idea or fix in now for 5 years at 3.98%

Thanks !

Yorkie1

jtpyett wrote: »

I wanted to get people's opinions

5 year fix at 5.8% is ending, house valuation £19000 and outstanding £158000 so about 83%

London and Country have advised mortgage at 3.98%

However, currently with Santander and their current variable standard rate is 4.74% so payments will drop at end of period anyway

Wondering whether to pay standard variable rate for a bit, keep an eye on the market and also try and get the % owing below 80% and then strike a new year fix then

Good idea or fix in now for 5 years at 3.98%

Thanks !

Please start a new thread - this one is for discussions about a very old MSE article and may not be seen by many posters who aren't interested in ongoing discussions about the article.

eddy21

I've had my current and first mortgage for nearly 4 years and come September I either need to renew or go on to their SVR.

My question is this; do I need to have the house valued before approaching dealers or brokers so I know where I stand on that front or do the new mortgage company do that as part of the process?

Thanks in advance.

Jonathan

GAFFER

Tied in to a fixed rate of 5.39% with west brom for another 4 years. current redemption pen = £6k.

We owe 100k and home worth more than double that.

I wondered if you thought it was worth re-mortgaging. Ive done the maths through the calculator and it would appear(despite the heavy redemption penalty) to doso. (albeit not by a mile)

Would welcome any views you may have and thank you in advance for any opinions/advice

Simon