We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Any Help Appreciated
kazmac_3
Posts: 177 Forumite
Hi, we have a lengthy mortgage (still have 20years) of 106,000 with northern rock. Stupidly we took a loan with 1st plus but have now added that to our 60000 mortgage. Just wondering if its worth trying to change our lender or not? We currently pay 630 per month. Our house is worth between 135k-140k...Thanks ever so, x
0
Comments
-
Depends if you are tied into your current mortgage?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£106K over 240 months with a repayment of £635 per month equates to a repayment mortgage with interest of 3.85%. Too good to be true ? Your loan to value is just under 80%. As MM above for tie ins and the small print that can cost you thousands if you don't understand it.
J_B.0 -
Hi and thanks so much for replying so quickly, we are tied in until October of this year, but I have to admit am a bit of a 'nonentity!' as far as understanding mortgages goes. We could probably afford to up our mortgage payments to 700 per month, and was wondering who we would be best to go with, many thanks again....0
-
Its not as simple as who would be best to go with, its more a case of which mortgage from about 10,000 is best for YOU. As JB says above it is unlikely your interest rate is so low unless you are on a stepped product. have you still got the mortgage offer handy?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi mm, no i dont have it handy but i do know that our current 'tie-in' from northern rock finishes in oct for definate...I rang them and they baffled me to be quite frank!
I would just like to if possible, shorten our time on the mortgage, (my OH is 10 years older than me) and really dont know where to turn....sorry for being such a bore! There are so many 'offers' that Im finding it hard to decipher the good from the bad....thanks 0 -
Thats where us brokers come in....I can't promise to lower your payments but I could try to reduce your term in the most cost effective way, whats your employment status (both) and how much do you earn? How much O/s credit have you got (in monthly payments) how old are you both?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi MM, thanks again! I earn (net) approx 1400 pm and OH earns 2000pm, afetr tax, pension etc. Im 35 and OH is 45. I dont know what OS is Im afraid!
Ohhh, have just worked it out i think lol, outstanding? its approx 10,000 with the car...thanks0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards