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Remortgage/Mortgage holiday or just cheap rate? Help please!
hjc1305
Posts: 11 Forumite
Hi
My mortgage is up at the end of June so have just started working out our options. Anyway it seems we have no options but to stay with Natwest our current lender. No one else will lend us the money now due to the fact they have all had a slap on the wrists and have cut down what they will lend people. We only have my husbands salary as I am a full time mum so according to their affordibility calculators we can only borrow what we currently have. We have some debt, about £10,000 which we really wanted to stick onto our mortgage but we are not allowed. Therefore we are thinking about changing to Natwest's flexible offset mortgage. I am not really sure how these work and nobody at Natwest has been overly helpful at the moment. We thought if we had one of these mortgages we could use a payment holiday for 6 months (their max) to clear some of our debt and then move on to one of their better interest rates once the 6 months is up?!? Or should we just move on to one of their better rates (which would save us nearly £200 a month as we are on a fixed rate), keep the loan and credit card and just keep paying off a bit more each month? I hate having debt and wish we hadn't ended up in this situation but we have and its our own fault but we just wanted to get our house up together and before we know it here we are!
Any advice would be greatly appreciated!
Many thanks
Heidi
My mortgage is up at the end of June so have just started working out our options. Anyway it seems we have no options but to stay with Natwest our current lender. No one else will lend us the money now due to the fact they have all had a slap on the wrists and have cut down what they will lend people. We only have my husbands salary as I am a full time mum so according to their affordibility calculators we can only borrow what we currently have. We have some debt, about £10,000 which we really wanted to stick onto our mortgage but we are not allowed. Therefore we are thinking about changing to Natwest's flexible offset mortgage. I am not really sure how these work and nobody at Natwest has been overly helpful at the moment. We thought if we had one of these mortgages we could use a payment holiday for 6 months (their max) to clear some of our debt and then move on to one of their better interest rates once the 6 months is up?!? Or should we just move on to one of their better rates (which would save us nearly £200 a month as we are on a fixed rate), keep the loan and credit card and just keep paying off a bit more each month? I hate having debt and wish we hadn't ended up in this situation but we have and its our own fault but we just wanted to get our house up together and before we know it here we are!
Any advice would be greatly appreciated!
Many thanks
Heidi
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