📨 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!

Mortgage provider offering 52,000 discount if repay now!

2»

Comments

  • ANY_CHANCE
    ANY_CHANCE Posts: 825 Forumite
    No missed payments all up to date so their reason must be because LIBOR is low at the moment they mustn't be making any profit. Mortgage rate is 2.8 above LIBOR
    “most people give up just as they are about to achieve success”
    If you think you are going through hell keep going - Sir Winston Churchill
    If You Can't Change It, Change the Way You Think About It.
    SW, 13st5lb, -4 1/2, -1,(12st13.5lbs)
  • ANY_CHANCE
    ANY_CHANCE Posts: 825 Forumite
    If i sold the house for less than it was bought for say 225,000

    it would give me a good amount in the bank but to rent would cost more than the mortgage

    will have to at least look into possibility of other mortgages even if its not possible at least it would have been considered
    “most people give up just as they are about to achieve success”
    If you think you are going through hell keep going - Sir Winston Churchill
    If You Can't Change It, Change the Way You Think About It.
    SW, 13st5lb, -4 1/2, -1,(12st13.5lbs)
  • dunstonh
    dunstonh Posts: 119,853 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Are many mortgage providers doing this?

    The ones that have high risk books mainly. i.e. those that have a lot of sub-prime, bad debts or even where the information about the borrowers is not very good or accurate.

    So, you dont see mainstream lenders doing it but the small, non deposit backed lenders who typically focused on subprime and near prime are.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    _Andy_ wrote: »
    How long has app2 been SE? Do they have any accounts?
    do you have any income?

    ok never mind..
  • ANY_CHANCE
    ANY_CHANCE Posts: 825 Forumite
    edited 1 May 2010 at 4:00PM
    Sorry Andy was that a question for me? you lost me at app 2 & SE if it was TBH.

    My income is a bursary and CHB
    “most people give up just as they are about to achieve success”
    If you think you are going through hell keep going - Sir Winston Churchill
    If You Can't Change It, Change the Way You Think About It.
    SW, 13st5lb, -4 1/2, -1,(12st13.5lbs)
  • bacard1
    bacard1 Posts: 159 Forumite
    Part of the Furniture Combo Breaker
    ANY_CHANCE wrote: »
    Sorry Andy was that a question for me? you lost me at app 2 & SE if it was TBH.

    My income is a bursary and CHB


    He was on about the other person and how long have they been self employed
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You definitely should discuss this with a mortgage broker and consider that sale option. The loan to value should be greatly helped by the money and that should increase the chance of getting a mortgage, though you're right that it does look tough. Renting for a while might well be a good option.
  • ANY_CHANCE
    ANY_CHANCE Posts: 825 Forumite
    Had a letter today offering 61,000 discount! Wish it was easier to re mortgage
    “most people give up just as they are about to achieve success”
    If you think you are going through hell keep going - Sir Winston Churchill
    If You Can't Change It, Change the Way You Think About It.
    SW, 13st5lb, -4 1/2, -1,(12st13.5lbs)
  • marmitequeen
    marmitequeen Posts: 151 Forumite
    Selling sounds like an interesting idea, but how much did you pay for house, and when. 225 might be less, but you'll want to price to sell not to be on RM. For how much longer will you be a student? What is you (if all goes to plan) likely starting salary likely to be when you start paid work. More importantly, how much is rent and is staying in your current place worth 61,000 to you?

    As others have said, a decent broker should be on your to-do list for tomorrow morning. That kind of money is worth the time and effort of exploring all options.
    good luck
    x
  • Steviek_2
    Steviek_2 Posts: 139 Forumite
    Part of the Furniture Combo Breaker
    Does anyone know if there is any chance of other lenders doing this? Mine is a sub prime with GE money they told me in April that they want to get rid of their mortgage book but at the moment all they have said is that they will waive the early redemption figure
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.6K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture