Fixing for 2 or 5 years?

Wh05apk

Who's the lender?

papermoney

Wh05apk wrote: »

Who's the lender?

Northern Rock (which makes me shudder a little but thats because of completely differently reasons which are probably irrelevant)

Wh05apk

Can they not deal with your app over the phone?

papermoney

Wh05apk wrote: »

Can they not deal with your app over the phone?

Sorry I thought you meant the lender we are going to go with. The current lender is Halifax ad they cant do the adding to mortgage over the phone.

Wh05apk

I think if you call the mortgage centre direct they may be able to do over the phone, branches are set up for face to face contact, so if you phone them that is all they will offer. Surely there must be a branch open Saturdays within a reasonable distance, unless you are on Shetland or somewhere!

papermoney

It is the mortgage centre that we called. They said we would have to go to a branch this is so I could be added to the mortgage. They are open 9-1pm on Saturdays and with work commitments its not possible to get into the branch, I could but my husband couldn't. If we just wanted to do additional borrowing that could be done over the phone, but we wouldnt get it on my husbands pay as he is self employed and doesnt earn enough.

Pincher

Once upon a time, everything had to be done by queuing at one office or the other, but these days, the only reason they want you in the branch is to sell you add-on products.

I have never seen a lender's office in my life. When I need witnesses for signature, I went to the solicitor's office.

Wh05apk

papermoney wrote: »

It is the mortgage centre that we called. They said we would have to go to a branch this is so I could be added to the mortgage. They are open 9-1pm on Saturdays and with work commitments its not possible to get into the branch, I could but my husband couldn't. If we just wanted to do additional borrowing that could be done over the phone, but we wouldnt get it on my husbands pay as he is self employed and doesnt earn enough.

Still think for the couple of thousand a year extra it will cost, it's worth taking some time off? unless your husband can earn that much in a couple of hours? I'm assuming he's not working overseas.

michaels

Is it really worth consolidating - if you were able to keep to 70-75% ltv it might help you with income multiples and it would definitely give you much better rates on this part of your borrowing and then you could look to find a personal loan for the remainder may be as cheap as 7%?

EG if you could qualify for a Britannia/Co-op fix for 5 years at 3.99 your saving over 6.19 would be huge and I am sure even then paying 7-8% for the remaining 10% of borrowings (difference between 75% ltv and required 85%) would still work out much cheaper.

papermoney

I didn't want to consolidate at all - the original plan was to take 15K out for the home improvements. It was the mortgage broker who came back to us and said because of the other loan and credit cards I have we would have to consolidate in order to get the mortgage. Gosh, I hope i'm getting the right advice, I might do some more research on the mortgage broker.

Thanks for your replies.