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One million homes face Interest-only remortgage threat

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Comments

  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    IveSeenTheLight wrote: »
    I do have a lower LTV than 60%.
    One of my SVR's is +1.1, no set up, no redemption.
    The other SVR is a bit higher.

    Send me a link and I'll review

    Doh...
    https://mortgages.hsbc.co.uk/product/188-life-time-tracker-special

    :) I thought I put it in.
  • michaels
    michaels Posts: 29,543 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    An SVR currently +110bps is very nice - care to name the bank?
    IveSeenTheLight wrote: »
    I do have a lower LTV than 60%.
    One of my SVR's is +1.1, no set up, no redemption.
    The other SVR is a bit higher.

    Send me a link and I'll review
    I think....
  • nicko33
    nicko33 Posts: 1,125 Forumite
    LydiaJ wrote: »
    But don't we keep reading that savers outnumber borrowers in this country? I'm sure I've seen that in several articles, although I freely admit I'm not an expert and don't have any data.
    total uk consumer saving (May 2009) 1.28 trillion
    total uk consumer debt (June 2010) 1.457 trilliion

    www.lloydsbankinggroup.com/media/pdfs/halifax/2010/50YearsofSavingsReportFINAL.pdf
    http://news.bbc.co.uk/1/hi/business/7711689.stm
    www.creditaction.org.uk/debt-statistics.html

    dunno how those savings are distributed, but it looks like some people have got loadsamoney
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    michaels wrote: »
    An SVR currently +110bps is very nice - care to name the bank?

    I don't think they offer the product anymore, but it was through the RBS
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • bmm78
    bmm78 Posts: 423 Forumite
    JimmyTheWig wrote: »
    How would they know?

    It should more accurately read as "no known repayment vehicle"
    I work for a financial services intermediary specialising in the at-retirement market. I am not a financial adviser, and any comments represent my opinion only and should not be construed as advice or a recommendation
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Really2 wrote: »
    Doh...
    https://mortgages.hsbc.co.uk/product/188-life-time-tracker-special

    :) I thought I put it in.
    How accurate is the "How much can I borrow" calculator on that page?

    I put in our details...
    Remortgaging, 2 borrowers, 4 dependents, in London.
    First borrower age 34, income 44k, no other debts or commitments.
    Second borrower age 30, income 1k, no other debts or commitments.
    Property value 250k. Term 15 years.

    It says we can borrow £42,053. That's less than a 1x salary multiple!

    Do HSBC score having children really harshly?
    Is First Direct the same?

    [Note: Santander (:mad:) have just agreed to give us £160,000 on the same terms.]
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    I'm so glad I don't have to get involved in all this finding a mortgage malarky.


    It looks like a right minefield at the moment.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    JimmyTheWig wrote: »
    H

    Is First Direct the same?

    We use FD have one child, 3.5X was a push. (but yours sounds like a glitch)
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Really2 wrote: »
    We use FD have one child, 3.5X was a push. (but yours sounds like a glitch)
    Changing the 4 dependents to 1 dependent makes the amount I can borrow shoot up from 42k to 113k.

    Not a big deal as we're not looking to switch just yet, but I'm keeping my eyes open for when we are ready...
  • michaels
    michaels Posts: 29,543 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Was there some sort of cap on the SVR magin? It is just that most of the banks hiked the svr spread as rates fell except for those who had written in a maximum cap which was generally 200 basis points.
    IveSeenTheLight wrote: »
    I don't think they offer the product anymore, but it was through the RBS
    I think....
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