opinions please

my_definition

hi guys,

I am looking for some opinions about my mortgage. We are on a fixed fate of 4.75% which ends in march. due to various circumstances my mother is on the mortgage though she does not pay for it as our broker stopped returning our phone calls after she had supposedly arranged our mortgage.

My fianc!e and i are both students but i graduate in july and will have a years employment as a teacher, then will most likely get supply due to the job shortage. My fianc!e works part time but doesnt graduate for several years.

This means that we basically have to stay with santander as we arent able to get a mortgage on our own and my mum is eager to get of the mortgage.

My question is should we be happy with going onto their variable rate? i dont know much about mortgages but their deals dont look that great?


thanks for any advice

opinions4u

By the sounds of it, your lender will be unlikely to release Mum from the mortgage. For the same reasons, it's unlikely you will be able to remortgage elsewhere at this stage.

I think Santander's SVR is 4.24%. If you choose (or have no choice but) to go on to this, I'd suggest overpaying to try and chip away at the debt. But you should establish what other rates, fixed or variable, Santander are prepared to offer you. It may be that a fixed rate is appropriate for your circusmstances if available - assuming the price is right.

my_definition

opinions4u wrote: »

By the sounds of it, your lender will be unlikely to release Mum from the mortgage. For the same reasons, it's unlikely you will be able to remortgage elsewhere at this stage.

I think Santander's SVR is 4.24%. If you choose (or have no choice but) to go on to this, I'd suggest overpaying to try and chip away at the debt. But you should establish what other rates, fixed or variable, Santander are prepared to offer you. It may be that a fixed rate is appropriate for your circusmstances if available - assuming the price is right.

thanks thats pretty much what we were thinking. There is debate as weve got a relatively small mortgage (about 32,000) whether we could get a mortgage on our own. My salary for the year would be 21,000 and oh's is £5000. We spoke to someone in santander last week as we though the fixed rate ended in january and she said we might just make it.

We are intending on overpaying a lot this year after being on such a small income it will be easy to just put in into overpayments over wasting it. Weve already overpaid about 5% which we were quite pleased with.

thanks for the advice

getmore4less

We are on a fixed fate of 4.75% which ends in march. due to various circumstances my mother is on the mortgage though she does not pay for it as our broker stopped returning our phone calls after she had supposedly arranged our mortgage.

What is the relevence of this?

my_definition

getmore4less wrote: »

We are on a fixed fate of 4.75% which ends in march. due to various circumstances my mother is on the mortgage though she does not pay for it as our broker stopped returning our phone calls after she had supposedly arranged our mortgage.

What is the relevence of this?

i thought someone may ask it is relevant to why our mortgage is the way it is. If my mother wasnt on it i would be able to get nother deal - how is you comment helpful? I was asking for help about my mortgage

hcb42

for clarification I guess, I was totally confused by that statement too..!

dimbo61

Looks like you are stuck with your current lender and for security if you can get a 3/5 year fix which allows 10% overpayments I would grab it until your OH gets a job or you have some security in your new career.
For now overpay whatever you can afford

beecher2

my_definition wrote: »

i thought someone may ask it is relevant to why our mortgage is the way it is. If my mother wasnt on it i would be able to get nother deal - how is you comment helpful? I was asking for help about my mortgage

getmoreforless is simply asking for clarification as you seem to be saying your mum hasn't paid because of something the broker did. Your mum might be eager to get out of the mortgage, but it doesn't look like an option until one of you has been in work for a while. You need to overpay everything you can afford - go onto Debt Free Wannabee for help with budgeting .