HELP !!!! **Re-mortgage**

Claudia001

I have had my mortgage with Barclays for 10 years. I have 15 years left on my mortgage. I had an endownment mortgage which I changed 2 1/2 years ago to a repayment mortgage.

I only have £47,000 left to pay on mortgage, and I have been shopping around for a new mortgage, as Barclays is offering me a fixed rate for 2 or 5 years at 5.8% which I find quite steep. My property has increased approx.£200,000 since I purchased it 7 years ago.

All of the companies I have contacted, as well as going through a mortgage broker, have come up with the same thing. I was personally told on more than one occassion, that I am not a viable :mad: client, as I do not owe enough money on my property! Other companies are willing to give me a mortgage, but will have to pay a huge fee to do so, which is not helpful for me as I have do not have to pay a vast amount of money every month on the mortgage. Understandable in one way, but I still need a mortgage.

Does anyone know of any companies that are prepared to give people a mortgage for under £50,000? I have been on a variable rate since my mortgage ran out in September, but with the interest rate increases, I am getting a tad worried.

Many thanks

DavB93

I'm surprised you are having a problem, my parents have around 5 years left on there mortgage and have been re-mortgaging every 2 years for a better rate and owe alot less than £47,000 and don't have any trouble and are getting good rates.
They use a broker in our area (Newcastle). Hope this helps.

herbiesjp

Claudia001 wrote:

I have had my mortgage with Barclays for 10 years. I have 15 years left on my mortgage. I had an endownment mortgage which I changed 2 1/2 years ago to a repayment mortgage.

I only have £47,000 left to pay on mortgage, and I have been shopping around for a new mortgage, as Barclays is offering me a fixed rate for 2 or 5 years at 5.8% which I find quite steep. My property has increased approx.£200,000 since I purchased it 7 years ago.

All of the companies I have contacted, as well as going through a mortgage broker, have come up with the same thing. I was personally told on more than one occassion, that I am not a viable :mad: client, as I do not owe enough money on my property! Other companies are willing to give me a mortgage, but will have to pay a huge fee to do so, which is not helpful for me as I have do not have to pay a vast amount of money every month on the mortgage. Understandable in one way, but I still need a mortgage.

Does anyone know of any companies that are prepared to give people a mortgage for under £50,000? I have been on a variable rate since my mortgage ran out in September, but with the interest rate increases, I am getting a tad worried.

Many thanks

You will be able to find better deals - what is the fee to go onto the Barclays deal? What is the fee to leave Barclays?

Even taking fees into account i still think you should be able to find a deal that will save you money

Have you spoken to whole of market mortgage advisers?

dwight-van-man

Most lenders would be able to help you at that level - you are probably 'not a viable client' in the sense that there is not much profit (to a broker anyway) in a 47k remortgage, especially if all you need is the mortgage. A broker colleague of mine will not deal with any client looking to borrow less than
120k. Keep shopping round brokers - you'll find plenty who will be able to help you and appreciate the business.

Claudia001

herbiesjp wrote:

You will be able to find better deals - what is the fee to go onto the Barclays deal? What is the fee to leave Barclays?

Even taking fees into account i still think you should be able to find a deal that will save you money

Have you spoken to whole of market mortgage advisers?

I have spoken to a wide range of brokers, along with trying to find a mortgage on the internet.

There is no fee to change my mortgage with the Barclays deal, they are now offering me 5.6% for 2 years fixed with no change over fee.

Thanks for taking the time to reply.

MortgageMamma

Realistically most of the brokers are not prioritising your busienss as the mortgage is such a low amount, that unless they charge you a fee they will make no money - just on average 164.50 for your mortgage case - perhaps for 10 hours work. I think this is whats happening. If ou only have 15 years and 47k left why dont you consider a long term fixed to save you remortgaging and incurring fee's every two years, there are some very competitive long term deals around these days, and so long as you are not planning to move/the mortgage is portable and flexible there is nothing to worry about if you get a good deal and fix over the long term

grade15

how about woolwich and barclays..10 yr fixed at 4.98%..with 80%LTV..which you have..i think fee is £599... hope this helps :dance:

herbiesjp

Claudia001 wrote:

I have spoken to a wide range of brokers, along with trying to find a mortgage on the internet.

There is no fee to change my mortgage with the Barclays deal, they are now offering me 5.6% for 2 years fixed with no change over fee.

Thanks for taking the time to reply.

Still potenatially better deals out there.

I would always look after my clienst whetehr they had a £20k mortgage or a £2m mortgage. At the end of the day, it is all about relationships, and it looks like you do not have a good relationship with any brokers

Not saying the Barclays deal is bad - as i know nothing about your circumstancesm but you may be able to find a better deal - this will also depend on your requirements from the mortgage

HTH

MortgageMamma

Didnt scarborough building society launch some long term fixes this week herbs?

Dr.Lou

Have just remortgaged with Brittania for a mortgage value of under £35K. They are offering a few no-fees remortgage deals at the moment.

MortgageMamma

look at all these peopole trying to help now, this is really nice