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Woolwich Mortgage
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Graham29
Posts: 122 Forumite
Hi,
I'm currently on a fixed 2 year deal with the Woolwich which ends in August 2011. I'm already thinking about what I will do when the deal ends. I've had a quick play with comparision web-sites and The Woolwich is always listed as the top 10 best mortgages for me, all with better rates than I currently have.
I wondered if The Woolwich would transfer me to a better rate before my fixed deal ends? I am concerned that interest rates will raise before my deal ends and would like to get a fixed rate for possibly 5 years. It isn't made clear in the paperwork, and says they may charge a fee for changing mortgages.
I used a mortgage broker last time and was unhappy with the service. Through errors he made I had to pay for an extra valuation from The Woolwich which cost me £110.00, plus I had to pay his fee which was £250.00.
If I can't change mortgages until my current one ends, how easy is it to arrange your own re-mortgage? My home is worth approx £100,000 and my current mortgage is for around £60,000, I have no bad credit and have never been turned down before.
Sorry for all the questions, just trying to get my head around a few things!
Thanks for any advice
Graham
I'm currently on a fixed 2 year deal with the Woolwich which ends in August 2011. I'm already thinking about what I will do when the deal ends. I've had a quick play with comparision web-sites and The Woolwich is always listed as the top 10 best mortgages for me, all with better rates than I currently have.
I wondered if The Woolwich would transfer me to a better rate before my fixed deal ends? I am concerned that interest rates will raise before my deal ends and would like to get a fixed rate for possibly 5 years. It isn't made clear in the paperwork, and says they may charge a fee for changing mortgages.
I used a mortgage broker last time and was unhappy with the service. Through errors he made I had to pay for an extra valuation from The Woolwich which cost me £110.00, plus I had to pay his fee which was £250.00.
If I can't change mortgages until my current one ends, how easy is it to arrange your own re-mortgage? My home is worth approx £100,000 and my current mortgage is for around £60,000, I have no bad credit and have never been turned down before.
Sorry for all the questions, just trying to get my head around a few things!
Thanks for any advice
Graham
0
Comments
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Most mortgage providers will give you a deal which is acceptable for 6 months, e.g you could ask for an offer in writing today, which if it came through on the 1/3/2011 would be acceptable for 6 months I believe - e.g. until 1 Sept 2011.
I believe that's the case, but as usual, if it's wrong, someone will be quick to correct any inaccuracies hereFeb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
You will have no chance of changing deal with Woolwich and avoiding the penalty, why would they?
If your previous broker made errors that cost you £110 fee, then they should have paid it, you should have complained.
As original....... says lenders will have between 3-6 months on an offer, so you could get a deal now, lined up for 1/9, if Woolwich come up with something better (unlikely) you could drop it and stay with them.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will have no chance of changing deal with Woolwich and avoiding the penalty, why would they?
If your previous broker made errors that cost you £110 fee, then they should have paid it, you should have complained.
As original....... says lenders will have between 3-6 months on an offer, so you could get a deal now, lined up for 1/9, if Woolwich come up with something better (unlikely) you could drop it and stay with them.
I thought I read something on here about somebody getting a new deal with Yorkshire Building Society and not having to pay the fees as they were still with the same company. Wasn't sure if this was special one off, all other mortgage providers do this. It does say in my paperwork fees may apply if you change mortgage offers, but to give them a call, will do this tomorrow as they aren't open today.
I was going through a painful divorce at the time and should have complained, but it was more hassle than I could deal with. If it happened now I most certainly would complain, it has put me off using a mortgage broker again, he was next to useless and I was always chasing him.0 -
A lot of lenders will allow you to change from tracker to fixed, but not normally fixed to fixed.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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