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Some advice...

I pretty much know were stuck but my wife is of the opnion there is no harm in asking our bank....

We have a mortgage at nram.
Little equity, 10% just about, mortgage requirement will be just about 3x single income.
Bad credit, but a squeaky clean mortgage history.

Therefore little to no chance of a remortage with anyone.

But... are our own bank knowing our circumstances and mortgage history anymore likely to lend to us?

I would think not! But more than one person has suggested we ask them now.

sooo.. what do you reckon, would it be an epic FAIL?
I am a Numpty
You should note that this site doesn't check my status as a Numpty, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as good advice.
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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What do you hope to achieve by remortgaging?
  • drrat
    drrat Posts: 258 Forumite
    nram SVR rates are extortionate, which I will be on soon, so either fix again with another company or another comapnies SVR, either is better than staying put.
    I am a Numpty
    You should note that this site doesn't check my status as a Numpty, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as good advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    drrat wrote: »
    nram SVR rates are extortionate, which I will be on soon, so either fix again with another company or another comapnies SVR, either is better than staying put.

    NRAM's SVR isn't far off the market average and after 7 years a mortgage holder drops a further .25%.

    Is your mortgage interest only?
  • drrat
    drrat Posts: 258 Forumite
    nrams svr is far enough away to make moving worthwhile, not sure what the market average is, but halifax for example is 3.5%

    Yes interst only at present, though I will be holding my mortgage payment steady on switch over to svr and overpaying, and steadily ramping up my over payment as my disposable income increases.
    I am a Numpty
    You should note that this site doesn't check my status as a Numpty, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as good advice.
  • sismith42
    sismith42 Posts: 102 Forumite
    While you might not be able to remortgage, you might be able to switch to a better deal within NRAM.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    drrat wrote: »

    Yes interst only at present, though I will be holding my mortgage payment steady on switch over to svr and overpaying, and steadily ramping up my over payment as my disposable income increases.

    How are you anticipating your disposable income will increase over the next few years?
    Most peoples disposable income is likely to be on the way down in the future.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    How are you anticipating your disposable income will increase over the next few years?
    Most peoples disposable income is likely to be on the way down in the future.

    It's not difficult to come up with reasons why someone's disposable income might increase (partner returns to work, children leave home, other debts are paid off etc).
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    ViolaLass wrote: »
    It's not difficult to come up with reasons why someone's disposable income might increase (partner returns to work, children leave home, other debts are paid off etc).

    That's why I was asking. :)
  • blueberrypie
    blueberrypie Posts: 2,400 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    drrat wrote: »
    nrams svr is far enough away to make moving worthwhile, not sure what the market average is, but halifax for example is 3.5%.

    You're not comparing like with like. You can't go straight onto Halifax's SVR (or anyone else's). Assuming your LTV is actually between 85% and 90%, the cheapest rate you'll get with Halifax now is 6.14% for a three-year fix and that has a product fee of £995. If your LTV is over 90%, you'd find it difficult to remortgage at all, never mind onto a lower rate than NRAM's SVR, even with a good credit record.
  • drrat
    drrat Posts: 258 Forumite
    Hmm you can't go straight on an SVR? never knew that. You learn something everything day.

    Well i'd prefer to fix anyway I suppose, rather than be at the mercy of boe rates. Although while the prsopect of 10% rates do scare me, its won't be a deal breaker and we we would cope, so maybe gamble and stay on SVR at nram.

    And with regard disposable income, all of the below apply in the near future!!

    ViolaLass wrote: »
    It's not difficult to come up with reasons why someone's disposable income might increase (partner returns to work, children leave home, other debts are paid off etc).
    I am a Numpty
    You should note that this site doesn't check my status as a Numpty, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as good advice.
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