Lois_E begins a long MFW journey

Lois_E

Errr ... you can ask, but I don't know much beyond being able to do some maths. What do you want to know?

Calfuray

Don't worry Lois, just looking for general advice.

3.79 for 3 years with £100 cashback, or 3.94 for 4 years. Both no fees. Have run it through calculator, and mortgage one would be £200 better off, but then it's the security of 4 years?

In three years time I will have been out of university for one year, and hopefully have much more income coming in! We have emergency fund to cover us for 8+ months expenditure.

Which do you think would be better?

nattypants

Thank you Lois, I've been drooping in random questions (in between my usual ramblings/drivel) in my own thread, however I hope you don't mind my taking a more coherent approach in your diary

I am due to remortgage as current product expires towards the end of November, and I think from late August I should make the application.

I am currently with N@twest and have 62% LTV. I also have (for the first time) unsecured debt on a CC which will be paid off by February, however realistically will be sitting between 1 - 1.5K by the time I remortgage.
I have been looking online at various deals, however I am confused as to whether it's worthwhile paying a fee for a slightly better rate, and if I switch having to also pay for property valuation.

Also, will the unsecured debt affect my application (particularly for new provider)?

I don't know if you'll be able to help Lois, however I suppose I just need someone to say 'check out this deal, it's really good' !!!

Thank you for reading X

nattypants

Cal has answered on my diary!!! Thank you Cal:T

Lois - if you have any thoughts to add, this would be appreciated

Lois_E

Calfuray wrote: »

3.79 for 3 years with £100 cashback, or 3.94 for 4 years. Both no fees. Have run it through calculator, and mortgage one would be £200 better off, but then it's the security of 4 years?

In three years time I will have been out of university for one year, and hopefully have much more income coming in! We have emergency fund to cover us for 8+ months expenditure.

Which do you think would be better?

Well, the big question is what interest rates are going to do in the future, and sadly I haven't yet managed to write an excel macro that will tell us that - I've been working on one to make mortgage balances go to 0 as per gally's request.

What is boils down to, is how much will you save by having a lower rate for that fourth year - will it be more than £200? And what will rates be doing during that fourth year? If they are on the rise during that time, then it might be better to be remortgaging after 3 years rather than 4. And to what extent will the change in your finances coming out of university make you more able to pay more later so that £200 now is worth more than £200 in 3 years' time? All I can say is that if you find anybody who thinks they know for sure what the economy is going to do, or what rates are going to do, or when they're going to do it, then they're probably wrong. Sorry I can't be more helpful.

nattypants wrote: »

Thank you Lois, I've been drooping in random questions (in between my usual ramblings/drivel) in my own thread, however I hope you don't mind my taking a more coherent approach in your diary

I am due to remortgage as current product expires towards the end of November, and I think from late August I should make the application.

I am currently with N@twest and have 62% LTV. I also have (for the first time) unsecured debt on a CC which will be paid off by February, however realistically will be sitting between 1 - 1.5K by the time I remortgage.
I have been looking online at various deals, however I am confused as to whether it's worthwhile paying a fee for a slightly better rate, and if I switch having to also pay for property valuation.

Also, will the unsecured debt affect my application (particularly for new provider)?

I don't know if you'll be able to help Lois, however I suppose I just need someone to say 'check out this deal, it's really good' !!!

Thank you for reading X

No idea, I'm afraid. All I can suggest is that you get as much info from individual providers as you can - they'll all give different answers so there's no point guessing - and then bung it all into a spreadsheet and see what looks best. If you want any help with making the spreadsheeet work, then I'm your woman, but your best bet for getting somebody to recommend you a great deal is to post a question on the main "mortgages and endowments" board - have you tried asking there?

nattypants

Thank you Lois, I will collate the researched figures and undertake due diligence

Hope you're enjoying your holiday!

Lois_E

nattypants wrote: »

Thank you Lois, I will collate the researched figures and undertake due diligence

Hope you're enjoying your holiday!

Yes, thanks. All the more so because the sun is shining.

Hello and thanks to natty, skinty, TYO, Radish, Cath, fothers, Ed, Peonie, gally, US and Cal for posting. :wave:

Thanks also to everyone who's been thanking - always encouraging to know my witterings are being read. :wave:

Calfuray

Thanks Lois, that was very helpful and gives me more to think about, certainly!

Sorry to bug you while on holibobs x

Lois_E

Calfuray wrote: »

Thanks Lois, that was very helpful and gives me more to think about, certainly!

Sorry to bug you while on holibobs x

You are not bugging me, and the whole point of not having to go to work is to have more time to spend nattering with my friends, including my MFW cyberfriends.

Calfuray

Lois_E wrote: »

You are not bugging me, and the whole point of not having to go to work is to have more time to spend nattering with my friends, including my MFW cyberfriends.

Good then You've done your good deed for the day now, so I say cup of tea and a book (well a book for me, maybe a spreadsheet for you?)