First Time Remortgage Advice? (with a little rant)

kingstreet

The monthly cost for 25 years is £413.30. You mention 23 years and 25 years, so I've added this so you can see both.

Gareth83

thanks for your help. Are ING direct pretty easy to set up or are they likely to advertise well but decline on application?

What value did you use for the house? I will apply and when ask for value I will put £120k, I don't mind if they downvalue it but does that offer give me much room for movement say they dropped the value to £100k?

ING direct don't seem to list on moneysupermarket? On their own website, they wont quote me when I enter I have a dependant (who does not live with me mind?)

kingstreet

I used £83k on £115k.

Not another "dependent" issue. The other day someone else tried them and his borrowing power dropped by £80,000 when he put two children in the calculator.

I'll have a look for something else in a little while.

Gareth83

would I need to put down my dependant seen as he doesn't live with me mind?

kingstreet

Halifax is next on the list. Fee-free again 3.79% until 8/2013. Cost is £428 per month for 25 years. Redemption fee at the end when you repay it though - £245.

Only Woolwich deal coming up is 4.19% with no fees, but that has a final repayment fee of £275.

Not disclosing dependent? Do you pay maintenance for him? I reckon you either disclose the dependent or disclose the maintenance.

Gareth83

what about if the value was lower and I could only get an 80 or 85% LTV?

I may just apply for ING direct, I was supposed to meet my local broker on Wednesday but you've pretty much summed up the better deals anyway I guess so pointless paying him his £99 fee

Gorgeous_George

Suppose a company want 100 customers and need to make 5% overall. They could simply aim to make 5% from all 100 customers but what if they have 90 customers and cannot attract the final 10? One option is to charge 5.2% to their current customers to enable them to attract new customers with rates of 3.2%. They make the same in the end.

Existing customers probably think it isn't worth the hassle of switching whie new customers flock towards the headline 3.2% rate. If some existing customers leave the company needs to attract more new ones so maybe the sticky customers will pay 5.3% and new customers can be offered an even better deal to suck them in.

GG

Gareth83

kingstreet wrote: »

Halifax is next on the list. Fee-free again 3.79% until 8/2013. Cost is £428 per month for 25 years. Redemption fee at the end when you repay it though - £245.

Only Woolwich deal coming up is 4.19% with no fees, but that has a final repayment fee of £275.

Not disclosing dependent? Do you pay maintenance for him? I reckon you either disclose the dependent or disclose the maintenance.

On Halifax website I can only find a 3.94% deal, is that the one?

Having been on ING's website it doesn't seem I'd be able to get the required mortgage amount.

The Woolwich 4.19% looks good but if I fall short of the 75% LTV then I may not be able to get any product.

Any other recommendations?

Thanks

kingstreet

Gareth83 wrote: »

On Halifax website I can only find a 3.94% deal, is that the one?

Having been on ING's website it doesn't seem I'd be able to get the required mortgage amount.

The Woolwich 4.19% looks good but if I fall short of the 75% LTV then I may not be able to get any product.

Any other recommendations?

Thanks

Halifax products changed yesterday. FRV554 is the product code for the two year fix at 3.79% upto 75% LTV. You can tell it's a new one because the end dates have just changed to 31/08/13.

As mentioned, the ING calculator seems to treat people with kids very harshly.