Mortgages Everywhere - But Which One ?

PilchardTheCat_2

We pride ourselves on being top of the class when it comes to money saving but when looking around for the best mortgage we are snowed under ! Can anyone help point us the right way ? Basically I am 18 months into being self employed so have less than usual accounts BUT have over 50% deposit to put down. We are looking for a mortgage which will not offer any penalties for overpaying UNLIMITED amounts each month - is there such a thing ? 10% is no good - we need the flexibility to be able to pay off more - HELP - we are boing crazy !!!

herbiesjp

what mortgage amount are you looking for ?

What is your income/net profit? HAve you done a set of accounts for the first year?

PilchardTheCat_2

We posted a £72,000 net profit. Partner also brings in £18,000 - looking for a 26 year term - fixed rate poss but MUST allow big overpayments

PilchardTheCat_2

looking to borrow £350,000 on a £700,000 property

herbiesjp

On that basis there may well be a few lenders that could do this for you, as long as you have the first years set of accounts.

Most lenders will want 2 or 3 years accounts but some are more flexible and will look at the scneario based on your current situation

In terms of schemes that offer unlimited overpayments there should be plenty to choose from - what you want offset as well, as looking at your net profit, you may have funds you might want to offset against your mortgage balance aswell

HTH

SPARKLYBLUE_2

Hi just spotted this link, I am looking to remortgage, I have two mortgages running now side by side with Skipton, not sure if I can now consolidate these, I have approx £57000 outstanding and my property is worth £130.000 I have 18 years to go, it is costing me £437.00 a month could I get anything cheaper than this? would be interested in any advice, or should I ask the Skipton to remortgage?

herbiesjp

SPARKLYBLUE wrote:

Hi just spotted this link, I am looking to remortgage, I have two mortgages running now side by side with Skipton, not sure if I can now consolidate these, I have approx £57000 outstanding and my property is worth £130.000 I have 18 years to go, it is costing me £437.00 a month could I get anything cheaper than this? would be interested in any advice, or should I ask the Skipton to remortgage?

Hi Sparkly

I think you should start your own thread otherwise your post or the OPs post might get confused. See what Skipton can offer, but there are deals that coul dsave you money out there. Where you looking to fix the rate? DOn't forget to ask Skipton how much it would cost to leave them

HTH

UK007BullDog

Pilchard,

You should see a broker as the amount you are borrowing is coming quite close to the magic barrier of £500,000.

Have you got a chartered accountant? For large loans like that they prefer that to a self cert. Also with a chartered Accountants certificate you might be able to go full status and not self cert, giving you better rates.

If you go for a SVR you should have no problems overpaying but you might also look at Offset mortgages if you have large chunks to overpay that might be more suitable for you. That way you can overpay your mortgage and at the same time if you ever need the cash for the business you can pull it out again without much hassle.

SPARKLYBLUE_2

Thanks for that, I will ring Skipton, think I would be best with a fixed rate and no set up fee if poss.

PilchardTheCat_2

Many thanks for this. Alliance & Leic seem to have a couple of good deals going and I business bank with Abbey so they have been quite competitive too. We have thus far done all our own accounts but have managed to get these initial offers on this basis so may be okay. Am seeing to advisors this week. If you have any good brokers to point me towards do let me know,
all the best. You say the magic 500,000... what happens over this point ?!?

PilchardTheCat_2

Many thanks for this. Alliance & Leic seem to have a couple of good deals going and I business bank with Abbey so they have been quite competitive too. We have thus far done all our own accounts but have managed to get these initial offers on this basis so may be okay. Am seeing to advisors this week. If you have any good brokers to point me towards do let me know,
all the best. You say the magic 500,000... what happens over this point ?!?