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Mortgage advice please
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loopyloulou_3
Posts: 1,269 Forumite
me and OH have an interest only mortgage with Bank of Scotland at the mo. We have had it for over three and a half years.
it is for £165,000 and we have had it as interest only variable over 25 years and we pay about £840 ish (I cant remember the exact figure) a month
with the interest rises etc i am thinking of changing it so that i know what i am paying each month.
My OH's credit rating is less than favourable to say the very least (and he is self employed) so I am reluctant to change mortgage company as I dont think we would be accepted. I am not sure what to do. I think we need to go down the road of fixed interest only.
Would Bank of Scotland check our credit score if we changed mortgages, but stayed with them?
I dont know what to do as I am SO worried about the int rates keep rising and eventually I will not be able to afford the mortgage we have.
Help!
it is for £165,000 and we have had it as interest only variable over 25 years and we pay about £840 ish (I cant remember the exact figure) a month
with the interest rises etc i am thinking of changing it so that i know what i am paying each month.
My OH's credit rating is less than favourable to say the very least (and he is self employed) so I am reluctant to change mortgage company as I dont think we would be accepted. I am not sure what to do. I think we need to go down the road of fixed interest only.
Would Bank of Scotland check our credit score if we changed mortgages, but stayed with them?
I dont know what to do as I am SO worried about the int rates keep rising and eventually I will not be able to afford the mortgage we have.
Help!
0
Comments
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anyone able to help please?
im getting worried now and OH is worried about entering into another period where we would have a massive redemption fee if we decide to sell in the next couple of years.0 -
You should be able to ask BoS for a new fixed arte deal, and as long as no extra borrowing is requested they should not run a credit score.
HTHI am a Mortgage AdviserYou 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 -
would i then be tied in for years with a high redemption figure?0
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you would be tied in for the term of the fixed rate - so 2 year 5 years etc. You choose.
Going for a fixed rate is the only way of knowing each month what the mortgage amount will be with any certainty.I am a Mortgage AdviserYou 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 -
i do really want to know what i will be paying each month.
will the redemption figure be less if i get a longer term, we had a 3 year min term last time and for year 1 the redemption was over £5k!
my OH will have heart failure if i tell him that it will be that high!0 -
also will the payments be less on a fixed term int only than on a variable int only?0
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