Mortgage Review

GirlRacer_2

:beer: Good afternoon all, have just dropped by from the debt-free wannabe board to pick your brains. My mortgage is due to be reviewed in October 2007, currently with the Halifax. Also have a secured loan with GE. My questions are:
When I have my mortgage review will they only review my actual mortgage or will they take into account the secured loan?
When should I start looking around for a better mortgage deal?
If I decide to go to someone other than the Halifax, what is the procedure, do solicitors etc have to be involved?

Sorry, but even though I've had a mortgage since 1990, hubby always dealt with things like this. Now I'm single it's all a bit too mind blowing for me.:rotfl:

southern_chick

hi girlracer, sorry cant help you out here but have bumped your question because i'm going to be in the same situation in March next year and would be interested to hear anyones answers on this

GirlRacer_2

Thanks Southern chick. All this mortgage stuff is WAY over my head!!!!!

KTF

I believe they take into account the loan. i.e. Income - large outgoings like loans = what you can use to pay the mortgage.

It takes around 6-8 weeks to remortgage so 2-3 months before the end date is the time to start looking.

Some providers - like Nationwide - will pay all your legal fees, searches, etc - when you move to them. Others will expect you to pay this. These details are something that a broker can advise you about.

silvercar

if your mortgage review is with the Halifax, they will only offer you Halifax products. to review your mortgage properly you need to see a whole of market mortgage advisor.

If you don't want to do that, post some details on here and see what people think. house value; mortgage amount, loan amount, income, credit rating (CCJs late mortgage payments other debts etc). also income / salary to see what lenders may consider offering you.

Mr_helpful

You are best talking to an independent Broker who doesnt charge fees. Your whole financial position should be looked at and then you should be advised if it is better to move from or stay with the Halifax. Your other credit should also be looked at. The other credit could be added to your mortgage but this could be very BAD advice as you would almost cretainly reduce your mothly outgoings and in reality your debt would cost a lot more as it likely that it would be paid for a much longer period. Also if some of the debt is unsecured you have to be wary of taking it from unsecured to secured as this ups the potential for your house to be repossesed if you get into trouble. One would need to conduct a full fact find to advise you correctly.

herbiesjp

GirlRacer wrote:

:beer: Good afternoon all, have just dropped by from the debt-free wannabe board to pick your brains. My mortgage is due to be reviewed in October 2007, currently with the Halifax. Also have a secured loan with GE. My questions are:
When I have my mortgage review will they only review my actual mortgage or will they take into account the secured loan?
When should I start looking around for a better mortgage deal?
If I decide to go to someone other than the Halifax, what is the procedure, do solicitors etc have to be involved?

Sorry, but even though I've had a mortgage since 1990, hubby always dealt with things like this. Now I'm single it's all a bit too mind blowing for me.:rotfl:

I would suggest looking as soon as possible - 3 months beforehand is a good start although you can apply for re-mortgages with offer letters that are valid for 6 months. In the current climate where rates are expected to rise again, it may be worthwhile(if you are looking at fixed rates) to see what is available quitre a bit in advance of your October deadline. With some lender you can then apply for deals with fee valuations, free legal fees and no arrangement fees (or arrangement fees that can be added to the loan). By doing this you have got yourself a fixed rate on current deals.

Nearer the time Halifax will offer you their current deals, and all other lenders will have newer deals on the market. At that point you can then compare and see whether the deal you have applied for is still the best around. Otherwise you can change. You are best advised to via a whole of market fee free adviser if you want to do this.

This way they can have a look at your whole scenario and work out what will be best for you taking into account your circumstances and the GE loan

HTH