We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How Can We Take Advantage of This?
Options
Julie67
Posts: 2,362 Forumite
Hi All,
Just wondered if anyone had any advice.
Our mortgage company have offered us a £26,400 discount if we pay our mortgage off by the end of August. Now we don't have the money sitting around but we are trying to sell at the moment with some interest but stuck in a chain that's not moving.
We've thought about remortgaging but not got a great credit history (although no mortgage arears) I'm on a temporary contract and OH is self employed, although we do have about 22% equity.
Any ideas, are we missing a trick?
Just wondered if anyone had any advice.
Our mortgage company have offered us a £26,400 discount if we pay our mortgage off by the end of August. Now we don't have the money sitting around but we are trying to sell at the moment with some interest but stuck in a chain that's not moving.
We've thought about remortgaging but not got a great credit history (although no mortgage arears) I'm on a temporary contract and OH is self employed, although we do have about 22% equity.
Any ideas, are we missing a trick?
Started Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.
Working hard to get rid of our debt.
0
Comments
-
You will struggle to remortgage if your on the market and under offer.
Is the lender a sub primer looking to get some funds back?0 -
Are you moving into a new property with a mortgage?
You could offer an incentive to parts of the chain, or see if they will give you another month with the offer...
Who is the lender...?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Was is Beacon or Oakwood home loans who used to do this?
The level of adverse may be irrelevant on a remo, but as dave says, if you are purchasing, who are you using for the move or are you going into rented?0 -
Hi yes the lender is a sub primer, Mortgages plc. We haven't accepted an offer yet as one of the chain has lost there buyer. We would be going into rentedStarted Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
Is 22% LTV now, or with their offer deducted from your current balance?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
We have already managed to get them to extend. If we did remortgage we would probably rent it out. It just seems such a shame to miss out on thisStarted Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
with the offer deductedStarted Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
You are unlikely to get a buy to let on this basis and that of your credit files.
So, how bad is your credit history; defaults, CCJ's, late payments?
Tell us a little more about your income breakdown?
I agree, at least worth you exploring the opportunities given the amount involved...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
To be honest I'm not sure, no CCJ's or defaults but we have a payment plan in place with a credit card and a managed loan with an old bank account. All of which I would pay off if we could sell.Started Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
Was the agreement in joint or single names?
Does it show on your Experian and Equifax report as an agreement and/or default?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards