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Re-mortgage query
suzb74
Posts: 12 Forumite
Hi there, wondered if I can get some advice!
I currently have a mortgage with Natwest though when I moved last October, I ported my current mortgage across (which was 50% interest-only basis and 50% capital) but had to take out an additional amount on my mortgage of circa £40k so therefore changed the entire amount to interest-only at £751 p/month.
The promotional rate on the first part of the mortgage ends on the 01/07 so therefore my monthly payment will raise to £944 p/month from 06/07 however I will no longer be tied into any repayment charges after this date.
On the new part of the mortgage, I will be charged £801.95 plus £225 if I leave the mortgage before 31/08/07, or £400.97 + £225 if I leave the mortgage before 31/08/08.
I therefore would like to move my mortgage this summer to a new company but do you think this is worth my while? I need the mortgage on my own, property purchase price 6-months ago was £189k and I'm on approx. £32k p/a.
Many thanks in advance for any advice!!
I currently have a mortgage with Natwest though when I moved last October, I ported my current mortgage across (which was 50% interest-only basis and 50% capital) but had to take out an additional amount on my mortgage of circa £40k so therefore changed the entire amount to interest-only at £751 p/month.
The promotional rate on the first part of the mortgage ends on the 01/07 so therefore my monthly payment will raise to £944 p/month from 06/07 however I will no longer be tied into any repayment charges after this date.
On the new part of the mortgage, I will be charged £801.95 plus £225 if I leave the mortgage before 31/08/07, or £400.97 + £225 if I leave the mortgage before 31/08/08.
I therefore would like to move my mortgage this summer to a new company but do you think this is worth my while? I need the mortgage on my own, property purchase price 6-months ago was £189k and I'm on approx. £32k p/a.
Many thanks in advance for any advice!!
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Comments
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How much is the total sum of the two parts of the mortgage?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
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Sorry, knew I would get some detail! It was £170k 6-months ago.
Many thanks
Suz0 -
SO you need to re-mortgage £170k against a property worth £189k based on an income of £32k
You will also need to pay the penalty fees to clear the top up that you took out (did you ask for advice about the top up when you took it out?)
What deals have Nat West offered you?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 -
Yes I sat down with one of their advisors at the time and thought it was my only option otherwise the penalty to come out of the mortgage at the time would have been circa £2K!
Natwest have said to call them back a month before my promo rate ends to see what they can offer me but I am relectant to stay with them to be honest and need the mortgage just on my own (my dad is currently named but will now be 60 next birthday).
Thanks.0 -
Did they not suggest taking out a deal with no penalties for the top up?
I know the horse has bolted, but just curiousI 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 -
No not at all! To be honest was not at all impressed with their service especially with the mortgage advisor but hindsight and all that!0
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Ok so transfer of equity needed also.
Well it may be possible, as always it will depend on your individual circumstances.
I would suggest having a word with a whole of market fee free adviser, as you will really need to look at your affordability here. YOu will be taking on a lot of mortgage commitment in your sole name
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
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