MSE News: Mortgage rates down... but top deals hard to get

Former_MSE_Helen

"Home loan rates have fallen, but the top deals are still only available to borrowers with a sizeable deposit ..."

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Mortgage rates down... but top deals hard to get

Anti-Ripoff

Be very careful before you sign up for any of these discounted mortgage deals regardless of provider if you are lucky enough to find one, we should have all learnt the lesson by now, in the world of finance the only winners are the fat cats!

Did you know that Santander have just raised their svr by 0.5%, in other words someone with a £50,000 mortgage will be hit an additional £21 per month, in truth this is to offset the cost of their 123 account, how long before that bubble bursts? :think:

2jobs

This all drives me mad. :mad:I have quite a lot of equity in my property but because I am in arrears I can't change to a better deal! I have been paying them off for the last year. BUt there is still quite a way to go. Surely it would help me to pay back some of the arrears if my mortgage wasn't so high! I know it is all a risk factor for the banks but to me it's more like a punishment.
2J

harvey115

2jobs wrote: »

This all drives me mad. :mad:I have quite a lot of equity in my property but because I am in arrears I can't change to a better deal! I have been paying them off for the last year. BUt there is still quite a way to go. Surely it would help me to pay back some of the arrears if my mortgage wasn't so high! I know it is all a risk factor for the banks but to me it's more like a punishment.
2J

Its money making by trapping people into not being able to remortgage to a better deal.

To be honest it is due to us complaining. The FSA has put down the rules a bit tighter thus the lenders have to comply and make the customers suffer. We asked for this ourselves...

2jobs

I understand another bank not wanting to give me a new mortgage - but what is frustrating is that the bank I am with( which has just put up it's SVR) won't let me change from the SVR because I have arrears.

gaz141

2jobs wrote: »

I understand another bank not wanting to give me a new mortgage - but what is frustrating is that the bank I am with( which has just put up it's SVR) won't let me change from the SVR because I have arrears.

I don't get this at all
You have a lot of equity in your property?
You chose the mortgage deal that has allowed you that equity?
You have fallen into arrears?
You are complaining that you could pay back your arrears more quickly if the mortgage you signed up for which has given you a lot of equity wasn't so high?
What is it you are looking for? A nice payment break so you can keep on increasing your equity?
Seriously?
As much as I despise banks, I am enough of a realist to know that no bank is ever going to take your interests over their bottom line.
If you have such equity in your property, sell up, pay your debts and move on

2jobs

gaz141 wrote: »

I don't get this at all
You have a lot of equity in your property?
You chose the mortgage deal that has allowed you that equity?
You have fallen into arrears?
You are complaining that you could pay back your arrears more quickly if the mortgage you signed up for which has given you a lot of equity wasn't so high?
What is it you are looking for? A nice payment break so you can keep on increasing your equity?
Seriously?
As much as I despise banks, I am enough of a realist to know that no bank is ever going to take your interests over their bottom line.
If you have such equity in your property, sell up, pay your debts and move on

When I took out the mortgage 6 years ago we were in a financially secure position. The mortgage was a fixed rate. By the time the fixed rate finished my husband had been made redundant and is now earning a fraction of what he earnt before. I am also working 2 jobs quite often 7 days a week. I am not asking for 'a nice break' I am just saying that due to circumstances out of our control we ended up in arrears and are now paying them off a best we can. Some months we barely have money to get food for the kids.
I am not asking for sympathy - lots of people are worse of f than us. I am just saying that we have been paying the mortgage and something towards the arrears for the last 12 months but they won't let us change to a better deal. We are a risk I realise that but we do have equity in the house.

I don't understand your very rude comment of "You chose the mortgage deal that has allowed you that equity?" how does choosing a mortgage 'allow' equity'???

How has the mortgage 'given me a lot of equity' . The equity was gained from paying off the mortgage over the years so creating it myself!!

How can a 'nice mortgage break' increase the equity -prices aren't going up my much.

Selling up is not an option. renting would cost more than my current mortgage so any equity would very quickly be eaten up by that and then I would be asking for benefits to house me and the children

Things must be so simple in your world:T