Remortgage Due @ 5.99 % SVR SELF EMPLOYED

Alan_Neath

My mortgage is due for renewal in November, effective 1st Decemeber, and the renewal advice letter presently suggests my lender will offer a SVR @5.99 %

Remaining term of mortage is 6 years

Balance approx £ 38,000

This would make repayments approx £ 636.57 per month


I started working for myself in July 2012 and my income and ability to pay is fine, of course i make sure i always have the mortgage money !

I feel i should be able to get a much better mortgage than this offer, even though i am recently self employed

Value of my flat is approx £80,000 minimum, so my LTV ? is good being less than 50 %

Any help please ?

beecher2

Phone up your lender and ask them if there are any deals. I don't rate your chances of getting a deal elsewhere since you are recently self employed - you'll have no accounts to show them.

ACG

You will struggle to get a mortgage with a different lender, due to the lack of accounts. You might be able to get a better deal with the same lender but it depends on the lender.

kingstreet

I agree with the other two.

Remortgage elsewhere? Unlikely due to short self employment.

Customer retention product from existing lender? Yes, subject to the lender offering such products, as these are provided without further evidence of income.

Alan_Neath

Asked lender the question about deals and your right, no alternative available

Yes again your right, i only started self employment in July 2012, but lenders seem to require 2 or 3 years of accounts, which i cant do yet !

What annoys me most is that i can and will pay, but just want a fair rate to reflect the market rates.

Thanks for your reply Beecher2

Alan_Neath

Thank you Kingstreet and ACG for your comments

I get the impression, i might be stuck in a hole here !

What niggles me is that money is so cheap at the moment and paying 5.99 % interest is rather high !

Dave_Ham

If you are working self employed in a similar field, you may have a slight chance brokered to a sympathetic lender.

That said given I will take a punt that you are with Alliance & Leicester, they are incredibly unlikely to be offering any products again to existing clients you are in a tricky position.

Given the "relative" low value of your mortgage balance, to achieve a new mortgage at a lower rate is likely to require an experienced broker with decent relationships, that will inevitably apply a fee.

The fee would therefore price you out of a move as you will not save enough to make paying the fee worthwhile....

Best of luck

kingstreet

5.99% SVR sounds like Accord to me...

dimbo61

So if the mortgage is your only DEBT?
then overpay every pound you have spare every month.
You will not get a savings rate of 5.99% so OVERPAY

Alan_Neath

Thanks very much for replies from Dave Ham, dimbo61 and kingstreet ( very clever )

the replies make me feel that i am not missing any screaming obvious solution or options

Will keep looking at comments here and budget for the proposed figures i have been given

thanks