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Mortgage Advice
GrizzlyAdams_2
Posts: 201 Forumite
I own my house outright. No mortgage. Paid it off few years ago. I need some cash. About 30,000 pounds. I was thinking that the cheapest way to get finance would be to mortgage my home. I would be looking to pay back the complete amount within 3 - 4 years. My income is low. I am self-employed on about 9,000 a year. We do OK due to tax credits.
Any advice?
PS which is a good comparison site for mortgages?
Any advice?
PS which is a good comparison site for mortgages?
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Comments
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No problems here.
Look for a fee free remortgage with say the Woolwich, who do a Switch & Save scheme.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Is there a comparison site where I can compare such deals?0
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I couldn't find anything called 'Switch and Save' on the Woolwich site. Maybe they stopped doin git.0
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I wouldnt just take the example Joe gave you. There are many lenders that may be suitable for you and be able to offer you a good deal.
If you go and see a mortgage broker they will be able to fully assess your needs and take into consideration your circumstances and find you the best deal.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 -
Without being too specific there are two or three of the smaller mutualist organistions in the country, that offer a similar but vastly superior product to the Woolwich.If you owe a bank £25,000 you got problems.
If you owe a bank £500,000 they got problems.
Go for it.................0 -
Hello, to get the best remortgage rates, you need the services of a whole of market mortgage broker to narrow down the most suitable product for you.
You could of course try and do your own thing and find a product yourself.
As JoeK has indicated, the Woolwich fee free remortgage product is just one of many remortgage lenders that would be suitable for your circumstances. Just as there may also be some small building societies that could do the job just as well if not better.
The choice is your my dear.
Luv
LipstickI 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 -
how do you know the woolwich is suitable for them?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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GrizzlyAdams wrote: »I couldn't find anything called 'Switch and Save' on the Woolwich site. Maybe they stopped doin git.
It's a fee's free remortgage.
Check it out and see if it's suitable for you as Homer say's
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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