Mortgage Advice

nicolapaulbertie

Hi, can anyone please advise me. We currently have a One Account, which I really like purely for the ease of use. Our house at last valuation was £175,000 about 18 months ago. We owe £129,000 and are paying an interest rate of 6.7%. Our wages total approximately £3,200 per month and stay in for most of the month as our direct debits go out just before pay day. Can anyone please advise me if we could get a much better deal, and the type of mortgage we should be looking at?

Thank you so much for your help, Nicola

herbiesjp

You can indeed be looking at cheaper deals than 6.7%

The type of deals to look at would depend on what you want from the mortgage

DO you still want the offset facility, or would you like to look at a flexible mortgage, or would you like an overpayment facility?

Are there any other options you would like?

Do you like variable rates, or would you prefer a fixed rate?

nicolapaulbertie

Thank you for your quick reply. I don't really know what type of mortgage I want. I do want to be able to overpay with no penalty and also to pay of the mortgage faster than the term. Thanks again.

herbiesjp

Well there are plenty of schemes that allow overpayments that will be cheaper than your current deal.

I think you may need to discuss with an adviser, in order to filter down what your main priorties are, so that they can come back with optios that meet your criteria a bit more closely

But you should be ok as long as you have sufficient income to support the mortgage

HTH

myboyelvis

Hi Herbie,

I thought i had a secured loan against my property, but when i checked my mortgage company they only had my name down and my credit file also does not have an entry for any secured loan against my property. How can i double, triple check that i do not have a secured loan against my property.

thanks

herbiesjp wrote: »

You can indeed be looking at cheaper deals than 6.7%

The type of deals to look at would depend on what you want from the mortgage

DO you still want the offset facility, or would you like to look at a flexible mortgage, or would you like an overpayment facility?

Are there any other options you would like?

Do you like variable rates, or would you prefer a fixed rate?

herbiesjp

myboyelvis wrote: »

Hi Herbie,

I thought i had a secured loan against my property, but when i checked my mortgage company they only had my name down and my credit file also does not have an entry for any secured loan against my property. How can i double, triple check that i do not have a secured loan against my property.

thanks

The Land Registry should be able to help you and advise who has a charge on your property

nicolapaulbertie

Thanks for pointing me in the right direction