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In negative equity/ can I get a new deal?
Pinkfloydfan
Posts: 5 Forumite
Hi as title says I am in roughly 50k negative equity and have a mortgage with alliance & Leicester so just on their SVR of 4.99%...
Can afford the payments but have very little money for anything else.
Has anyone any experience with getting a new deal (I would be happy with half a percent less).. Any grovelling tips I can use to achieve a new rate??
Can afford the payments but have very little money for anything else.
Has anyone any experience with getting a new deal (I would be happy with half a percent less).. Any grovelling tips I can use to achieve a new rate??
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Comments
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Have you rung them and asked what products they are currently offering?0
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Why not ring up A&L mortgage centre and ask the question !
What deals have you got for me as an existing customer ?
You are on the SVR OF 4.99% so it cannot be worse0 -
Thanks for the replies...
I have rang once and told them I was in negative equity therefore they said I can't get a new deal... Was thinking maybe if I play dumb and said I didn't know the value of my house would this make a difference?0 -
Do you live in NI?0
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Yes I do live in NI0
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Pinkfloydfan wrote: »Thanks for the replies...
I have rang once and told them I was in negative equity therefore they said I can't get a new deal... Was thinking maybe if I play dumb and said I didn't know the value of my house would this make a difference?
They should value it before they finish the processing so I doubt it will make much difference. Having a quick look at mortgage rates available it doesn't look like you've got a bad rate for even a 95% LTV so apart from moving to a fixed rate for certainty of commitments I'm not sure you'll gain much.0 -
Pinkfloydfan wrote: »Yes I do live in NI
Then they'll most likely know that you are in negative equity.0 -
Just rang again and asked for a new rate.. Guy on phone said I can get 4.74% fixed for 3 years... I mentioned I didn't know the value of my house so don't know if it's in negative equity or not (i lied)...
He said they don't send a valuer but wouldn't give a new deal if house was in negative equity...I then asked how do we complete the application? From personal needs questions I assume income etc...
Should I go ahead knowing I am telling a white lie??0 -
you do not know what the property is worth - you are not a property valuer - how can you be lying?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Wouldn't have thought they'd take your word for it - they'll probably use a desktop valuation like this
http://www.nationwide.co.uk/about/house-price-index/house-price-calculator0
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