Remortgage LTV

Peco141

We have a little extra debt which therefore makes execution only our best option I feel.

There's a 2 year fixed at 2.56% which was lower than our previous rate with no set up fee.

Thrugelmir

Peco141 wrote: »

Thread has a gone a little quiet. Hope it's ok to keep it going.

Your thread. Update as little or as often as you like.

Peco141

The advisor today said the execution advisor who will phone me on the 31st December will not be able to provide the answer to any question what so ever.

I hope he will at least bring the correct remaining outstanding balance to the telephone call or is this my job to find out before he calls even though it his company I'm renewing my deal with?

Also what's annoying for me is the letter to advise that the term was coming to an end was received last week dated 15/12/14. I know the onus is ultimately on me as te customer but it would have been nice if they provided a little reminder say last month to allow me enough time to arrange a new plan before going to the SVR for a month which is now unavoidable.

dimbo61

He should be able to give you the exact amount of money you owe to the lender at the 31-12-2014.
What he will not do is say I would go for the 3 year deal over the 5 year deal because XYZ
Think about your plans ???
Are you going to move in the next 2/3/5 years?
Kids going to school and Other half going back to work when remortgage due etc
Big pay rise at work or considering going part time ???

Thrugelmir

Peco141 wrote: »

I hope he will at least bring the correct remaining outstanding balance to the telephone call or is this my job to find out before he calls even though it his company I'm renewing my deal with?

They will see your mortgage balance at a given point in time that's all.

Peco141

dimbo61 wrote: »

He should be able to give you the exact amount of money you owe to the lender at the 31-12-2014.
What he will not do is say I would go for the 3 year deal over the 5 year deal because XYZ
Think about your plans ???
Are you going to move in the next 2/3/5 years?
Kids going to school and Other half going back to work when remortgage due etc
Big pay rise at work or considering going part time ???

Hope he just tells me the balance and I tell him the deal I want from their website

Not moving in the near future. Daughter not going to school for another two years. We're both already part time. Thinking of having another child fairly soon which could mean a 3 month period without full "part time" pay.

dimbo61

So if you go for the 2 year deal you could have 2 children at pre school age when you come to remortgage !
If you take a long fix you can avoid the problem

Peco141

Sorry for my ignorance but specifically what impact does 2 children at ore school age have on remortgaging? Just th additional financial impact of having another child?

dimbo61

If your Other half is still not working due to child care you will be the only wage earner with 3 dependants IE OH and 2 kids who are pre school age which costs money at nursery.
If they are both school age then your Other half could be working part time.
Not really important if you are the CEO of say SHELL, GOOGLE, COSTA COFFEE etc but might hurt if you earn £40,000 a year

Peco141

Fyi. Telephone execution only appointment took place yesterday morning. All the advisor wanted was the name of my new deal which I chose. Call lasted 5 minutes. Balance not required. Total meh. Lol