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Help with a complicated mortgage situation needed!!
banvilles
Posts: 8 Forumite
The situation so far is:
·We currently have a mortgage with the Halifax (who we are happy with) which we secured with a 2 year fixed rate period that is coming to an end on the 30th September.
·My husband is a freelance Broadcast Engineer who has been working for himself for 8 months with a salary of £45,000
· I am on a contract which is due to go permanent on the 4th September but that’s not guaranteed so it would be safer to say that I will be in a temporary/contract position work wise. My salary is about £26,000 not including overtime.
·Our property is valued at £330,000 and we have a mortgage currently of £199,000 which ideally is the level we’d like to keep it at.
·Our property is currently on the market and we’re looking to move to a property of about £250,000 - £275,000 within 6 months.
Halifax has offered to remortgage for us at a fixed rate of 6.89% with a £499 arrangement fee. That’s a higher rate that we’d like to pay but due to our working situation I’m not sure we’d be able to get much lower (when you take into consideration the arrangement fees, ability to port the mortgage etc.) I have spoken to a broked at L&C (as advised on this site by :money: ) who said that this was our best option after he had approached various lenders. I’m swaying towards doing that as it’ll be sorted in a day and we won’t have to worry about it anymore but I don’t want to shoot myself in the foot and end up paying over the odds.
The other thing that we could do is to sell our flat and then basically start again as first time buyers and try to get an improved rate. I’m not sure if it would make sense to do that or just end up costing us more in the long run and be too much hassle.
Any help or advice would be much appreciated as my head is about to explode with trawling through all the different mortgage sites!!
·We currently have a mortgage with the Halifax (who we are happy with) which we secured with a 2 year fixed rate period that is coming to an end on the 30th September.
·My husband is a freelance Broadcast Engineer who has been working for himself for 8 months with a salary of £45,000
· I am on a contract which is due to go permanent on the 4th September but that’s not guaranteed so it would be safer to say that I will be in a temporary/contract position work wise. My salary is about £26,000 not including overtime.
·Our property is valued at £330,000 and we have a mortgage currently of £199,000 which ideally is the level we’d like to keep it at.
·Our property is currently on the market and we’re looking to move to a property of about £250,000 - £275,000 within 6 months.
Halifax has offered to remortgage for us at a fixed rate of 6.89% with a £499 arrangement fee. That’s a higher rate that we’d like to pay but due to our working situation I’m not sure we’d be able to get much lower (when you take into consideration the arrangement fees, ability to port the mortgage etc.) I have spoken to a broked at L&C (as advised on this site by :money: ) who said that this was our best option after he had approached various lenders. I’m swaying towards doing that as it’ll be sorted in a day and we won’t have to worry about it anymore but I don’t want to shoot myself in the foot and end up paying over the odds.
The other thing that we could do is to sell our flat and then basically start again as first time buyers and try to get an improved rate. I’m not sure if it would make sense to do that or just end up costing us more in the long run and be too much hassle.
Any help or advice would be much appreciated as my head is about to explode with trawling through all the different mortgage sites!!
0
Comments
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Subject to credit score bank of Scotland would probably accept with rates starting from 5.94% for a 2 yr fix (£1489 fee). Halifax would still want to re-underwrite. (Bank of Scotland /Halifax are same company, BOS seem more flexible)I am a Mortgage Adviser
You 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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