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Interest only, offset tracker mortgage
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Mortgage_Mark wrote: »a change in your financial circumstances could mean that you are unable to make these overpayments, and thus end up having to sell, as per the above.
A change in my circumstances could mean that I wouldn't be able to make normal repayments, so that argument doesn't really hold water.a couple of clients of mine had been in to branch and had been asked how much they pay to get their milk delivered....another had been asked how much it costs to feed their cat! A bit overkill...!
Well, a good dinner party story for sure, but I'm afraid that I'd terminate the discussion at that point and walk out. I've always taken a certain line with financial institutions, which has usually worked out OK, so let's perhaps not dwell on the odd failure.Regardless, the best of luck to you and hopefully you can find the right solution for you and your daughter.
Yes, I'm sure it's going to work out fine.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Yes, it's not like we're the customers or anything!
It's not like it's their money, or anything.0 -
It's not like it's their money, or anything.
Well, in some cases I'm already lending them the money via bank bonds and preference shares (and getting more interest off them than they'll get off me!) but your point is well made.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Surely if it's an offset mortgage the amount you pay each month is down to the person running it if they pay just interest or capital and interest or nothing at all? I have an offset mortgage which the facility is reduced each year but that's only because I opted to have it that way. As long as it's paid off at the end of the term it doesn't matter how it is paid off.Nothing to see here, move along.0
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When was the last time you obtained a mortgage?0
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gadgetmind wrote: »A change in my circumstances could mean that I wouldn't be able to make normal repayments, so that argument doesn't really hold water.
Have you heard of 'Underwriting'?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 -
getmore4less wrote: »When was the last time you obtained a mortgage?
As recently as 20 years ago.
I think we paid it off in about five years, which is a trifle faster than the one we took out in 1987, which we repaid in 1994. I tend to regards mortgages as liquidity when I need it, which may perhaps put me at odds with the modern mortgage machine. Let's see.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Mortgage_Mark wrote: »Have you heard of 'Underwriting'?
Yes thanks, and it may be that also they find it harder to commoditise packages of interest only mortgages, but one might question whether they should be doing that anyway given what happened last time.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »As recently as 20 years ago.
I think we paid it off in about five years, which is a trifle faster than the one we took out in 1987, which we repaid in 1994. I tend to regards mortgages as liquidity when I need it, which may perhaps put me at odds with the modern mortgage machine. Let's see.
Our last mortgage(around 96)application, I found a cocky young mortgage advisor at Barclays that took on our case(Barclays had turned us down before ) to put my case to the underwriters, we had a DIP/offer from one of our other lenders.
We had two houses with residential mortgages and were buying another one to live in.
No way would I try that today I suspect there are no mortgage advisors like that any more in branch.
The playing field on mortgage lending has changed a lot.
Your numbers look good but you have to get an application past the branch staff if going that route.0 -
getmore4less wrote: »Your numbers look good but you have to get an application past the branch staff if going that route.
I'm currently going two different routes, and will probably shove another iron in the fire for good luck.
I've had a look at the interest only repayment vehicle criteria for various lenders.
http://www.thefinancialgroup.co.uk/educationsectionginterestonly.htm
We seem to qualify just on "Sale of other residential property", but also on other share investments, and on ISAs, and on pensions with most of them. The only wrinkle is that most say the investments much be "managed by an FSA regulated firm" or suchlike, which is difficult because I manage everything myself without the fee-drag of middlemen.
Anyway, there's no point really in further guessing or speculating, and let's just see what the lenders say.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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