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Discounted offset mortgage about to finish - what should i do?
TREPXE_2
Posts: 2 Newbie
We have a 100k offset mortgage on interest only. We are lucky to have a really low LTV rate (ie 16.6%) but with very low earnings. We are beginning to feel the pinch with increased rates and a soon to be finished 2 year discounted period. We have used some of our savings in the previous 2 years to do the property up so are not benefitting as much from the offset. Can anyone help?
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Comments
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look to remortgage to a lender who can offer you maybe a flexible product with the overpayment/offset/drawdown/flexibility that you require whilst getting your payments to a level where you can comfortably afford.
You may want to consider looking at getting some control on your payments too. A discussion with a good broker should help you in the right directionI am a Mortgage AdviserYou 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 -
Having made a note of the product we should be looking for being flexible and with offset/drawdown possibilities, can you now suggest a site which would show us mortgage advisors contact details?0
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where are you based, maybe some people on here will be able to recommend.
unbiased.co.uk has been mentioned of recent. Yell.com will probably have some named but the best brokers are those recommended by friends/family or colleagues.I am a Mortgage AdviserYou 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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