Need a new mortage but what to do with the cash

MediaGuy

Hi Everyone,

I need to move mortgages as I have an NRAM mortgage. I went with Which but they were unable to help me as I have had an IVA. It finished about 2 years ago, maybe a bit longer. I

Halifax wouldn't give me a mortgage. This is where it all gets a bit odd. I got accepted for a £12K loan from Halifax at 4% in Jan. Now the loan is down to less than 10K, so it is obvious I am able to pay it.

Now I do get money from other sources (Limited Company dividend) and it comes in at about 10K.

So my question is.... Do I pay off the loan at 4% or do I turn round to them and say I have 10K to put into the morgage and give it another go (The last time I applied was late last year).

Interested to know what peoples opinion are.

Annisele

I think there are several things about your story that say "I need a broker". You've got an IVA that finished a couple of years ago, plus a recent fairly large loan, plus income that isn't absolutely standard - and that adds up to a fairly compex case.

You don't say how much you earn, how much you're trying to borrow, or how much the mortgage is compared to the value of the house. All those things matter too!

amnblog

'Which' are supposed to be brokers.

Foxy-Stoat_3

Whats your LTV % now and if you dropped £10K into your mortgage?

Also knowing your current interest rate would help.

ACG

Unless you have 15% equity im not sure you will be able to get much better than NRAM' SVR rate.

Thrugelmir

MediaGuy wrote: »

Now the loan is down to less than 10K, so it is obvious I am able to pay it.

Borrowers are optimistic. Lenders are pessimistic. Lenders have to apply what if scenarios. Statistical analysis informs a lender of the likely outcome. As it's impossible to micro underwrite mortgages.