Thistle grasps the nettle! Again....and no sting this time!!

sarahevie1

I totally agree with life getting in the way. Ive dipped in and out, changed usernames, but keeping a diary definitely keeps you focused. It's true what they say small amounts add up.

What is stopping changing interest rate? You should be able to secure a 90℅.

midnight_child

Maybe speak to your current mortgage company to see what 90% mortgages they offer. They will I suspect be keen to speak with you if there is the chance of a new sale. They should be able to do a quick (and free) valuation on their computer to give a rough figure. The worst that happens is they cant offer you anything but you will know what you need to do to get a better deal in 6 -12 months time.


I would be inclined to not take too much interest in next doors sale price from 3 years ago. Property in North of England has in the main increased since then (Mine certainly has ). You also may not know all the specifics of their sale. Perhaps they had some unknown issues with the house or needed to move very quickly, which forced them to accept a low offer.

Thistlewhistle

sarahevie1 wrote: »

I totally agree with life getting in the way. Ive dipped in and out, changed usernames, but keeping a diary definitely keeps you focused. It's true what they say small amounts add up.

What is stopping changing interest rate? You should be able to secure a 90℅.

In all honesty Sarahevie1, it's sheer apathy I'm afraid. That coupled with a fear of getting it wrong and making a fool of myself:o
Something which needs to be seriously addressed if I'm to succeed. Trouble is, I'm not particularly driven to succeed - as long as I'm not going backwards, I'm ok. Not terribly inspiring but no point being anything other than honest!:rotfl:
T;)

Thistlewhistle

Just spoken to my mortgage provider.....

Basically they cannot offer me any changes to my rate under any circumstances as the are now a nationalised company (that gives it away doesn't it!!!!), and so basically I would have to remortgage with another lender.
I would have a discharge fee of £250 to pay but that would be all.:o

So really it's a question now of who would have me!

My current bank would be the best place to start as they'd give me cash back but is it a good idea to bank with your mortgage provider?

Anyone got any experience of this?

Having said this, I have several current accounts with several banks so.....

Anyway, I got an up to date balance as of close of play yesterday of £81,367.31 so I've had to adjust my YNAB figure down by £58.12 as I had understated my debt.
On the plus side though, I can change my daily interest figure to £10.12 as of tomorrow.

T:cool:

Luckyinlife

I am remortgage to my normal bank where i do my normal banking with next month rate is 3 times better and i can overpay 10% without charges

if you have a good ltv most banks will consider you based on credit rateing debt income ect ect

your closer to that 81k mark than you thought well done :]

Thistlewhistle

Afternoon all,:hello:

I don't think I've enough equity in my house yet to even be considered by the most dodgy mortgage lenders!!:rotfl: so I think for now, my strategy has to be to just continue with my £102 overpayments and throw all my spare cash at my CC debt.

Speaking of which, I've just applied for a T3sco CC (thanks Martin) which has a 19 month 0% balance transfer offer with 0% transfer fee. I've been accepted with a £4,250 limit so this'll be more than enough to cover my outstanding debt. My current rates were ending in September so this'll see me OK up to March 2017 and will be more than enough time to clear my CC debt. Feeling organised:D

That's enough for now - off to do a Development visit on a colleague so won't be around until later this evening.

Enjoy the sunshine:beer:

T;)

Ali-OK

Brilliant on the new CC - excellent news :T and you can see the finish line on that one too.

No sunshine down here today which is roughly 50 miles north of London...sort of south-westest bit of East Anglia. Geography never was my strong point :rotfl:

You could always get an estate agent in for free to value your place and use that to look at other lenders. But defo keep plodding with any OPs you can to reduce that LTV for the better deal

Luckyinlife

Ya good plan that's all you can do is keep hitting it with OPs and lower that ltv

from what iv seen most of the best rate are from 60-75% ltv still get ok deals over the 75% tho so defiantly worth getting the bank to just run it thro thery system

With the value side of things the banks will send they own valuer out and sometimes may give you a bit extra if it just to get you a better deal to swap

midnight_child

Shame that you cant get a retention product with current lender, as that would have been less paperwork.


It would be good to get a free valuation if you can. A bank would be better as the estate agent may want to give you an unrealistically high price. There are online ones where you plug in postcode and some other basic details, but again it could be way out.


In the meantime your current plan to overpay is a very good one.
Every £4000-5000 that you pay off will give you access to the next lot of better mortgages, so if you were able to put any extra aside it wont be long before you can get a much better deal.


MC

Thistlewhistle

Midnight, Lucky & Ali

Thanks for your input guys, it means a lot. I'm feeling confident I can really get things moving in the next couple of months.

A little bit more about my job:

My payment structure is as follows...
I earn money on a weekly basis from one part of my role, which is currently about £150. I changed location last September so that I was operating in the town in which I lived (easier to promote my business) but previously I was earning about £280-£300 per week in a town 20 miles away - harder to promote. My business here has not flourished as much as I'd hoped but I also look after a team (for which I am paid a monthly wage dependent on how well they achieve) and since I moved, recruitment and growth has soared so what I've lost on my weekly wage, I've made up on my monthly.

Are you confused yet? Lol

At a certain level of service, my bonuses will kick in on my team but I've to grow my personal business to a certain level before this is paid. This is to be my focus for the next few months.

T;)