Remortgaging advice

PawelK

Dear SMEs.

I hope you can find few moments to advise whether from your own experience or work/worked as a financial advisors etc. i will write the below scenario on someone's behalf so might be missing few details but hopefully this is enough to give you an idea.

I came across my very good friend's situation and I wasn't happyat all. His mortgage initially with ING was taken over by Woolwich Barclays in 2010 and since 2012 is on 3.99% SVR which I am pretty sure is not the best current offer he could get. He is left with around 110k mortgage on a house valued at around 600k with 19yrs remaining. I don't know what his exit fee clause is or early repayment charges but could find out if it's crucial. I phoned another bank and was told since last year they cannot set up an appointment with you to go through remortgaging options to help you chose the best as this is not allowed by FCA who changed the rules and meeting can be arranged only if you already decide to go with their remortgaging offer. Also, my friend has a modest amount of savings and while not having any other loans, credit cards etc. he would be silly to continue keeping them in a current account with no interest (as he currently does which made my eyes go even bigger), instead of repaying big part of his mortgage by something like 30k. We can of course do the online search for the best remortgaging offers but do you think there will be a big difference if we consider current mortgage required or if he was to first make that lump sum payment to decrease his mortgage significantly? Also, any advice on chosing the best remortgaging offer would be much appreciated.
:money: sorry but I have genuinely had no time to ready your remortgaging free guide and so hoping others can actually share real live experience, warn about what to watch out for (e.g. Set up fees, etc.) and help us make the decision. When I come across people like my friend I am the same as :money:. First, I want to shout loud and pull my hair out and immediately after feel very passionate about taking the steer and helping my friend to manage his finances better as he could potentially be saving £100-150 or even more per month after remortgaging.

Thank you for reading and I hope to see some interesting discussion below my post.

Happy Saving everyone!!!

Pawel

betmunch

Not enough info to be sure, but I would expect your friend can get a better rate.

If you and the friend don't have the time or knowledge to sort it out yourselves just speak to a broker who will explain the best course of action

getmore4less

First thing is to see what Barclays retention deals are available.

http://www.barclays.co.uk/Mortgages/P1242557963476
http://www.barclays.co.uk/Mortgages/Existingmortgagecentre/P1242597222683

plenty to choose from full list in the .pdf on the second page.


then you look at other lenders options.

Or just get a broker to help.

For anyone one else reading here are the fact in that long post.
.................................
mortgage ING now Woolwich/Barclays(2010)
since 2012 is on 3.99% SVR
£110k mortgage £600k property with 19yrs remaining

possibly £30k saving?

No income details.