HELP!!!!!

IVY_3

I HAVE A SELF CERT MORTGAGE FROM WHEN I WAS SELF EMPLOYED.I WANT TO CHANGE IT NOW TO GET A BETTER RATE.I HAVE LOOKED THROUGH THE VARIOUS SITES BUT IT IS A MINEFIELD..........I WANT TO BORROW 45,000 IN A PLAIN OLD REPAYMENT MORTGAGE........ANY ADVICE OF WHERE TO GO PLEASE??
THANKS, LIVERPOOL LASS ??? ???

payless

similiar post
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages;action=display;num=1096532554

if no longer need self cert- might get better deal

read
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages;action=display;num=1063929431
for Martins links on remtg, and broker coments

Fairdo_2

Liverpol lass.

I am a bit of a virgin at responding to these queries and acknowledge you have already had a response from a professional who seems to be a very helpful and regular contributor.

I'm very impressed with your impartial and helpful input payless! I think this website breeds conciencious contributors and am a big fan of the forum.

To add to the previous response, I would mention a couple of points that you may be able to bear in mind.

Firstly, your property may have appreciated in value since you purchased it, therefore, possibly increasing the chances of you receiving a more favourable rate for the same amount of borrowing. Rates can be guided on "Loan-To-Value" (the amount of borrowing, compared to the value of your property) The lower the LTV (more equity you have in your property) the chances are the better rate you can obtain.

Backing up payless' comments, if you took out a true Self Certified mortgage, you would have had to put down at least a 10 per cent deposit in the first place, more commonly 15 to 25 per cent deposit. This would mean that, subject to your credit history since the mortgage was taken, you should be looked at more favourably by many lenders.

If it is a pound for pound remortgage (ie not borrowing any more money than originally) then some lenders may use discretion if your income doesn't fit their normal income multiples.

Also important considerations when deciding what to do are to confirm whether you have any redemption penalties at this stage before jumping into a Remortgage. Another condsideration is to make sure your entry costs into your new remortgage are not too high, as rates may not make too dramatic a difference based on the amount of borrowing you require.

Last consideration is: Do you have it on an Interest Only basis at the moment, as you mentioned you want to go on to a Repayment Mortgage ?

There are so many questions to be answered before anyone could give you specific recommendations. Therefore, I would suggest you should speak to an unbiased, impartial adviser. As I am based in Oxfordshire, I would say a face to face meeting would be impractical, but a regular contributer nearer to you would be a nutural suggestion!

Hope you find some assistance.

Mortgageman

I'm very impressed with your impartial and helpful input payless!

As I am of your "virgin" post Fairdo - welcome aboard.

There are so many questions to be answered before anyone could give you specific recommendations. Therefore, I would suggest you should speak to an unbiased, impartial adviser.

Couldn't agree more - and as Payless pointed out Martins articles are a good place to start.

MM

payless

Fairdo

thanks for expanding ( my time is sometimes restricted, and I am for ever having to retype the same info)

Your input to the site would be most welcome ( I have said this to many other advisers over the months , but few seem to stay around for long!)

(edit crossed with Mortgageman's reply)

Just to cover me -
of course MortgageMan has been around for much longer on these boards, and the likes of DD and more recently Martin have provided great input, as does Lisyloo , who's knowledge is way above what would be expected from someone not working in the industry
(plus the regulars PAL, Gal, Lamkini and anyone else who I have forgotten -etc)

IVY_3

Thankyou so much for your replies already!I only want to borrow 25% of my property value.I actually paid cash for my house 12 years ago but have had loans for improvements etc.
I am employed so do not really want a self cert mortgage now.I will look at the links soon.
Once again,thanks...........

Fairdo_2

Mortgage Man & payless.

Thank you for your introductions and comments.

Firstly apologies for not mentioning Mortgage Man in my earlier praise. I had noticed your prominance in the forum, but did not want to make a fool of myself at the start by not getting your identity correct. As I had started the reply, I realised I should have written it down to include you.

Stilll learning how to navigate around the forum. Copying links and quotes etc. Very impressive. Must learn soon!

Payless. Thank you for your welcome and I do hope not to be a flash in the pan and that I may become a regular contributor. Got some way to go to catch up wit you guys though!!!

Thank you for familiarising me with some other regulars. I have noticed some of those names around already.

IVY, I hope the links will help. Must do some history reading myself by going to the links. There aren't enough hours in the day!
::)

Robert_Sterling_3

You can't go very far wrong by looking at the Nationwide mortgages.

payless

true, but the £349 application fee, and tie in does not suit everyone