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Remortgage frustrations
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Money_Conscious_Mummy
Posts: 7 Forumite

New here and would love some advice!!
Single mother, made redundant from job last year, on JSA for 6 months, used all of redundancy payout to live on. Started new job but earning £12k less than before, plus tax credits have recently been reduced by £50 per week.
Mortgage is with Bank of Scotland, currently paying £615 per month (4.95% variable) with £105,000 outstanding. Current house value £130,000.
Have seen lots of better deals with various lenders, applied with Nat West (as have banked with them for 20 years) but got rejected due to income. Monthly payments would have been £200 a month less than what I pay currently.
I have an excellent credit score (999/999 on Experian). Never miss any of my payments but struggling with finances on new salary which is why I want to switch mortgage deals.
Is there any hope for me to switch or am I stuck paying over the odds?
Single mother, made redundant from job last year, on JSA for 6 months, used all of redundancy payout to live on. Started new job but earning £12k less than before, plus tax credits have recently been reduced by £50 per week.
Mortgage is with Bank of Scotland, currently paying £615 per month (4.95% variable) with £105,000 outstanding. Current house value £130,000.
Have seen lots of better deals with various lenders, applied with Nat West (as have banked with them for 20 years) but got rejected due to income. Monthly payments would have been £200 a month less than what I pay currently.
I have an excellent credit score (999/999 on Experian). Never miss any of my payments but struggling with finances on new salary which is why I want to switch mortgage deals.
Is there any hope for me to switch or am I stuck paying over the odds?
0
Comments
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Did you ask your existing lender about retention products first?
If RBS don't have anything suitable, then engage a whole of market broker to find something with another lender. If the idea of paying a broker fee is unappealing then find one who doesn't charge.0 -
I tried current lender - just phoned and asked if I could switch to a better deal (didn't give any personal info) and was told I have to apply as though applying for a new mortgage!!??0
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Money_Conscious_Mummy wrote: »I tried current lender - just phoned and asked if I could switch to a better deal (didn't give any personal info) and was told I have to apply as though applying for a new mortgage!!??0
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online mortgage retention products?
Your reason for decline is as you said, income. 200 less than what you pay is irrelevant. New applications stress your mortgage payments upwards of 5% interest of what your paying now, so you need to engage a broker to explore your options."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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