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Overpaid for house...
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jumbowindows wrote: »We have a 2 year fixed deal, so I thought that after that we would need a new mortgage, is that right?
Yes thats right sorry I don't think of that as re-mortaging as such as you will be in a no different situaion than you are now and you got your current mortage with no issues.
I was thinking about it more when people ask to borrow more against the house than they owe.0 -
iammumtoone wrote: »Yes thats right sorry I don't think of that as re-mortaging as such as you will be in a no different situaion than you are now and you got your current mortage with no issues.
I was thinking about it more when people ask to borrow more against the house than they owe.
It does matter if you are changing mortgage providers for a better deal. They will want to carry out their valuation. It doesn't however matter normally if you are just porting to a new product with the same provider.2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 20170 -
!!!!!! ! If only you had bought a place down in London 10 years ago
You could have a nice lump sum and be mortgage free by now.
But that never happened and Harry has meet Megan so maybe marrying a Prince or Princess is also out of the window.
What did you do with ALL the money you earned in the Big Smoke ?
Time to move on, overpay the mortgage and enjoy life0 -
if you had been looking for a year the standard checks on rightmove the "more like this button" and the filters with SSTC added hould have give a really good idea where the price was pitching compared to similar properties at the time.
The issue with not being very local is the location variations even two streets B2B can be one good and one bad.
in those cases you need to monitor sold and SSTC prices very close to look for the trends.
Bottom line is you have it now so enjoy and work on making even better for you.
the other one was not for sale when you bought so you could not have bought it.0 -
jumbowindows wrote: »We have a 2 year fixed deal, so I thought that after that we would need a new mortgage, is that right?
Common misconception, you don't NEED a new mortgage, or to port to another. You get put on SVR - standard variable rate.
That isn't always bad. Depending on interest rates at the time and the cost of the mortgage fee, can be cheaper to be on SVR.
Both me and OH are on SVR, me because I can't get a mortgage for the piddly amount left on it. OH because the set up fees, generally around 1k will take him 7 years to recoup on a five year fix.
Yes there are longer fixes but there isn't all that long left on the mortgage period.63 mortgage payments to go.
Zero wins 2016 😥0 -
Common misconception, you don't NEED a new mortgage, or to port to another. You get put on SVR - standard variable rate.
That isn't always bad. Depending on interest rates at the time and the cost of the mortgage fee, can be cheaper to be on SVR.
Both me and OH are on SVR, me because I can't get a mortgage for the piddly amount left on it. OH because the set up fees, generally around 1k will take him 7 years to recoup on a five year fix.
Yes there are longer fixes but there isn't all that long left on the mortgage period.
Has your OH not looked at deals with his existing provider, some of these will no doubt be fee free and can usually be applied for online without any checks, worth a look."You've been reading SOS when it's just your clock reading 5:05 "0 -
sammyjammy wrote: »Has your OH not looked at deals with his existing provider, some of these will no doubt be fee free and can usually be applied for online without any checks, worth a look.
I think he probably has, although not the savviest fella on the planet so possibly not. I will at least mention it to him. Thanks63 mortgage payments to go.
Zero wins 2016 😥0 -
Hey there.
I’ve just come across your thread and found it interesting as I bought a house in August 2018 and I fear I paid £30k too much as well. Wouldn’t change it though, as we love the house.
However I am curious for an update as you posted your original thread in Nov 2017. Has your house gone up in value in the two years past? Do you feel differently about the amount you paid now time has past and I’m assuming other local properties have been been sold recently?
Thanks0 -
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