the hedgehog's balloons.

the_cross_rabbit
the_cross_rabbit Posts: 901 Forumite
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edited 6 June 2020 at 2:43PM in Mortgage-free wannabe
I've been a long time lurker but we received our mortgage update yesterday and it made me feel really low that it doesn't seem to be reducing that fast even though we've been paying it for 7 years. We paid a huge deposit on our current house but its always at the back of my mind that the bank still owns the upstairs part. We currently owe £82,000 with 18 years to go and in January next year our fixed rate mortgage will end. Unfortunately OH will be starting a new job next week and not sure if the bank will let us have another and will have to go on their standard rate as he won't have been in it long. We're a family of 4, OH works full time and also works occasionally as an adult tutor (a couple of weekends a year), both DD are still at school and I am at stay at home mum and full time carer for DD2 who is disabled. We also have a crazy but lovable dog. So my aim is to start small and go to the bank and arrange to OP by £50 a month until my bank of mum (interest free loan) is paid off. Where do I find the SOA page? I think by doing one of these will help.
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Comments

  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
    Hello

    I don't mean to be rude, but why might the bank not let you fix again? Will your husband be earning much less? When I remortgaged with my own bank ( several times) they didn't even ask what I was earning. When I applied to another bank for a mortgage, they wanted to know what I earnt. I'm not sure how long you have been in a new job is very important. Certainly I've never found it to be.

    Good luck

    Bexster :)
  • zcrat41
    zcrat41 Posts: 1,728 Forumite
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    Hello and welcome.
    I'd second what the above poster said. I just logged into my online mortgage account and did it all online with them. This was 4 years ago mind!
    Good luck on your journey,
    ZC
  • thanks, he is taking a paycut although its not massive its significant enough, but at least he will hopefully be happier. Our last mortgage they used our tax credits in their calculations which I think is a crazy way of doing business but it did mean we could get a good mortgage deal.Hopefully we'll get another deal, i suppose it depends on the lender. Currently combining house work with DS2 physio. I'm out tonight with a friend, we're planning on going to see mama mia 2, it must be almost 2 months since I last saw her so lots of catching up to do. Will be paying full price but the last time we went on small furry animal night we spent 30 minutes circling the car park and in the end we went home. Tonight we're going to the one near us which means if the car park is full we can park on one of the nearby streets.
  • julicorn
    julicorn Posts: 2,281 Forumite
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    Happy New diary! And I third what's been said above, from what I've heard from friends/ colleagues / relatives, it seems like banks don't tend to ask those sort of questions (or credit checks) for mortgage retention deals, so sounds like you should be ok if you're staying with your current lender :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Most companies will just let you remortgage onto another fix or tracker without asking any questions about current earnings. As said usually done online in a few clicks It's only if you switch that partners lower new salary might be an issue
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
    I'm sorry to hear of your small furry animal night issues. Friends and I routinely go to the cinema on a Wednesday to our local cinema, and never have the issues you describe.

    Good luck with remortgage when it comes. Even a fix with your current provider will likely be better than SVR

    No idea of you DH situation, but agree that less money, more happiness is the best way to go.

    Bexster :)
  • How expensive is the cinema these days! It's a wonder I could watch it after having my eyes ripped out. Beater Parking definitely easier at my local cinema compared to hers so next job is to make a small investment in comparing insurance etc and gain access to
    small furry animal paying half. We're off to the coast today .
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
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    Have a great day. I did a 1 day uk travel insurance for £1.29! Also two for one small furry animal meals as part of the reward. Sunday to Thursday at loads of places.

    Bexster :)
  • beanielou
    beanielou Posts: 90,223 Ambassador
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    Another vote for a new fix with your current lender.
    I did mine on line~~easy peasy lemon sqeezy :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Had a really nice day at the coast. DD2 really enjoyed whizzing about the promenade in her electric chair. Gone are the days when my two wanted to be on the beach and build sand cities. So we walked lots and enjoyed the sea breeze. Shared the cost of the day with mum so low spends all round. Registered to become a blood donor which is part of my goal to get out more although this maybe a bit extreme :rotfl:
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