Re-mortgaging

GimmeABreak

Hi,

New to the site and trying to sort out some of my finances.

I have an NRAM mortgage which is transferring to heliodor/topaz. I have £54k remaining on my mortgage and was thinking I would try to re-mortgage and clear off some debt. My net pay is around £2250 and my current mortgage is £450 pcm. I know there are better ways to clear the debt and mortgage in terms of how much money I will ultimately pay out but I'd rather have fewer monthly payments to make and forgo a little bit in the long term.

I'd be looking to get £10k maybe £12k added to my mortgage and increase my monthly payments to keep the repayment period the same, if indeed this is at all possible. The debt I'd be clearing would free up around £400pcm.

Whats the chances of Heliodor/Topaz being interested in this? or would I be best served seeking a new lender?

Not even sure when my current deal is due for renewal but will try to dig out some info. I've always just let NRAM renew mine automatically.

Thanks in advance for any tips/suggestions/advice.

Thrugelmir

GimmeABreak wrote: »

Whats the chances of Heliodor/Topaz being interested in this? or would I be best served seeking a new lender?

Ask them once the transfer is completed. You've nothing to lose.

Then you can benchmark against the wider market.

[Deleted User]

Are they an actual lender? From what I have seen on their website, they are a administrator of mortgages as they only mention managing payments, direct debits, letter requests etc

Can't find any details of rates or anything

How likely are you to be taken on my a new lender? Must be a reason you haven't done it already?

GimmeABreak

I've no idea if they are a lender tbh. I'll call them and ask.

Not tried a new lender. Bought my current house in 2008 through Northern Rock and never really looked into changing or looking for a better deal. Got about £3k left of my student loans to clear (£160 per month), an overdraft of £2k which I maxed out whilst on a recent family holiday in Florida which would cost me approx £100 pcm in charges. Also looking to put aside money for my daughter leaving for uni next autumn as I will be covering her accommodation costs.

Just kinda thinking out loud, as if I added to my mortgage I would barely even notice a difference but would have less 'balls to juggle' so to speak, if I can just up my mortgage payments with the freed up bills.

Retired_Mortgage_Adviser

Based on the limited information in your posts, does this capture your circumstances accurately?

Income - around 36k
Dependents - 1?
Student loan outgoings - £160/month
Credit commitments - 2k OD, costing you £100/month
No other credit/ongoing commitments? - credit cards, car loan, childcare, etc
No issues with credit history? - defaults, missed payments, ccjs, etc etc

Assuming the above is correct, with an income of 36k and a required loan amount of 66k (54k+12k), assuming no negative-equity situation, it should not be too problematic to remortgage to a mainstream lender. If you haven't taken any action at all since you took out the mortgage, you must be paying an unnecessarily high interest rate.

In your place, I would get in touch with a mortgage broker asap.

The chances of Heliodor being interested in lending you more money or putting you on a better rate are vanishing small to none.

LRW66

I too have just had my part intrest only , the majority of it and repayment transferred to Heliodor... I managed to talk to them about trying to extend term of mortgage so as to go onto repayment at a lower new rate.... not happening I’m still a mortgage prisoner , that’s the term being used that I’ve found out in last few days... only hope is for me finding a company that is going to help on the FCA ruling last month whereas the application is more favourable to the mortgage prisoner if your up to date with mortgage, etc
I fit this criteria don’t want to loan any money, so hopefully things might improve... I’m self employed I was in a partnership when I took mortgage out , then I borrowed more when break up happened , to buy my X out and transfer to my name, then came the crash and as rates dropped I was left on 4.79% and unable to change to lower rates due to more stringent checks / affordability and being a wage missing from original application,
So far today have spoken to FCA , the ombudsman about a company saying I was mis sold in a sense and they could claim a percentage of what I could of saved if had been allowed to change to lower rate , I decided on ombudsman advice to complain directly to NRam and ask for all my mortgage details , apparently they have 8 weeks to respond ? And if I want to go further to contact ombudsman again!

Thrugelmir

Speak to a mortgage broker and ascertain your options. Unfortunately a complete change of personal circumstances isn't grounds for complaint.

LRW66

My grounds for complaint are in 2008 there was no equity in the property, when NRAM Took over there where no provisions for doing anything else with mortgage.. it was 4.79 % couldn’t change that extend it nothing.... if I’d been allowed to change to a lower rate of 2.5 ish then over last 11 years would of saved a fortune,

[Deleted User]

LRW66 wrote: »

My grounds for complaint are in 2008 there was no equity in the property, when NRAM Took over there where no provisions for doing anything else with mortgage.. it was 4.79 % couldn’t change that extend it nothing.... if I’d been allowed to change to a lower rate of 2.5 ish then over last 11 years would of saved a fortune,

If only i started with a million shares in Apple Inc from 1985 then I would be worth a fortune now! What a crazy statement

The lender makes commercial decisions for their own benefit. If you had no equity in the property then the chance of them losing money if a respoession took place was high, they price that risk in to the rates.


If someone has a 5% deposit today they get 4% interest rate, if they have a 40% deposit they get 1.5% interest. If only everyone got that 1.5% then everyone could save a fortune.

But best of luck with your complaint

LRW66

Don’t really know how to take that last post? I’m carpenter and all of this is really not my strong point! Where you referring to me as making a crazy statement... being sarcastic behind a keyboard?
I’ve come on here to find out information to help myself get out of a mortgage I am trapped in without having to sell my house. The FCA recently put out a statement ruling it should be made easier for people in my position to apply if up to date , not wanting to borrow more etc

As far as the claim against NRAM goes there’s article on A site Mortgage solutions,,, the ME group have started taking on clients ... worth a read if you’re in this situation... mortgage action group uk has also appointed a lawyer with regards to sale of mortgages to Heliodor , so it’s good to see from my point of view other 10000s have been left in the same position all this time but now things are starting to change!