We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Changing Providers
Peelerfart
Posts: 2,177 Forumite
A bit of advice please Folks. My wife and I have three subs to our mortgage.
We have just signed a three year fix on one of these subs which will see it finished. The other two subs which make up the huge majority of the mortgage are on a deal with the same provider (Cheshire BS) which ends in March 08.
My question is can we change provider and have two deals with two separate companies ?
Or would I have to pay to get us out of the deal we have just signed and take the whole thing to another provider ?
SUB 1 £18000 repayment deal up March 08
SUB 2 £73000 interest only deal up March 08
SUB 3 £ 5000 repayment will be repayed Nov 10
The reason it is in this section is we're overpaying rapidly in order to be free asap
Any ideas ?
We have just signed a three year fix on one of these subs which will see it finished. The other two subs which make up the huge majority of the mortgage are on a deal with the same provider (Cheshire BS) which ends in March 08.
My question is can we change provider and have two deals with two separate companies ?
Or would I have to pay to get us out of the deal we have just signed and take the whole thing to another provider ?
SUB 1 £18000 repayment deal up March 08
SUB 2 £73000 interest only deal up March 08
SUB 3 £ 5000 repayment will be repayed Nov 10
The reason it is in this section is we're overpaying rapidly in order to be free asap
Any ideas ?
Space available for rent
0
Comments
-
I shouldn't see why you can't just keep sub 3 with Cheshire and move the other 2 elsewhere.Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0
-
I expect the Cheshire will not allow this as they would lose a level of security.
In order to do this your new provider will almost certainly want a first charge on the property (they get first go if its sold/repo'd) leaving Cheshire with a second charge which might mean they have little or no security.
So to move provider you would have to remortgage the whole lot - the penalty with Cheshire would have to be taken into account. Alternative might be to see what the Cheshire have to offer."The true measure of a man is how he treats someone who can do him no good."(Samuel Johnson 1709-1784)
Lots of years in financial services, still learning!0 -
Yes I did have a Doh! moment there. Sorry.
Although as sub 3 is only 5000 how bad would the redemption be?Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0 -
Yes I did have a Doh! moment there. Sorry.
Although as sub 3 is only 5000 how bad would the redemption be?
The redemption would be about £250 but I really begrudge paying it.
I know I have only myself to blame etc but there must be heaps of peeps in the same situation . It's not like the Chshire are all that bad but I think there are better BS's . I last time I tried offer matching with the Cheshire they said
"OK then off you go" !.Space available for rent0 -
No point being stubborn, if you can save more than £250 by moving the lot, as compared to keeping it all with Cheshire until end 2010, then jump ship.
First ask Cheshire what the can offer you, then look around.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards