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Precise Mortgage fixed rate coming to an end.
moneyworrier2021
Posts: 133 Forumite
Evening
We were able to secure a 2 year fixed rate mortgage with precise at 4.8% previously. We had to move house abruptly in order for us to be able to adopt our son so our circumstances and finances were not in the best shape but our broker scraped us through.
At 4.8%, like most with precise, im not thrilled about the rate. I believe the reason for the high rate, was lack on income. It was just our income at the time as husband was training to become a policeman. Also, we have a default in my name which is on a DMP With Moorcroft.
Our income is now well over double what it was at the time of the mortgage. My default hasn't changed but I'm still paying £100 PM off towards it.
When I come to securing hopefully a lower rate, what determines getting a better rate? Income is obviously better but clearing the default on say a F&F may show 'partially settled' on my account but doesn't guarantee a lower rate next time does it?
Anyone has experiences of fixing a better rate with Precise?
We were able to secure a 2 year fixed rate mortgage with precise at 4.8% previously. We had to move house abruptly in order for us to be able to adopt our son so our circumstances and finances were not in the best shape but our broker scraped us through.
At 4.8%, like most with precise, im not thrilled about the rate. I believe the reason for the high rate, was lack on income. It was just our income at the time as husband was training to become a policeman. Also, we have a default in my name which is on a DMP With Moorcroft.
Our income is now well over double what it was at the time of the mortgage. My default hasn't changed but I'm still paying £100 PM off towards it.
When I come to securing hopefully a lower rate, what determines getting a better rate? Income is obviously better but clearing the default on say a F&F may show 'partially settled' on my account but doesn't guarantee a lower rate next time does it?
Anyone has experiences of fixing a better rate with Precise?
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