Advice Please

Needcash_3

Moneygoes2money wrote: »

Hi NC

So you've got in the region of 27% equity depending on property values since November 2007, which does give you a bit of leeway should property prices fall. Obviously, you want to avoid negative equity and a repayment mortgage (or part repayment mortgage) will help achieve this so always have in the back of your mind the intention to get whole mortgage on repayment as soon as you are able to Yes, am thinking of asking them to diarise a review in a years time and please don't let the mortgage lender talk you into remortgaging! I won't, thanks !

You shouldn't have to give a reason for switching to interest only but if they ask you could say it is to ensure you meet the monthly payments when due in the short term and your intention is to switch the whole mortgage to repayment in say 1-2 years' time or whatever timeframe you have in mind. I'm sure they will agree to it and there should be no charge.

Is the lender aware the property is being let? Yes, they are Did you buy the property with the intention of letting it out (i.e. buy-to-let) or was it your main residence, you moved elsewhere then decided to let it out? I decided to let it out after living there for 5 years

Have you looked at switching your gas & electricity and buildings and contents insurance this year? No, will have a look

I've recently switched gas & elec from Ebico (Southern Electric) to E.ON (formerly Powergen) via quidco and saved £96 per year plus I got £70 cashback from quidco and I get 1 Tesco clubcard point for every £1 spent on gas & elec, which equates to £6 per year or £24 if converted to Tesco 4 x deals so that's £190 altogether.

I switched contents insurance to AIG Direct, annual premium about £115, but got £90 cashback so it's cost me only £25 for the year. Worth having a look if you haven't already.

Will do, thanks, will let you know how I get on!