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.
Fixed Rate Mortgage at High Multiple?
Jaelor
Posts: 80 Forumite
Hi - I recently posted on the Debt free wannabe site as I'm striving to get myself out of debt and steer myself away from bankruptcy.
I currently earn £24500 and my husband earns £15500, plus O/T, but its not guaranteed. Our current mortgage is with Intelligent Finance and costs us £912 per month with a total balance of £157500. On top of this, we have a secured loan for £68k to which we pay £661 per month.
As our mortage is currently variable, to try and get my outgoings into some kind of order, does anyone know of any company who fill give us a fixed term mortgage at these amounts?
I currently earn £24500 and my husband earns £15500, plus O/T, but its not guaranteed. Our current mortgage is with Intelligent Finance and costs us £912 per month with a total balance of £157500. On top of this, we have a secured loan for £68k to which we pay £661 per month.
As our mortage is currently variable, to try and get my outgoings into some kind of order, does anyone know of any company who fill give us a fixed term mortgage at these amounts?
Jaelor :hello:
We all make mistakes - that's why they put rubbers on the end of pencils
We all make mistakes - that's why they put rubbers on the end of pencils
0
Comments
-
What is the value of the property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
Property value is only currently around £174k.Jaelor :hello:
We all make mistakes - that's why they put rubbers on the end of pencils0 -
Are you on the lenders Standard VAriable Rate then, as opposed to a tracker/discounted rate?
Go back to to both of your current lenders and find out what is the best fixed rate that they can put you on - they should be able to offer you fixed rates, so that way you could have a little more certainty about your payments - without paying their high SVRI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
OK, so you're on a variable.
But is that the standard SVR? By my very blunt calculations, your rate is around 5%, so that sounds like you're already on a discounted variable.
To be honest, unless you're on the SVR, I don't think you'll get a better deal than the one you're on.
A long term fix with your outgoings probably wouldn't be any lower.
You need to hunker down and clear than secured loan. That is seriously damaging your affordability rating. But I'm sure you know that anyway.
Good luck!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.7K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.1K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.2K Mortgages, Homes & Bills
- 175.3K Life & Family
- 253.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards