Remortgage Guide Discussion

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Comments

  • Gareth_-_Friendly_Broker
    Gareth_-_Friendly_Broker Posts: 1 Newbie
    Hi

    Not really sure how to do this

    Not trying to get business

    I have used Martins site for some time, it helped me reclaim a huge amount of overdraft charges which really got me out of a hole at the time!!

    I just wanted to say that if anyone needs any help regarding their remortgage or purchase I will gladly assists with anything I can
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    Why would a money making machine (Bank) let people out of contracts for the hell of it? The % penalty is outlined in the offer and KFI or quotes depending on the age of the mortgage so how can you claim them back?
    :confused:
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    jaafarabomohbasim wrote: »
    Hi
    I wonder if you can advise me with regards to my second home remortgage
    I owe 35000 pounds on my second home and pay the full variable rate of 7.5% from halifax (repayment) at the moment.Can you advice me with a better offer including interst only option,
    Thanks and your help is much appreciated
    jaafar

    You can have a look for yourself on a website such as www.moneyfacts.co.uk
  • Cat_Woman_2
    Cat_Woman_2 Posts: 13 Forumite
    Help, not sure if I am posting this in right place but am trying to sort out my friends finances. Probem is that he remortgaged with The One Account borrowing 100k and then was made redundant for stess soon after. He tried to sort out his problems but it became too much for him and eventually he gave up and died - massive heart attck - I think because of the stress of knowing he couldn't afford to pay it all back. Now have contacted The One Account and they have frozen the account have told them all about my late friend's problems and say that I think there won't be enough money to pay everyone back so I asked them to stop adding the interest of £500 a month on to account and they have refused. Tried again this morning to see if they had rethought the situation but still no joy. This is going to take a while to sort everything out and his flat needs major work - ie new bathroom, new cooker and painted throughout to even to try and sell it - which at the moment is going to be difficult. Has anyone any ideas? Any solutions anyone. I do think that The One Account should not have loaned so much to him and think if they had contacted his employer they would have found out there were problems - and the actual amount loaned including was more than flat worth - help, please.
  • KittaKatta
    KittaKatta Posts: 64 Forumite
    First Post First Anniversary Combo Breaker
    The guide was great: we stepped into the property ladder a few years back being absolutely clueless, with a tracker mortgage with Abbey at +0.75% above the base rate. Last year, through L&C, we got a lifetime tracker with Woolwich at +0.18% and, looking at the market in recent months, we can't believe our luck (... in finding Martin at the right time with the right kind of information!!!). :beer:
  • The_Great_Dane
    The_Great_Dane Posts: 3 Newbie
    Me too we got a great deal nearly 2 years ago - it is running out in Feb. though - at least the bank's standard variable is manageable for now.
  • dunstonh
    dunstonh Posts: 116,358 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    at least the bank's standard variable is manageable for now.

    Its should be more than manageable. Most banks have their SVR at about 66% of the long term average rate (and the one everyone should at least be budgeting for as a minimum).

    If you cant afford that, then it is an indicator that you (not necessarily you but "you" in the greater sense) have over extended yourself.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mooboo1
    Mooboo1 Posts: 1 Newbie
    Dear Fellow MSE's,

    I bought a house in 2007 for £295,000 which is now worth £250,000 and this means I now have no equity at all. My fixed rate with Northern Rock is finishing in September and I have to go on their SVR. This is ok whilst interest rates are low but I would like to fix a rate as if interest rates went up by 3% I would be in trouble.

    The question I have is do people think that getting loan and using it to do a loft extension is sensible as it would increase the value of the house and I would be able to have a tenant who could pay some of the loan?

    I understand this is a risky strategy but what do people think?
  • bfgbilly
    bfgbilly Posts: 1 Newbie
    Mooboo1 wrote: »
    Dear Fellow MSE's,

    I bought a house in 2007 for £295,000 which is now worth £250,000 and this means I now have no equity at all. My fixed rate with Northern Rock is finishing in September and I have to go on their SVR. This is ok whilst interest rates are low but I would like to fix a rate as if interest rates went up by 3% I would be in trouble.

    The question I have is do people think that getting loan and using it to do a loft extension is sensible as it would increase the value of the house and I would be able to have a tenant who could pay some of the loan?

    I understand this is a risky strategy but what do people think?

    I think you should speak to more advisers and get more valuations done as there are a lot of ups and downs with many house valuations at present & Dont Spend any money on your house if ur already in the RED!
  • alth
    alth Posts: 5 Forumite
    Gareth_-_Friendly_Broker wrote: »
    Hi

    Not really sure how to do this

    Not trying to get business

    I have used Martins site for some time, it helped me reclaim a huge amount of overdraft charges which really got me out of a hole at the time!!

    I just wanted to say that if anyone needs any help regarding their remortgage or purchase I will gladly assists with anything I can
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Hi

    Im looking for some information - maybe you can advise...?

    I am currently on a fixed rate mortgage - around 6.19% until Aug 2010 (approx £680 per month). When next August comes will the rate automatically drop in line with current rates (at that time) ? To add complications.. I am about to start on a DMP so, by the time the rate is due to change is the mortgage company likely to want me to fix at a certain rate to cover themselves ? (even though if the rate is less then it is very unlikely that I would default on a payment at a lower premium as I havent missed one at this high rate).

    Any information would be helpful. Thanks !
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