Mortgages

[ger_ryan22]

Some good news in this recession hit world we live in, got a letter today from Northern Rock to say our fixed term deal ends in Oct and we're reverting to their SVR which is 4.79%, down from 7.15%, saving ourselves £204 per month! :D

F*cking delighted.

Anyone else on a similar deal?

[Where'sHeggem?]

Some good news in this recession hit world we live in, got a letter today from Northern Rock to say our fixed term deal ends in Oct and we're reverting to their SVR which is 4.79%, down from 7.15%, saving ourselves £204 per month! :D

F*cking delighted.

Anyone else on a similar deal?

Fuck me! Your fixed rate deal was 7.15%? Jesus.

Anyway, good on yer. Thats a pretty hefty saving dear boy.

[NeverOffside]

Good news. I agree 7.15% is a hefty fixed rate, but people do forget how high rates have been. Fixed rate is always a little higher aswell.

Mine has been on variable since we took it out, which was 12 years ago now. It's now only £350 or so. Fuck all really.

Our house is on the market though, so we're on the lookout for good mortgage deals right now. We have a fair deposit so we should be fine.

[ger_ryan22]

Good luck Nev, I think you're in a better position than 12 months ago.

We literally took out one of the last Together mortgages with NR a week before they announced they'd cocked everything up! We got in on the property ladder by the skin of our teeth, as you can imagine, 7.15% was the best we could hope for with a 100% mortgage. We're paying £886 per month now which will go down to £682 in Oct. It's a massive saving in a month and one which is very welcome considering the new addition to the clan! ;) Them nappies aint gonna pay for themselves!

The Post Office and RBS want to chat to us about remortgaging deals in July so we're going to listen to them but is it possible to get something better when we haven't even got a deposit? I'd gladly pay the Post Office £600 a month if they'd take over our NR mortgage but I'm not sure if they'd offer us anything really.

Chi-Ching!

[fwd_fish]

I have an all-in-one type mortgage which tracks. In recent months I have sometimes paid less than £10 interest. I am fucking jammy sometimes.

[ger_ryan22]

I have an all-in-one type mortgage which tracks. In recent months I have sometimes paid less than £10 interest. I am fucking jammy sometimes.

I wish :(

[dundee red]

Good luck Nev, I think you're in a better position than 12 months ago.

We literally took out one of the last Together mortgages with NR a week before they announced they'd cocked everything up! We got in on the property ladder by the skin of our teeth, as you can imagine, 7.15% was the best we could hope for with a 100% mortgage. We're paying £886 per month now which will go down to £682 in Oct. It's a massive saving in a month and one which is very welcome considering the new addition to the clan! ;) Them nappies aint gonna pay for themselves!

The Post Office and RBS want to chat to us about remortgaging deals in July so we're going to listen to them but is it possible to get something better when we haven't even got a deposit? I'd gladly pay the Post Office £600 a month if they'd take over our NR mortgage but I'm not sure if they'd offer us anything really.

Chi-Ching!

If your on the market at the present moment then you wont need a deposit for another mortgage. It now then goes on your wages if they can offer you the amount that you require.

I'm just back in employment and dreading remortgaging because I don't earn as much as I did when I bought the house. It may be a case of sitting and waiting until either the interest rates goes up, ours would drop about £300 a month - paying roughly what you are aswell scarily - if we stick with the company that we have just now, RBS. IF it came down to the interest rates going up then it will have to be looked into because the last time I remortgage I just was able to but both our incomes have dropped considerably over the last 12 months. Until then I may just stick and see what happens. £300 would cover a trip down every month, not that my wife would see that!!

[redmaurader]

Some good news in this recession hit world we live in, got a letter today from Northern Rock to say our fixed term deal ends in Oct and we're reverting to their SVR which is 4.79%, down from 7.15%, saving ourselves £204 per month! :D

F*cking delighted.

Anyone else on a similar deal?

What you dont want to hear now is that intrest rates are due to sky rocket before the end of the year.

[ger_ryan22]

What you dont want to hear now is that intrest rates are due to sky rocket before the end of the year.

Where did you hear that? :(

[redmaurader]

Where did you hear that? :(

no i meant thats what you dont want to hear, sorry for the confusion :o

[ger_ryan22]

no i meant thats what you dont want to hear, sorry for the confusion :o

Oh right! Yeah you're right indeed, that would be a disaster. If I can negotiate a fixed rate of around 4.5% with someone else then I'd probably take it. Dont know what the SVR will be in a years time! :(

[Jonboy]

The interest rate will start climbing again when we start to come out of the recession as a way to keep inflation in check. At the moment prices are holding or dropping on most things that make up the RPI, when they start to climb again is when you need to get a fixed rate deal.

[kemlynreds]

be cheeky and ask northern rock if they will pay you to take your mortgage elsewhere, you may get a couple of grand out of it

[scaton]

Are there any decent buy to lets at the moment? I rent my place out while I live overseas, and my fixed rate is about to expire, and they'll only put me on the 'investment' rate SVR which is higher than I currently pay (5.59%).

Its annoying, as it isn't really an investment property, its just a temporary arrangement. But as soon as I tick the box that says I'm not an owner occupier, I get hammered on the rate. :*(

[chimlie3]

Are there any decent buy to lets at the moment? I rent my place out while I live overseas, and my fixed rate is about to expire, and they'll only put me on the 'investment' rate SVR which is higher than I currently pay (5.59%).

Its annoying, as it isn't really an investment property, its just a temporary arrangement. But as soon as I tick the box that says I'm not an owner occupier, I get hammered on the rate. :*(

I'm a mortgage adviser for one of the big uns and our best rate is 5.69% with £2k fee for buy to lets! Not a great deal out there at the minute as its a risky corner of the market.

Not in the armed forces i take it?

[scaton]

No chance. I'm scared of dogs, let alone guns.

Is that a fixed deal, or variable? The other complexity here is that its on the market for sale, as my family has expanded since we've been away, so I want something I can get out of relatively cheaply if I'm lucky enough to off load it.

Would it be viewed better, or even worse, if its vacant? That is its current position, as I don't want a long-term tenant in while I'm trying to sell it.

I know you're not at work right now - so feel free to ignore all my questions!

[chimlie3]

No chance. I'm scared of dogs, let alone guns.

Is that a fixed deal, or variable? The other complexity here is that its on the market for sale, as my family has expanded since we've been away, so I want something I can get out of relatively cheaply if I'm lucky enough to off load it.

Would it be viewed better, or even worse, if its vacant? That is its current position, as I don't want a long-term tenant in while I'm trying to sell it.

I know you're not at work right now - so feel free to ignore all my questions!


Its fixed mate, so unless you're buying somewhere else straight away and can 'port' it to your new property you'll get charged 3% to come out of it. Also, most lenders won't remortgage if they know the property's up for sale, so you'd need to take it off the market whilst its all going through.

If the property's empty we (and i guess most other big lenders) wouldn't complete until you'd got a tenancy agreement in place.

You're best bet is probably to stick on that SVR as it gives you more options and provided interest rates don't soar, which is unlikely in the short term, it'll work out cheaper (if you include a 2k fee plus 3% early repayment charges!).

Your final option is to lie to a prospective new lender and tell them it wont be rented out, get a normal mortgage, and a few months later ring them and say 'shucks, it turns out my circumstances have changed and i'm having to rent it out, is that ok, and invariably they'll say yes and charge you a smallish admin fee. Of course, i couldnt possibly suggest you do that, no siree.

[luca brasi]

Our deal ends in August. According to our financial advisor we will have to stay with our current lender (a 2 year fixed rate that will cost us £145 more a month than current payment) because the value of our house remains what it was when we bought 2 years ago- this is apparently still classed as negative equity.

Can anyone confirm that this is true for me please?

[chimlie3]

Our deal ends in August. According to our financial advisor we will have to stay with our current lender (a 2 year fixed rate that will cost us £145 more a month than current payment) because the value of our house remains what it was when we bought 2 years ago- this is apparently still classed as negative equity.

Can anyone confirm that this is true for me please?

He probably just means that if you didn't put much deposit down when you bought the property, because prices have fallen you're in the same position of equity or maybe slightly lower than you were. However, it entirely depends on how much you owe on your mortgage compared to how much your property is worth, known as loan to value. Work this out as a percentage, anything less than 75% and there are some great deals out there now that you could take advantage of. Anything more than 75% then the rates are a bit higher but still worth a look if you're the type that prefers to fix the rate rather than chance the variable rate.

[luca brasi]

Loan to value is currently shite, new deal is fixed which considering interest rate is bound to start creeping back up may not be a bad thing.

Thank you, you made that somewhat easier to understand than my financial person did.

[takefive]

Mortgage last month £892.

Mortgage this month £624.

I am absolutley made up!

[ger_ryan22]

Mortgage last month £892.

Mortgage this month £624.

I am absolutley made up!

Nice one mate, I'm hoping for that too come October :)

[LFC vs PFC]

I remortgaged with Nationwide last September, and saved over £100 quid a month, £880 to £760 fixed rate for 5 years at 5.73%. Initially I had a 100% mortgage, but as my house went up in value in the first 3 years, I ended up getting an 80% one.
Stoked for you though that you got such a big chunk off your payments each month, especially with the little one at home. Nice one.

[ger_ryan22]

I remortgaged with Nationwide last September, and saved over £100 quid a month, £880 to £760 fixed rate for 5 years at 5.73%. Initially I had a 100% mortgage, but as my house went up in value in the first 3 years, I ended up getting an 80% one.
Stoked for you though that you got such a big chunk off your payments each month, especially with the little one at home. Nice one.

Cheers mate, any little bit helps at this stage! :)