Sten Guns Posted January 20, 2011 Share Posted January 20, 2011 Bought my first gaff Jan 2010, so just got my first years statement through the post. It's actually disgustingly depressing seeing how much you paid, and what actually came off the balance. Sad, sad day. Someone tell me it's worth it..... Please? Makes me wonder why I bothered now!!! How the hell did the banks **** themselves?! They must all be laughing with this mortgage malarky. Easy cash! Greed obviously......?! Baaaaah, I need a beer. Link to comment Share on other sites More sharing options...
Das Root Posted January 20, 2011 Share Posted January 20, 2011 Hope you got a deal, the banks are pulling their fixed rates in the assumption of a inflation busting rates rise. Going to be a year of repossessions ahead I'm afraid Link to comment Share on other sites More sharing options...
tokyowalnut Posted January 20, 2011 Share Posted January 20, 2011 I feel you're pain. I bought my 1st flat in June and it is slightly depressing seeing month to month how little of my repayments actually pay off the mortgage. Just the way of the world though, we know what we were signing up for! Better paying your own mortgage than someone elses by renting! Link to comment Share on other sites More sharing options...
Das Root Posted January 20, 2011 Share Posted January 20, 2011 I feel you're pain. I bought my 1st flat in June and it is slightly depressing seeing month to month how little of my repayments actually pay off the mortgage. Just the way of the world though, we know what we were signing up for! Better paying you're own mortgage than someone elses by renting! Technically you are renting off the bank. If your house doesn't rise in value then you end up selling at a loss. You also can't easily move unless you wish to rent out your house or sell it on. With the bubble bursting on property and not looking to change for the next 2yrs, renting is less hassle and less of a risk. Plus costs are low with folk just desparate to cover their mortgage and with a glut of properties available it's a renter's market Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted January 20, 2011 Share Posted January 20, 2011 'Mortgage' doesn't translate into 'death grip' in French for nothing! Link to comment Share on other sites More sharing options...
Mr Brightside Posted January 20, 2011 Share Posted January 20, 2011 Technically you are renting off the bank. If your house doesn't rise in value then you end up selling at a loss. You also can't easily move unless you wish to rent out your house or sell it on. With the bubble bursting on property and not looking to change for the next 2yrs, renting is less hassle and less of a risk. Plus costs are low with folk just desparate to cover their mortgage and with a glut of properties available it's a renter's market Got say I disagree with some of that. If you don't need to move within the next 2-4years it is a good time to buy as prices are low. Also as less people are able to afford mortgages more peole are forced to rent so the rental rates are going up, not many flats for rent are available for long. Link to comment Share on other sites More sharing options...
i8hibsh Posted January 20, 2011 Share Posted January 20, 2011 Bought my first gaff Jan 2010, so just got my first years statement through the post. It's actually disgustingly depressing seeing how much you paid, and what actually came off the balance. Sad, sad day. Someone tell me it's worth it..... Please? Makes me wonder why I bothered now!!! How the hell did the banks **** themselves?! They must all be laughing with this mortgage malarky. Easy cash! Greed obviously......?! Baaaaah, I need a beer. Sten did you pay a decent(ish) deposit? Link to comment Share on other sites More sharing options...
Sten Guns Posted January 20, 2011 Author Share Posted January 20, 2011 Sten did you pay a decent(ish) deposit? Yes, but technically no! 20% shared equity went down from Miller Homes. Plus 6% myself. So my LTV is 74%. Shared eq loan is interest free for 10 years. Link to comment Share on other sites More sharing options...
i8hibsh Posted January 20, 2011 Share Posted January 20, 2011 Yes, but technically no! 20% shared equity went down from Miller Homes. Plus 6% myself. So my LTV is 74%. Shared eq loan is interest free for 10 years. Link to comment Share on other sites More sharing options...
i8hibsh Posted January 20, 2011 Share Posted January 20, 2011 The shared equity thing has always intrigued me. I think it seems a good scheme (although can't substantiate that with personal experience). If you sell do Miller Homes get 20% of the profit? Is that right? I know a guy who had a shared equity scheme through the council and i'm pretty sure that was the script, but could be wrong as mortgages are not my bag. Link to comment Share on other sites More sharing options...
Sten Guns Posted January 20, 2011 Author Share Posted January 20, 2011 The shared equity thing has always intrigued me. I think it seems a good scheme (although can't substantiate that with personal experience). If you sell do Miller Homes get 20% of the profit? Is that right? I know a guy who had a shared equity scheme through the council and i'm pretty sure that was the script, but could be wrong as mortgages are not my bag. It was my only way to get on the ladder. And yeah your right, if I sell in say 5 years, making ?10,000, I owe them ?2000. 8k to me. Had I somehow got a 94% mortgage, my payments would have been much, much higher and I likely would have spent sheds loads more in interest alone, than the 20% profit Miller are entitled to. So yeah, it's good for first time buyers like myself. At the end of the day, 80% of something will be better than 100% of nothing. I simply could not have bought without it. Link to comment Share on other sites More sharing options...
BlackJAC? Posted January 20, 2011 Share Posted January 20, 2011 Got say I disagree with some of that. If you don't need to move within the next 2-4years it is a good time to buy as prices are low. Also as less people are able to afford mortgages more peole are forced to rent so the rental rates are going up, not many flats for rent are available for long. Technically, there's not less people that are able to afford mortgages, it's simply a case of the banks not lending irresponsibly like they did before all this shit happened. People borrowing outwith their means is what caused this shit in the first place. Getting a loan and being able to afford it are two completely different things. It's amazing how many people still go house hunting to this day without having even discussed the basics with the bank beforehand - like how much the bank is willing to lend 'em. Then they're miffed when the bank tell them they aren't getting 160k on their 18k-a-year salary. It's insane! To the OP - I've had my mortgage for around 13 years now and it's only now our monthly payments are making a noticeable difference. The fist few years you're basically paying for the interest. Link to comment Share on other sites More sharing options...
Daydream Believer Posted January 20, 2011 Share Posted January 20, 2011 Hope you got a deal, the banks are pulling their fixed rates in the assumption of a inflation busting rates rise. Going to be a year of repossessions ahead I'm afraid That's a blow. My fixed rate runs out in September and I only have about 85% loan to value. I suspect I am going to end up getting screwed. Link to comment Share on other sites More sharing options...
Jambof3tornado Posted January 20, 2011 Share Posted January 20, 2011 We are still on lloyds tsb's svr,2% above the bank of england base rate. Starting to get twitchy now thinking about a fixed rate but will hang on for a few months yet. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted January 20, 2011 Share Posted January 20, 2011 The shared equity thing has always intrigued me. I think it seems a good scheme (although can't substantiate that with personal experience). If you sell do Miller Homes get 20% of the profit? Is that right? I know a guy who had a shared equity scheme through the council and i'm pretty sure that was the script, but could be wrong as mortgages are not my bag. It wouldn't be a shared equity scheme through the council mate, it would be a "right to buy", as that's all the council generally offers. If it was through Link Housing then it could well be a shared equity scheme whereby you have to apply to be accepted, and you have to be a first time buyer. The idea behind it is that if Link Housing were to give you 30% as your deposit, then upon sale of the property they would be due 30% of the market value back again, it's a great way for first time buyers to get onto the property ladder with a very small deposit (you still need to stump up a minimum of 5% of your own cash as some sort of commitment) Then you have other housing associations who do a shared ownership scheme, which is entirely different. This entails the tenant being able to purchase a certain percentage of the property (say 25%) as their stake in the property, and pay a mortgage on that stake, however they also have to pay almost full rent for the 75% stake, and any building repairs have to be paid for by the tenant/part owner, I always think it's a bit of a con really as it can work out very expensive. As for interest rates, it's widely expected that these will rise by September, and that fixed rate mortgages will be like hens teeth, however the latter is heresay at the minute and is based on historical patterns. I agree with Mr Loverman above, if you purchase a property as a home to live in, and plan to stay there for a number of years, then now is a great time to buy because how prices are so low, however if you plan to purchase a property for investment value then you may need to wait a while to see any return, and could be out of pocket in the short term. Also, rental income for landlords is increasing all the time as the demand for rented properties has increased a hell of a lot with the current mortgage climate, simply because lenders have a much more responsible approach to their lending policies nowadays, however people with a clean credit rating should be able to obtain a decent enough level of borrowing power without too much to worry about. Lending has done a U turn though as lenders look for reasons not to lend any more, whereas in the past lenders would look for reasons to virtually give money to people. As for the OP's mortgage not coming down very quickly in the early years, I'm afraid this is the lenders way of having their cake and eating it really, all mortgages (apart from Muslim loans) are top heavy with interest, and virtually all you pay in the early years are interest. Once you start getting a few years into your mortgage however you start to notice the capital coming down a bit quicker. If anyone has any concerns about how little is coming off their mortgage, then drop me a PM and I'll be happy to send you an illustration showing exactly how much comes off each year so you can make head nor tail of it a little better for your own peace of mind, all I need is your amount outstanding, and the term of loan that is left and I'm able to throw together an illustration for you. Link to comment Share on other sites More sharing options...
Bigsmak Posted January 21, 2011 Share Posted January 21, 2011 Yea.. it can be depressing seeing how little comes off your mortgage each month. But you are paying the interest now and a tiny little bit of capital, and eventually, the capital will drop, you will pay less interest and more of the capital and after 25 years, all the capital will be gone. Although, I know people who are determined to be mortgage free. They pay into their Mortgage each month a little bit more than they have to. You need to check that there are no penalties for overpayments but if you can stick in an extra hundred or so pounds per month then that will all go towards the capital. Here is a great forum that will tell you all about it! All about becoming Mortgage free.. Lots of ideas and support there. http://forums.moneysavingexpert.com/forumdisplay.php?f=98 Link to comment Share on other sites More sharing options...
Jamboy81 Posted January 21, 2011 Share Posted January 21, 2011 It was my only way to get on the ladder. And yeah your right, if I sell in say 5 years, making ?10,000, I owe them ?2000. 8k to me. Had I somehow got a 94% mortgage, my payments would have been much, much higher and I likely would have spent sheds loads more in interest alone, than the 20% profit Miller are entitled to. So yeah, it's good for first time buyers like myself. At the end of the day, 80% of something will be better than 100% of nothing. I simply could not have bought without it. I done this with my first flat, when I sold it dunedin canmore took their cut and I ended up with a few grand profit. I then moved home to my parents for a year, after spending a couple of years paying a mortagage I had so much disposable cash I was saving over a grand a month. That's how I saved up a deposit for the house I live in now. Link to comment Share on other sites More sharing options...
269miles Posted January 21, 2011 Share Posted January 21, 2011 I feel you're pain. I bought my 1st flat in June and it is slightly depressing seeing month to month how little of my repayments actually pay off the mortgage. Just the way of the world though, we know what we were signing up for! Better paying your own mortgage than someone elses by renting! Increase your monthly payments - now. If you can't aford it now, how are you going to be able to afford the inevtiable rate increase when it comes. I'm sure most JKBers have been in your position - I know I have. Hopefully you won't be facing rates of 16% like we did under the previous Tory govt. Link to comment Share on other sites More sharing options...
mrmarkus1981 Posted January 21, 2011 Share Posted January 21, 2011 My wife and i got a 5 year fixed mortgage in the months before it all went breast skyward. If i had stuck with my old mortgage i'm sure i would have been paying pisspence per month, but as it turns out we are paying quite a bit.......i hope! God knows what it'll be like in 3 years when the term is up! Link to comment Share on other sites More sharing options...
jambo_man Posted January 21, 2011 Share Posted January 21, 2011 I went for my first morgage the other day and got offered ?96,000,that is with the shared equity thing ?23,000 short. House is valued at ?136,000. I have been renting for the past 3 years paying ?565 pm. I must admit mt credit in the past was not that great but in the last 3 years it has gone from poor to excellent. Even tho i am ?11,000 in debt it should make no difference,if i were to default on morgage payments the house would be taken off me so its a win win situation. The thing is you get these junkies who never work a day in their miserable stinking life's in and out of jail e.c.t e.c.t have more chance of getting a new home to "rebuild" their scabby life's than me and you. Now that is depressing Link to comment Share on other sites More sharing options...
JBHearts Posted January 21, 2011 Share Posted January 21, 2011 My fixed rate deal is up in spring. My loan to value will be around 85-87%. Am i likely to make a saving on my monthly payments if i enter into another fixed rate mortgage? Also, what is the likely std variable rate when the fixed term ends? Could I save that way or will it revert to what the std variable was when i entered the fp mortgage? Any help appreciated as this isn't my strong point as i'm sure you can tell. Link to comment Share on other sites More sharing options...
Craig Gordons Gloves Posted January 21, 2011 Share Posted January 21, 2011 I know how you feel, i got my annual statement from the bank this week along with the forms i need for US tax purposes. We've paid $6000 off the principal amount, and $18,000 interest in the past year - plus we pay additional on top of the monthly amount so it makes it even more depressing to see that tiny little chunk come off the principal. Oh, and the value of teh house had gone down 20% in 3 years when we remortgaged 18 months back Still glad we got on the ladder 10 years ago as i wouldn't want to be attempting it nowadays. Link to comment Share on other sites More sharing options...
Bigsmak Posted January 21, 2011 Share Posted January 21, 2011 My fixed rate deal is up in spring. My loan to value will be around 85-87%. Am i likely to make a saving on my monthly payments if i enter into another fixed rate mortgage? Also, what is the likely std variable rate when the fixed term ends? Could I save that way or will it revert to what the std variable was when i entered the fp mortgage? Any help appreciated as this isn't my strong point as i'm sure you can tell. See what happens in the spring. So the month before its due to run out, speak to someone. Link to comment Share on other sites More sharing options...
logie green Posted January 21, 2011 Share Posted January 21, 2011 See what happens in the spring. So the month before its due to run out, speak to someone. i spoke to my current mortgage company today (am on the svr at the moment) and have "booked" without obligation a fixed rate for the next 3 years. 4 months to take it up so if rates go up between now and then i can take the "booking" if they go down i can take the new rate. might be worth an early phone call for some folks. Link to comment Share on other sites More sharing options...
Sawdust Caesar Posted January 21, 2011 Share Posted January 21, 2011 My wife and i got a 5 year fixed mortgage in the months before it all went breast skyward. If i had stuck with my old mortgage i'm sure i would have been paying pisspence per month, but as it turns out we are paying quite a bit.......i hope! God knows what it'll be like in 3 years when the term is up! I did the same but maybe about 18 months before it all went pear-shaped, been told by a mortgage adviser than I am around ?450 a year worse off than if I had stayed on a mortgage on the base rate. The damn thing ends in May just in time for the interest rises, no doubt. Link to comment Share on other sites More sharing options...
Mr Brightside Posted January 21, 2011 Share Posted January 21, 2011 My fixed rate deal is up in spring. My loan to value will be around 85-87%. Am i likely to make a saving on my monthly payments if i enter into another fixed rate mortgage? Also, what is the likely std variable rate when the fixed term ends? Could I save that way or will it revert to what the std variable was when i entered the fp mortgage? Any help appreciated as this isn't my strong point as i'm sure you can tell. You can normally get a mortgage arranged 3 months prior to your existing running out so the earlier you look into it the better. A few people I know are getting 3.5 -4% above base rate which is 0.5% at the moment. Link to comment Share on other sites More sharing options...
blairdin Posted January 21, 2011 Share Posted January 21, 2011 It's squeaky bum time IMHO. I'm on the RBS SVR of 4% and have been for almost a year now, think my LTV is about 80% to 85%. I'm reluctant to remortgage and tie myself into a new deal for a period of years, as I am hoping against hope the market picks up and I can put my flat up for sale in the next 18 months or so. At the same time, if the housing market doesn't pick up then I'm worried interest rates will shoot up quickly and my mortgage payments with it. Where's Coppercrutch when you need him... Link to comment Share on other sites More sharing options...
Jambo83 Posted January 21, 2011 Share Posted January 21, 2011 I'm lucky enough to be on a staff rate with my employer which means I only pay the Bank of England base rate, which is obviously at the all time low of 0.5%, it was 4% when I took it out so I know, roughly, what it'll be when it goes back up again this year or next. Aslong as you budget fairly responsibly in advance, it'll help you a lot. As an underwriter i'm perhaps a bit geekier about this than most... For those who are looking to remortgage or transfer product, 80% LTV seems to be the general maximum for a decent product, those on 60% or less should be even better. Short term, quick fix solutions are extending the term or reverting to Interest Only, but wouldn't recommend this long term as it just delays and worsens the inevitable. Try your best to speak to someone with a neutral view on lenders / products, for the best deal. Some brokers like to use certain lenders because the fees they get for introducing the business are better than others. Always do your own research even if you are using a broker who you think is reputable, just so you know what figures / rates are reasonable or not. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted January 21, 2011 Share Posted January 21, 2011 My fixed rate deal is up in spring. My loan to value will be around 85-87%. Am i likely to make a saving on my monthly payments if i enter into another fixed rate mortgage? Because your loan to value is as high as it is, your really struggling to get a competitive fixed rate which will match up to your standard variable rate from your current lender mate (who is your lender?). The higher the loan to value, the higher the interest rates because the risk to the lender is greater should they need to repossess your property. Also, what is the likely std variable rate when the fixed term ends? Could I save that way or will it revert to what the std variable was when i entered the fp mortgage? Any help appreciated as this isn't my strong point as i'm sure you can tell. Don't worry about it mate, it's not many peoples strong point, most folk have a mortgage but don't know how it works etc, but I don't blame people for that because I couldn't walk into your job and know how to do it straight away, usually when I see people I explain how mortgages work so that they have much more clue the next time etc. As for your question about reverting to the standard variable rate (SVR) when you entered the fp mortgage, it doesn't work like that (that's a good thing just now). Once your fixed rate term ends, you will go onto whatever your lenders standard variable rate is sitting at at this moment in time, if you want to know what that will be then let me know who your lender is and I'll gladly let you know your rate mate. Also, no one knows whether the rates will be he same in the spring time or not, although the financial experts are predicting that rates will start rising around September (ish), but it's really anyone's guess. Hope this helps mate i spoke to my current mortgage company today (am on the svr at the moment) and have "booked" without obligation a fixed rate for the next 3 years. 4 months to take it up so if rates go up between now and then i can take the "booking" if they go down i can take the new rate. might be worth an early phone call for some folks. You're in a lucky position with your lender as not all lenders will do this, some lenders are sending out letters telling them to find an alternative lender and sending clients into a panic, it's wrong, especially when no one can force you to go with another lender unless they sell their entire book to another lender (Like AMP Pearl did when they sold their mortgage book to Newcastle BS a few years back) It's a good little arrangement you have there mate. I did the same but maybe about 18 months before it all went pear-shaped, been told by a mortgage adviser than I am around ?450 a year worse off than if I had stayed on a mortgage on the base rate. The damn thing ends in May just in time for the interest rises, no doubt. I have a funny feeling you may just sneak in with a cheeky wee rate before things start to rise, but if you're mega worried about it then speak to an adviser about it who can book you a rate in advance like above, around 3 months in advance is always a good time to get someone in. It's squeaky bum time IMHO. I'm on the RBS SVR of 4% and have been for almost a year now, think my LTV is about 80% to 85%. I'm reluctant to remortgage and tie myself into a new deal for a period of years, as I am hoping against hope the market picks up and I can put my flat up for sale in the next 18 months or so. At the same time, if the housing market doesn't pick up then I'm worried interest rates will shoot up quickly and my mortgage payments with it. Where's Coppercrutch when you need him... Would you be planning to sell and purchase somewhere else? If so, then if you tied yourself in to another deal then you need to make sure your mortgage is "portable". What this means is that you can transfer your new mortgage over to a new property without having to suffer the early redemption charges, and as long as the new property you're going for has a larger mortgage than the one you currently have, then no penalties would be incurred, however if the mortgage was smaller then there would be a charge of 10% (ie, if your current mortgage is ?100k, and your new mortgage is only ?90k, then the difference is ?10k, and you would suffer a 10% penalty on the ?10k only which would be ?1k) If your planning to sell up and rent however, then ignore the above Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted January 21, 2011 Share Posted January 21, 2011 As an underwriter i'm perhaps a bit geekier about this than most... Aha! I've found one! I thought you guys locked yourselves in darkened rooms all day long and only came out for food! For those who are looking to remortgage or transfer product, 80% LTV seems to be the general maximum for a decent product, those on 60% or less should be even better. I tend to find that 75% loan to value across the board is where the "better" deals start coming in mate, I'm whole of market (although there are sometimes direct deals which are better) so deal with almost all lenders apart from the ones who only lend in England and Wales (pesky buggers), but to open up even cheaper rates again you generally have to drop below the 60% loan to value as you say Try your best to speak to someone with a neutral view on lenders / products, for the best deal. Some brokers like to use certain lenders because the fees they get for introducing the business are better than others. I can safely say that's not the way I work, although I can see where you're coming from. I use a mortgage sourcing system (Trigold) which sources the cheapest products available to the clients, and I filter these products down for what is most suitable for the client. Once I've filtered the products down (it used to be 2-3000 four years ago, now it's under 100) then I recommend the lender which comes out with the cheapest monthly payments, and if I don't do that then I need a damn good reason for not doing that as my compliance officer will haul me over the coals, thankfully I've never given him a need to do that though. Oh, who do you work for mate, just for future reference Link to comment Share on other sites More sharing options...
Beats Posted January 21, 2011 Share Posted January 21, 2011 Listen to John.The man talks sense and knows his stuff (Not about Football though ) Sorted me out with stuff in the past and a good guy as well Although he is a bit gay Link to comment Share on other sites More sharing options...
Jambo83 Posted January 21, 2011 Share Posted January 21, 2011 Aha! I've found one! I thought you guys locked yourselves in darkened rooms all day long and only came out for food! Ha! Why do people in the sales side always have cheeky comments about us?! I'm a good guy! I tend to find that 75% loan to value across the board is where the "better" deals start coming in mate, I'm whole of market (although there are sometimes direct deals which are better) so deal with almost all lenders apart from the ones who only lend in England and Wales (pesky buggers), but to open up even cheaper rates again you generally have to drop below the 60% loan to value as you say I can safely say that's not the way I work, although I can see where you're coming from. I use a mortgage sourcing system (Trigold) which sources the cheapest products available to the clients, and I filter these products down for what is most suitable for the client. Once I've filtered the products down (it used to be 2-3000 four years ago, now it's under 100) then I recommend the lender which comes out with the cheapest monthly payments, and if I don't do that then I need a damn good reason for not doing that as my compliance officer will haul me over the coals, thankfully I've never given him a need to do that though. Oh, who do you work for mate, just for future reference Intelligent FInance / St James's Place Bank and more recently Halifax. Link to comment Share on other sites More sharing options...
blairdin Posted January 21, 2011 Share Posted January 21, 2011 Would you be planning to sell and purchase somewhere else? If so, then if you tied yourself in to another deal then you need to make sure your mortgage is "portable". What this means is that you can transfer your new mortgage over to a new property without having to suffer the early redemption charges, and as long as the new property you're going for has a larger mortgage than the one you currently have, then no penalties would be incurred, however if the mortgage was smaller then there would be a charge of 10% (ie, if your current mortgage is ?100k, and your new mortgage is only ?90k, then the difference is ?10k, and you would suffer a 10% penalty on the ?10k only which would be ?1k) If your planning to sell up and rent however, then ignore the above I thought/hoped you'd be keeping an eye on this. I'm keeping my options open, but sell and rent is probably my favoured option when the time comes unless I have somebody gulliable enough to share a mortgage with me by then! If I decide to remortgage, you'll be the first to know mate. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted January 21, 2011 Share Posted January 21, 2011 Listen to John.The man talks sense and knows his stuff (Not about Football though ) Sorted me out with stuff in the past and a good guy as well Although he is a bit gay Ha ha, cheers ya git! I've told you I'm not gay, it's only my boyfriend that is! (The above was a joke, I'm married really) Intelligent FInance / St James's Place Bank and more recently Halifax. Gotcha, always handy to have someone to lean on in the inside, to be fair though, the Halifax are probably one of the easiest lenders we have to deal with now that A&L are defunct and have turned into the abomination that is Santander, don't get me started about them! I thought/hoped you'd be keeping an eye on this. I'm keeping my options open, but sell and rent is probably my favoured option when the time comes unless I have somebody gulliable enough to share a mortgage with me by then! If I decide to remortgage, you'll be the first to know mate. Glad to hear it mate, you always know where to find me Link to comment Share on other sites More sharing options...
Jambo83 Posted January 21, 2011 Share Posted January 21, 2011 Gotcha, always handy to have someone to lean on in the inside, to be fair though, the Halifax are probably one of the easiest lenders we have to deal with now that A&L are defunct and have turned into the abomination that is Santander, don't get me started about them! Got to be honest and say i'm pretty ignorant when it comes to other lenders, however someone just slated them the other day funnily enough. Strangely enough, I mostly work on cases placed by Scotland and / or North East brokers, so our paths may cross... will keep an eye open, unless your KB name ain't your real name! Link to comment Share on other sites More sharing options...
Beats Posted January 21, 2011 Share Posted January 21, 2011 Got to be honest and say i'm pretty ignorant when it comes to other lenders, however someone just slated them the other day funnily enough. Strangely enough, I mostly work on cases placed by Scotland and / or North East brokers, so our paths may cross... will keep an eye open, unless your KB name ain't your real name! His boyfriend calls him Roxanne Link to comment Share on other sites More sharing options...
Jambo83 Posted January 21, 2011 Share Posted January 21, 2011 His boyfriend calls him Roxanne Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted January 21, 2011 Share Posted January 21, 2011 Got to be honest and say i'm pretty ignorant when it comes to other lenders, however someone just slated them the other day funnily enough. Strangely enough, I mostly work on cases placed by Scotland and / or North East brokers, so our paths may cross... will keep an eye open, unless your KB name ain't your real name! Nope, that's my real name mate, so keep an eye out His boyfriend calls him Roxanne Only on a Sunday, the rest of the week I'm called Roxy Link to comment Share on other sites More sharing options...
JBHearts Posted January 22, 2011 Share Posted January 22, 2011 Because your loan to value is as high as it is, your really struggling to get a competitive fixed rate which will match up to your standard variable rate from your current lender mate (who is your lender?). The higher the loan to value, the higher the interest rates because the risk to the lender is greater should they need to repossess your property. Don't worry about it mate, it's not many peoples strong point, most folk have a mortgage but don't know how it works etc, but I don't blame people for that because I couldn't walk into your job and know how to do it straight away, usually when I see people I explain how mortgages work so that they have much more clue the next time etc. As for your question about reverting to the standard variable rate (SVR) when you entered the fp mortgage, it doesn't work like that (that's a good thing just now). Once your fixed rate term ends, you will go onto whatever your lenders standard variable rate is sitting at at this moment in time, if you want to know what that will be then let me know who your lender is and I'll gladly let you know your rate mate. Also, no one knows whether the rates will be he same in the spring time or not, although the financial experts are predicting that rates will start rising around September (ish), but it's really anyone's guess. Hope this helps mate Thanks for everything Looking at my mortgage statements over the years, it would appear that the svr with my lender is 3% above the BOE base rate. Hopefully, I'll be able to save a few quid when my fixed rate mortgage ends, even if it is only in the short term. Cheers again John. Link to comment Share on other sites More sharing options...
Bigsmak Posted January 22, 2011 Share Posted January 22, 2011 Thanks for everything Looking at my mortgage statements over the years, it would appear that the svr with my lender is 3% above the BOE base rate. Hopefully, I'll be able to save a few quid when my fixed rate mortgage ends, even if it is only in the short term. Cheers again John. Save a few quid.. Every penny you save when the rates go down, why not pay in to your mortgage. that money will pay off the capital and when the rates go up again as they will you will not be hit like you would if you had not done this. Link to comment Share on other sites More sharing options...
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