Mortgage advice
- Thread starter townboy
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Hull_Mackem
Striker
Money saving expert probably a better source than here
Joe Public
Striker
Basic mortgage advice? Hie basic? Do you mean you want a mortgage adviser to give up their time to provide you with free advice?
The Continuing Story
Midfield
I used First Mortgage in Chester le Street. Genuinely were excellent and was a piece of piss. Couldn't recommend them enough
Deleted User 18963
New Member
townboy
Striker
Yup. Have a few questions that I am not sure I should be asking the mortgage advisor of my current lenders due to my situation.
Thanks for the advice so far
Stick your question on here mate. If it turns out to be complex, you’ll be told to speak to a qualified professional.
MonkeyLove
Striker
Absolutely f***ing shameless...
PTR
Striker
@Shirley Shammel is really helpful.
Charmless Man
Striker
Remortgaging to finance the import of sufficient cocaine to start a drug dealing empire is a big no no mate.
Hope this helps.
townboy
Striker
Damn right. That’s the whole point of a message board isn't it?
Ask for advice, if someone can help you out they comment... if they cannot, they don’t comment.
If someone asks for advice on something I know about, I comment.... or is it a meringue???
Tell us your query man, or nobody can help you.
I've recently moved house so the mortgage application process is fresh in my mind so will help you if I can. What do you want to know?
townboy
Striker
Got a house in the UK which I still owe quite a bit of money on. Had it 10 years so paid off some of it at least. Friends are currently renting the house off us. We informed the mortgage company of this at the time and they agreed to it for 2 years but increased our interest rate a little bit. After two years, we never heard from them so have just left it as it was...
Now I am wondering if I can get a better deal? Fix it, lower the number of years, do overpayments etc. However, I no longer live in UK... haven’t for 5 years. If I ask for advice off my current lender, they might realise that I am no longer a UK resident which could cause problems.
Joe Public
Striker
They will put you on a BTL rate and pull your pants down. Leave it as it is and just make overpayments, you can usually set these up online with most lenders.
townboy
Striker
Just as a suspected.
I am doing overpayments already. How do these work? Things were tight when I first got the mortgage. We went for 38 years (I know, I know). Will doing overpayments cut down the number of years I repay or the amount of cash I pay back each month? Will this reduce the amount of interest I repay?
Thanks
SeahamMackem
Winger
Every penny of your overpayments will go toward repaying the capital on the property. This will mean you have less of a mortgage to pay interest on each month, but will also reduce the term of the mortgage as a result. What you'll end up doing is saving a large amount of money, due to paying off the mortgage over a shorter term but also the fact from the second you overpay say £100, you'll not pay interest on that £100 for the rest of the mortgage term. It has a compounding effect.
The interest rate on the other hand is a potential banana skin. I'd need to know who you're mortgage is with, the value of the property and the loan outstanding in order to help. I'm sure you'd prefer to go over that via pm than on this thread.
I’d guess no for the rate, I think it’s common practice for high street banks to have uk customers only. However, if you’re on a standard variable rate, you might have the option to switch via your online banking.
What you could do, ring your provider up anomalously, say you’d like to ask a few generic questions & give them your circumstances, see what they say.
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