42
Striker
Do they? Surely you have to supply it to them. Which can be fudged.
Mortgage advice
- Thread starter TheWanderer
- Start date
Do they? Surely you have to supply it to them. Which can be fudged.
My dad had the deeds and everything from his house which I’ve still got even though we sold the house. Bills of sale and stuff.
The solicitor said we didn’t need to send them back, they weren’t arsed. And the buyer doesn’t seem fucked either. The paper copies obviously don't matter any more.
I’m just going to keep them. they are back to the 1920s.
the illustration covers a higher rate, back when rates were low I think it was somet like 9.5% and it gave you the monthly payment if they got that high, at the same time the stress rate for affordability was about 4.5%
sorry for bumping this old thread.
our mortgage is with the lloyds and just had a letter from them. it was a 10 year mortgage, we only have 4 years left on it and about £14k left to pay. it's fixed till april 2025.
this letter has got me a bit confused/vexed. it's an odd one because since the start we've paid the same amount every month and now they've said it's going to go down from £460 to £350ish. i suppose i should be pleased but i absolutely hate having debt and want to keep it the same to pay it off quicker. we've paid a couple of lumpers the last couple of years to bring it down. we've only done the biggest lumper that you can without penalty.
anyway, my question is why would they do this and can i get them to revert to the higher amount we've always paid? going to give them a ring tomorrow but any thoughts would be welcome.
our mortgage is with the lloyds and just had a letter from them. it was a 10 year mortgage, we only have 4 years left on it and about £14k left to pay. it's fixed till april 2025.
this letter has got me a bit confused/vexed. it's an odd one because since the start we've paid the same amount every month and now they've said it's going to go down from £460 to £350ish. i suppose i should be pleased but i absolutely hate having debt and want to keep it the same to pay it off quicker. we've paid a couple of lumpers the last couple of years to bring it down. we've only done the biggest lumper that you can without penalty.
anyway, my question is why would they do this and can i get them to revert to the higher amount we've always paid? going to give them a ring tomorrow but any thoughts would be welcome.
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Roker Mackem
Striker
Bit strange if it was a fixed rate that they would drop it?
The Butcher
Striker
YBS used to do it with me when mortgage renewed. Just up it again, no reason why not unless theres a max overpayment on it.
i know, i've read the letter and can't really fathom why.
there is a max overpayment on it (10%) that we've just paid at the weekend but it was done after this letter was sent out.
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You weren’t overpaying by a bit on your monthly amount? Your annual statement should show the capital amount remaining at the end of each month then the year. If you’d been overpaying they might have recalculated the remaining amount and adjusted the repayment schedule accordingly.
Some lenders will allow 10% annual lump sum as well as overpayments. Check with them if you have the option to push your payments back up again. If not, put the spare funds into the highest earning savings account you can find and build ahead of next planned lump sum. Presume you can do that during each product year.
no, never overpaid on the monthly amount. it's been a couple of lumpers that've been within the 10% of the total so as not to get penalised.
aye, they do allow 10%. tbh, i wonder and suspect that perhaps they just want us to see out the 4 years left?
AndrewP
Striker
Some lenders will decrease your payments when you overpay more than a certain amount at once.
If you’ve overpaid with a couple of lump payments that will have reduced the capital amount by more than the original schedule. They’ll have recalculated on the remaining amount. If you’re used to paying out your current amount and it’s within the allowed overpayment just change your direct debit back to the current amount.
I did that with ours and had no complaints from the mortgage provider.
Sounds like it’s this. They’ve reduced the monthly amount rather than the mortgage term when you’ve made the overpayment. Ring them and they will just put the d/d back to what it was to reduce the term.
googleboogle
Midfield
I’ve heard they have done this when they have over charged you for something at some point and it’s a way to even it out.
i'm ringing them tomorrow or the mrs is going to pop into the branch.
WASTID
Striker
Sounds like they're just trying to guarantee their own income.
By overpaying you should be reducing the term length and significantly reducing the amount of interest paid. Instead of adjusting the term after your lumper, they've clearly adjusted the payment so that you will keep paying until the end of the 4 years (and the interest keeps flowing in for them).
By overpaying you should be reducing the term length and significantly reducing the amount of interest paid. Instead of adjusting the term after your lumper, they've clearly adjusted the payment so that you will keep paying until the end of the 4 years (and the interest keeps flowing in for them).
42
Striker
To reduce the term, normally you have to specify that's what you want to do either by telling them direct or there might be a button to click on your online account.
It doesn't really make a difference keeping the term if you maintain the overpayments to the equivalent of a term reduction. And Personally think it's better to do this as it gives you greater flexibility should you need it.
The term doesn't reduce when you overpay (the lump sums), they just adjust the payments which obviously lowers the monthly cost so they still get their beloved interest.
STUMPY
Midfield
Looking for some advice from the wise SMBers as I have very little knowledge of mortgages, the only one I have ever had was for 18k under the right to buy scheme.
My daughter is looking to leave us and buy her own home in the next month or two, obviously 1st time buyer, buying on her own, has a good credit rating, no other debt, car fully paid for, has access to borrowing via a credit card or two but uses them and pays each month before accrues any interest, looking at a house around 150k and has 20k saved for a deposit.
Who should she use for a mortgage, I'm assuming due to her personal circumstances she would get an offer from her own bank or any main high street lender, but is it worth using an advisor/broker ? I always assumed these were mainly for people with poor credit ratings and who would struggle to get a mortgage off a high street lender ?
What other sort of fees will she be responsible for during the buying process and roughly how much will they be ? I'm assuming stuff like estate agents and any certificate fees are paid by the seller. I'm thinking solicitors fee, possibly a survey if we think it needs it ? Not sure if there's owt else.
Any help/advice greatly appreciated
My daughter is looking to leave us and buy her own home in the next month or two, obviously 1st time buyer, buying on her own, has a good credit rating, no other debt, car fully paid for, has access to borrowing via a credit card or two but uses them and pays each month before accrues any interest, looking at a house around 150k and has 20k saved for a deposit.
Who should she use for a mortgage, I'm assuming due to her personal circumstances she would get an offer from her own bank or any main high street lender, but is it worth using an advisor/broker ? I always assumed these were mainly for people with poor credit ratings and who would struggle to get a mortgage off a high street lender ?
What other sort of fees will she be responsible for during the buying process and roughly how much will they be ? I'm assuming stuff like estate agents and any certificate fees are paid by the seller. I'm thinking solicitors fee, possibly a survey if we think it needs it ? Not sure if there's owt else.
Any help/advice greatly appreciated
