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Talk to me about mortgages - Part 2
- Thread starter Sir BoD
- Start date
tek-monkey
wanna see my snake?
Good, just walk away. Don't get attached to something you've only seen for 10 minutes.
An ex of mines dad got gazumped on a property, but they very nicely game him a chance to increase his offer. He declined, but they offered it to him again several times. They then came back and said the new buyer had pulled out so he could have it at the original price agreed, he refused, the house remained unsold for nearly 6 months. No idea if they were taking the pee but he said he didn't trust the estate agent.
You know, that's exactly what I'm expecting to happen next. If they do come back to me, I may just put a lower offer than my one that was originally accepted.
tek-monkey
wanna see my snake?
Just say something else has caught your eye and devalued that one, and thank them for giving you the inclination to look around a bit more before making such a commitment. You're just waiting to hear on the other one but they said it'd be within 48 hours......
John Marwood
I ♥ cryptic crosswords
Mallard Walk?
Yes, but I am having physio.
John Marwood
I ♥ cryptic crosswords
Love you
tek-monkey
wanna see my snake?
Tried to get a remortgage again, closest I could get with a decent fix was nearly 3%. Thats still way less than the 5.29% I am on! Talked to a broker last night and just come off the phone with them, they can get me a 5 year fix at 2.29% with a £999 fee. Think I'm going to go for it, thats only £26 a month more than I pay now to buy the entire house rather than 60%! There was a 2 year that was £40 a month cheaper but I'm a bit of a scaredy cat with these things, knew someone that was royally screwed by the 90s bubble and it's left me wanting security.
John Marwood
I ♥ cryptic crosswords
10 year mortgage - fixed at 1.5%
France
France
tek-monkey
wanna see my snake?
Yeah, but they have French people living there!
Cue
Well-Known Forumite
£999! My broker only charged me £500 and that was for a first time buyer in a horribly restrictive situation: sole trader, only two year's accounts, only one decent year of accounts, partner can't be on the mortgage.
tek-monkey
wanna see my snake?
Lucy
Well-Known Forumite
Do some online comparisons, I would think you'll get something with a lower fee. Check if it includes conveyancing and valuation too, as that has to be done. Sometimes those with higher ratea are cheaper if they have no product fee, Google have a comparison spreadsheet I think, or I can dig the one I built when we re-mortgaged out and share if you need. What's your LTV? Tesco have some decent rates if you are below 85%.
tek-monkey
wanna see my snake?
I'm about 83%, but it's not a straight remortgage as I am borrowing extra to my original and they need to be happy dealing with the government scheme I used to buy. Almost wish I'd never bothered, its been very restrictive. I was supposed to be able to staircase my buy backs but nobody will touch me with a bargepole unless I completely pay it off.
TBH if they can get me the 2.29% I'm happy with it, best I've been offered so far was just over 3%. Seen deals as low as 1.7% but couldn't get it as they didn't allow extra funds to be borrowed on top. Was offered 1.59% if I only fixed for 2 years but then the mortgage fee over just 2 years nearly outweighed the difference with the 5 year fix and like I said I'm a bit paranoid. I like to know what I owe.
tek-monkey
wanna see my snake?
Well nobody will lend more than 80% if I want to release equity (and what I have is an equity loan I need to repay), and the government lot just refused my valuation as the surveyor missed out a few things that were in the requirements spec I sent them (this is the second lot of amendments, already had one lot I spotted) so I'm now 21 days after valuation with no idea how much I really owe or therefore what my LTV will be.
Its still possible, but I only have 90 days from the start of the process to have everything finalised. This is looking like a bit of a bugger, I can easily afford it as I pay more now with the overpayments I've made every month for 7 years.
Its still possible, but I only have 90 days from the start of the process to have everything finalised. This is looking like a bit of a bugger, I can easily afford it as I pay more now with the overpayments I've made every month for 7 years.
tek-monkey
wanna see my snake?
Things are looking positive. Went through an online lot called habito, after filling in some details and having a chat they said we could proceed. Had an agreement in principal, 2.39% for 5 years with no fees. The bank they are using allow equity release if it is to buy out a government scheme, they just treat you as a normal lender. Sent in my ID documents around 7 last night and had a call from a surveyor at 9 this morning asking if they can come round on Monday.
Now I guess I need a solicitor!
Now I guess I need a solicitor!
Last edited:
tek-monkey
wanna see my snake?
Just had a text to say the bank has approved my mortgage, hopefully be sorted soon
John Marwood
I ♥ cryptic crosswords
tek-monkey
wanna see my snake?
As long as I get the deal they said I'm happy, it's much better than I'm on now. The bank just agreed it, 2.39% for 5 years with no fees and free legal other than the equity release charge. My payments will be £23 more a month for 100% of the house than they were for 60%, on a similar term (new mortgage 20 years, been here 8 so effective full term 28). As I had no deposit I'll take that, with overpayments I have about 83% LTV currently which while not ideal are better than renting. If I match the old overpayments I'll be clear in plenty of time for the government to take it back off me to fund my care in a shithole private care home probably run by G4S.