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Author Changing mortgages
Ally
Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
27th Apr 07 at 09:03   View User's Profile U2U Member Reply With Quote

I had a 2 year deal with my current company, ends in December 2007 so i've gotta switch at the end of this year

anyone done this before, i dont know where to start
--Dave--
Banned

Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
27th Apr 07 at 09:26   View User's Profile U2U Member Reply With Quote

more often than not your mortgage lenders will call you Ally. If not you can ring them beforehand to discuss remortgage options and look at any better deals they have out.

Or switch completely of course.
Fee
Member

Registered: 16th Nov 05
Location: With AK
User status: Offline
27th Apr 07 at 09:47   View User's Profile U2U Member Reply With Quote

your lender won't get in touch about it
they want you to start paying the increased rate

best to speak to an independant advisor about the best remortgaging deals
AK
Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
27th Apr 07 at 09:52   View User's Profile U2U Member Reply With Quote

do you have to get another valuation done to re-mortage?

and if the value is higher do you then get better rates, and its less a % you are borrowing?
Fee
Member

Registered: 16th Nov 05
Location: With AK
User status: Offline
27th Apr 07 at 09:55   View User's Profile U2U Member Reply With Quote

most will want a valuation, but I'm sure that you could just rely on your previous one if it wasn't too long ago.
It's better to get it revalued though cos chances are the value will have increased, in which case, yes, you should get a better rate, or you can get a larger mortgage and get a few thousand cash back for yourself
Ally
Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
27th Apr 07 at 10:21   View User's Profile U2U Member Reply With Quote

Will deffo get it revalued as we have rennovated it, if i get it revalued at its gone up 15k, could i have 2k cash back or somthing?

Confusing, im not looking forward to doing this
Fee
Member

Registered: 16th Nov 05
Location: With AK
User status: Offline
27th Apr 07 at 10:32   View User's Profile U2U Member Reply With Quote

Yes

Say if you bought your house originally for 100,000, and took out a 90% mortgage (so 90,000)
You get it revalued at 115,000
You're 90,000 mortgage would then be 78% of the value of the house

You can choose just to get a mortgage for 90,000, the full amount would go to pay off your existing mortgage, and you would get a better rate as you would essentially have a 22% deposit,

or you could choose to take out another 90% mortgage of the new valuation, so 103,500....you pay off the old mortgage and get about 13,000 to you

or an 85% mortgage, or a 95% mortgage, or whatever you choose...

ken

[Edited on 27-04-2007 by Fee]
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
27th Apr 07 at 10:47   View User's Profile U2U Member Reply With Quote

Fee, do it for me

I'll give you some party rings and a special hat
--Dave--
Banned

Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
27th Apr 07 at 11:14   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Fee
your lender won't get in touch about it
they want you to start paying the increased rate

best to speak to an independant advisor about the best remortgaging deals


Northern Rock do
--Dave--
Banned

Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
27th Apr 07 at 11:15   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ally
Will deffo get it revalued as we have rennovated it, if i get it revalued at its gone up 15k, could i have 2k cash back or somthing?

Confusing, im not looking forward to doing this


well worth getting it re-valued Ally. Doesn't cost anything and it's good to know how much your property is actually worth!!!

In just over a year ours went up by 17k.
C2RL R
Member

Registered: 28th Mar 02
Location: Redcliffe, QLD
User status: Offline
27th Apr 07 at 11:59   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Fee
Yes

Say if you bought your house originally for 100,000, and took out a 90% mortgage (so 90,000)
You get it revalued at 115,000
You're 90,000 mortgage would then be 78% of the value of the house

You can choose just to get a mortgage for 90,000, the full amount would go to pay off your existing mortgage, and you would get a better rate as you would essentially have a 22% deposit,

or you could choose to take out another 90% mortgage of the new valuation, so 103,500....you pay off the old mortgage and get about 13,000 to you

or an 85% mortgage, or a 95% mortgage, or whatever you choose...

ken

[Edited on 27-04-2007 by Fee]


Good info there matey, i feel i may be looking into this shortly.
GT4Brody
Member

Registered: 26th Sep 01
Location: south
User status: Offline
27th Apr 07 at 17:33   View User's Profile U2U Member Reply With Quote

The more you borrow, cash back etc, the nore you have to pay back. best thing to do is pay more off each month, you would be surpised how much you save in the long run(because of interest) and how many years you take off the mortage.
I took 7 years off mine just by paying 50 a month extra!!
Kerry
Member

Registered: 5th Oct 01
Location: Norwich
User status: Offline
27th Apr 07 at 19:18   View User's Profile U2U Member Reply With Quote

alot of lenders do a fee free remortgage which will cover any legal fees and valuation!!

go and see a financial advisor ally.

99% of them are free and they can usually get a better deal

RBS are doing 5.39% on a remort at the min through financial advisors
Ian
Site Administrator

Avatar

Registered: 28th Aug 99
Location: Liverpool
User status: Online
28th Apr 07 at 01:16   View Garage View User's Profile U2U Member Reply With Quote

Is that fixed Kerry?

I'm on 5.39% at the moment due to finish in July, could do with staying on it compared to current rates.

Also what is LTV for that product?


Corsa B lap belts required
jaffa
Member

Registered: 27th Mar 00
Location: Stoke-on-Trent
User status: Offline
28th Apr 07 at 08:22   View User's Profile U2U Member Reply With Quote

I had massive problem when switching mine, I was with the chelsea and decided Britannia was better, phoned the chelsea and asked how much I would need to pay of the mortgage as was moving. Was told so arranged the mortgage for that amount.

Telphone call few weeks later when it was supposed to be coming through and the amount was short by nearly 600. Phoned the chelsea up and they said I was quoted the balance not the redmeption fee and that they don't give the redemption fee out over the phone. I said fair nough but why wasn't I told that at the time. No real answer to that. Turned out I was 600 out as they had sent the figure one day before I had payed my monthly amount. I had to pay 25 quid to get another, accurate, figure sent to the Britannia and pay the rest myself.

So my advice would be tomake sure the figure quoted from your current lender is the redemption figure (if this is possible) or ask for more than the balance to cover yourself.
Kerry
Member

Registered: 5th Oct 01
Location: Norwich
User status: Offline
28th Apr 07 at 08:37   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
Is that fixed Kerry?

I'm on 5.39% at the moment due to finish in July, could do with staying on it compared to current rates.

Also what is LTV for that product?


its a 2 year fixed and is up to 95% but its only available through FA's and has to be submitted online by them on www.rbsip.com

link to product here

http://www.rbsip.com/first-active-03.asp?page=FIRST-ACTIVE/PRODUCTS/FIXED-RATE/2YR-699-ONLINE

there is also an arrangement fee but it can be added to the borrowing

[Edited on 28-04-2007 by Kerry]
Ian
Site Administrator

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Registered: 28th Aug 99
Location: Liverpool
User status: Online
1st May 07 at 00:22   View Garage View User's Profile U2U Member Reply With Quote

I need to do something with mine.

699 fee though. They may as well just quote higher interest rate in the first place.


Corsa B lap belts required
Kerry
Member

Registered: 5th Oct 01
Location: Norwich
User status: Offline
2nd May 07 at 09:42   View User's Profile U2U Member Reply With Quote

alot of lenders are doing it now im afraid
Dean_W
Member

Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
3rd May 07 at 13:09   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Fee
best to speak to an independant advisor about the best remortgaging deals


Totally agree.

 
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