Mortgages - Help!

Norf Tyrone · March 06, 2009, 09:09:27 AM

Quote from: saffron sam2 on March 05, 2009, 01:39:08 PM
Mortgage out of idscounted period at the end of the month.

What's the best option now then experts?

Check what rate you go on to. I had £1000 put aside as I was coming out of my fixed deal there, and thought I would have to go negotiate somewhere. However my A+L mortgage has reverted to 0.99 above BOE base rate for life.

maxpower · March 06, 2009, 09:31:31 AM

The fact that it is a discounted deal means that it is a rate lower than the lenders own Standard Variable Rate, it will go up based on that, however it may still be the best deal available to you

the Deel Rover · March 06, 2009, 09:38:37 AM

Quote from: Donagh on March 05, 2009, 02:02:59 PM
Same here. Standard Variable for my lender is 4.85%

Thats sounds like a right rip off donagh considering BANK Of England has reduced the rate tO .5%

khabilli · March 07, 2009, 09:00:26 PM

Is there any way of getting out of a fixed rate? I fixed mine a while back when rates were rising and am now paying way over the odds; granted, I did'nt have a crystal ball at the time and thought it was a good move but its still a bitter pill to swallow compared to what I could be paying every month. Anyone in the same boat?

clarshack · March 07, 2009, 09:51:51 PM

Quote from: the Deel Rover on March 06, 2009, 09:38:37 AM
Quote from: Donagh on March 05, 2009, 02:02:59 PM
Same here. Standard Variable for my lender is 4.85%

Thats sounds like a right rip off donagh considering BANK Of England has reduced the rate tO .5%

my mortgage with nationwide has just come out of a fixed rate of 4.95%. was advised to go onto the variable rate at 3% and that was before the latest interest rate cut. 4.85% seems quite high.

clarshack · March 07, 2009, 09:54:56 PM

Quote from: khabilli on March 07, 2009, 09:00:26 PM
Is there any way of getting out of a fixed rate?

i think you can get out of it but the penalty they hit you with means it probably isnt worthwhile.

nrico2006 · June 15, 2010, 09:58:03 AM

Does anyone know of the best place to go to if a first time buyer at the moment? Will 100% mortgages return in the near future?

Alco Pup · June 15, 2010, 10:13:52 AM

I think there are still some places that will offer 100% mortgages, but they are rare and hard to get!

To be fair you would be better off stayin away from them - you will end up paying higher lending charges as well as higher interest rates.

IMO in the long run you would be better off holding fire until you have saved up enough for a deposit before buying your first house.

joebloggs · June 15, 2010, 11:43:31 AM

Anyone got a self build mortgage in the north lately? Have tried loads of places but they will only give one if you already own the site and can't get planning permission on my own land.

mackers · June 15, 2010, 01:35:54 PM

You can get a mortgage if you don't own the site yet, however you must have started the process of getting the deeds transferred into your name. If you haven't got planning permission you're wasting your time. You'll not get a mortgage until you've got that.

seafoid · June 15, 2010, 01:51:06 PM

Some of those posts from Sept 08 were really on the money

magickingdom · June 15, 2010, 06:49:49 PM

Quote from: seafoid on June 15, 2010, 01:51:06 PM
Some of those posts from Sept 08 were really on the money

sept 08 was a bit late sept 06 would have been good

nrico2006 · July 27, 2010, 11:10:22 AM

I am thinking about buying a house and I have been to a mortgage advisor who has gave me advice on the best option for me (no deposit saved). He has recommended the Co-ownership scheme - has anyone any experience with it?

maxpower · July 27, 2010, 02:00:33 PM

Quote from: mackers on June 15, 2010, 01:35:54 PM
You can get a mortgage if you don't own the site yet, however you must have started the process of getting the deeds transferred into your name. If you haven't got planning permission you're wasting your time. You'll not get a mortgage until you've got that.

you can get a self build mortgage to purchase the site and then build on it, 75% purchase of price and 75% of build costs on a stage release basis,

Quote from: nrico2006 on July 27, 2010, 11:10:22 AM
I am thinking about buying a house and I have been to a mortgage advisor who has gave me advice on the best option for me (no deposit saved). He has recommended the Co-ownership scheme - has anyone any experience with it?

Co ownership is a bollocks to go through, be in no rush to complete but works well for some, bit of a lotto system for acceptance

Muzz · July 27, 2010, 02:03:59 PM

Co-Ownership can be quite hard to get on to - its a bit of a lottery. There are only so many deals done per month and normally the waiting list can be quite high. You could be waiting few months or more before being selected for Co-Ownership.

On some occasions a personal loan to secure the deposit is worth looking at. The monthly repayments you pay on the personal loan could be less than the difference off a 100% mortgage and an 85% mortgage. You could also go Interest Only Repayment for the first while to pay off the loan.

Worth a look into...