Remortgaging - what would you do in the current climate?

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Fretters
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Remortgaging - what would you do in the current climate?

Post by Fretters » Wed Jun 17, 2020 8:02 am

Mortgage is up for renewal. Would you go for a two year fixed at 1.96% with a £1k fee, or five year fixed at 2.98% with the same £1k fee?

I'm leaning towards the five year option as we probably won't see such low rates again and I should lock in, although I don't think they'll be much different in two years time with the Covid fall out, and two years gives me more flexibility than a five year fixed term.

I'd appreciate thoughts from the oracle of UTC!

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Re: Remortgaging - what would you do in the current climate?

Post by taio » Wed Jun 17, 2020 8:15 am

What is your loan to value?

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Wed Jun 17, 2020 8:18 am

taio wrote:
Wed Jun 17, 2020 8:15 am
What is your loan to value?
85%

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Re: Remortgaging - what would you do in the current climate?

Post by taio » Wed Jun 17, 2020 8:21 am

The five year fixed with booking fee looks poor. For example equivalent with HSBC is 1.99% so shop around.
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Re: Remortgaging - what would you do in the current climate?

Post by Leyland Claret » Wed Jun 17, 2020 8:23 am

That 5 year deal looks really expensive. Like Taio said there are loads of better deals than that around the 2-2.5% for 5 years and some with no product fee. Defo swerve that 2.98 deal!

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Wed Jun 17, 2020 8:30 am

Yeah, this is with my current lender, I haven't shopped around yet.

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Re: Remortgaging - what would you do in the current climate?

Post by taio » Wed Jun 17, 2020 8:36 am

Only you can decide how long to fix for. Personally I always fix for five years but I'm fairly risk averse, I can't be arsed changing every couple of years and I got 1.59% last time which was a great deal. But you must shop around because what seem like relatively small differences in interest rates can have a real impact over the initial term.

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Re: Remortgaging - what would you do in the current climate?

Post by NewClaret » Wed Jun 17, 2020 8:42 am

Just had a quick look and Lloyd’s have a 2y fixed at 1.44% and a 5y fixed at 1.82%. For that difference, I’d go for the 5 years.

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Wed Jun 17, 2020 8:44 am

I missed a vital fact out in that I'm looking to borrow a chunk more for a kitchen renovation (which would bring the LTV up to 85% from 71%) and it seems easier to do this with the current lender than a new one.

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Re: Remortgaging - what would you do in the current climate?

Post by taio » Wed Jun 17, 2020 8:48 am

Fretters wrote:
Wed Jun 17, 2020 8:44 am
I missed a vital fact out in that I'm looking to borrow a chunk more for a kitchen renovation (which would bring the LTV up to 85% from 71%) and it seems easier to do this with the current lender than a new one.
It seems like you're assuming it would be easier without looking into it. And even if it was, a bit of hassle might be worth it. The only advice can be shop around and look at what another lender could offer, including additional borrowing.
Last edited by taio on Wed Jun 17, 2020 8:56 am, edited 1 time in total.

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Wed Jun 17, 2020 8:54 am

taio wrote:
Wed Jun 17, 2020 8:48 am
It seems like you're assuming it would be easier without looking into it. And even if it was, a bit of hassle might be worth it. The only advice can be shop around and look at what another lending could offer, including additional borrowing.
We've just been told we need to show less documentation as we're already with them. Being honest, working from home with a toddler and baby around, I'm probably looking for less hassle as fitting in the meetings required to get set up with a new lender would be hard work. But, you're right, it's probably worth it. Thanks.

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Re: Remortgaging - what would you do in the current climate?

Post by Funkydrummer » Wed Jun 17, 2020 9:05 am

Try your current lender as "a new customer". Whilst you might not be able to avail yourself of that
deal, it will at least show whether they appreciate loyalty. A lot of companies play on the fact that
a lot of people can't be ar$ed with the hassle of change.

The other thing to look at is the various costs involved, especially if you do change lender.

Good luck with it.

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Re: Remortgaging - what would you do in the current climate?

Post by taio » Wed Jun 17, 2020 9:12 am

Fretters wrote:
Wed Jun 17, 2020 8:54 am
We've just been told we need to show less documentation as we're already with them. Being honest, working from home with a toddler and baby around, I'm probably looking for less hassle as fitting in the meetings required to get set up with a new lender would be hard work. But, you're right, it's probably worth it. Thanks.
Fair enough.

On that five year fixed deal you'll pay an extra £1500 for every £50k borrowed over the initial term.

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Re: Remortgaging - what would you do in the current climate?

Post by TVC15 » Wed Jun 17, 2020 9:17 am

Don’t forget to factor all the fees into any comparison.
Not just potential arrangement fees but any valuation or legal fees which may apply if you are switching to another mortgage provider.

In terms of interest rates I can’t see these moving much for a good few years.
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Re: Remortgaging - what would you do in the current climate?

Post by Hipper » Wed Jun 17, 2020 9:38 am

I just looked at the Money Saving Expert comments on remortgaging fees:

https://www.moneysavingexpert.com/mortg ... gage-fees/

It seems mortgage lenders are just as bad as utility providers etc.: they make fees and rates so complicated that it needs a genius and a computer to work out the best solution.

I know we talk about competition but this isn't right.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Wed Jun 17, 2020 3:29 pm

Have you taken a mortgage holiday during this pandemic

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Re: Remortgaging - what would you do in the current climate?

Post by Rowls » Wed Jun 17, 2020 3:30 pm

If you need to, yes.

But only if the interest rate is guaranteed or limited with guarantees.

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Re: Remortgaging - what would you do in the current climate?

Post by Spike » Wed Jun 17, 2020 11:01 pm

Just remember that new lenders will look at affordability, earnings multiples are a thing of the past

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Re: Remortgaging - what would you do in the current climate?

Post by huw.Y.WattfromWare » Thu Jun 18, 2020 12:08 am

Mortgage related so excuse me for adding it here.
Nationwide have tripled the deposit they require for first time buyers.
I can only see house prices tumbling or very few sales until this nonsense(Virus + brexit) is sorted.
Less sales = less revenue via stamp duty for the hard pressed Chancellor.
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Re: Remortgaging - what would you do in the current climate?

Post by MACCA » Thu Jun 18, 2020 6:50 am

Fretters wrote:
Wed Jun 17, 2020 8:54 am
We've just been told we need to show less documentation as we're already with them. Being honest, working from home with a toddler and baby around, I'm probably looking for less hassle as fitting in the meetings required to get set up with a new lender would be hard work. But, you're right, it's probably worth it. Thanks.
Are you around the Burnley area, or on FB?

We are just in the process ourselves, and are using Just Mortgages which is a friend.
He has done everything over the phone/email so far, and will come round for a chat in a couple of weeks to discuss all our options and what's available.

He's doing all the hard work for us as we are also pushed for time.
Obviously theyll be some fee somewhere for him, but we are looking at rates of 1.5-2% and we are both self employed, so the mortgage lenders want you to jump through hoops usually, aswell as know the legth of your shoe laces ( every last detail about you and your business)
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Re: Remortgaging - what would you do in the current climate?

Post by Spike » Thu Jun 18, 2020 8:28 am

As long as there are no fees if the Adviser doesn’t come up with a better result including his fees it is worth a try

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Re: Remortgaging - what would you do in the current climate?

Post by AfloatinClaret » Thu Jun 18, 2020 8:46 am

Anybody else remember being overjoyed when their mortgage rate dropped from 16% to 15%?
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Re: Remortgaging - what would you do in the current climate?

Post by MACCA » Thu Jun 18, 2020 9:18 am

Spike wrote:
Thu Jun 18, 2020 8:28 am
As long as there are no fees if the Adviser doesn’t come up with a better result including his fees it is worth a try

He's a friend, so doubt it, but worth asking on the first contact.

Also the rates are better than ever, so I'd be surprised if you cant get a better rate, especially if you're on 3-3.5% like me and the OP.
He's already said we are looking at 1.5-2% depending on a few variables on what we want.

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Thu Jun 18, 2020 9:36 am

Thanks Macca, I'll take a look.

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Re: Remortgaging - what would you do in the current climate?

Post by huw.Y.WattfromWare » Thu Jun 18, 2020 9:45 am

AfloatinClaret wrote:
Thu Jun 18, 2020 8:46 am
Anybody else remember being overjoyed when their mortgage rate dropped from 16% to 15%?
Married and first house in ‘74. £48/month mortgage. Within a very short time it went up to £68/month and we were surviving on packet soups and bread.

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Re: Remortgaging - what would you do in the current climate?

Post by AfloatinClaret » Thu Jun 18, 2020 10:09 am

huw.Y.WattfromWare wrote:
Thu Jun 18, 2020 9:45 am
Married and first house in ‘74. £48/month mortgage. Within a very short time it went up to £68/month and we were surviving on packet soups and bread.
There's always someone worse off. My memory was from around '89/90 and to be fair the rates were up when I took out the mortgage and already expected to fall. Starting in 1974, you'd have been bleeding for years, didn't the mortgage rate reach about 19 or 20% in the late 70's when Maggie T hiked the interest rates to check inflation but by doing so also scuppered he UK's manufacturing industries.

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Re: Remortgaging - what would you do in the current climate?

Post by Quickenthetempo » Thu Jun 18, 2020 10:34 am

What rate will you pay if you let the mortgage run out and go on variable? Usually around 2% above bank of England interest rate.

If you think like most that interest rates are staying low for a couple of years then it's not worth paying the 1k fee in my opinion. That 1k fee would be the equivalent of around a years interest payments for me.

Maybe wait a year.

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Re: Remortgaging - what would you do in the current climate?

Post by Firthy » Thu Jun 18, 2020 10:51 am

Shop around and then go to your current mortgage lender and tell them you are happy to stay if they can match the deals from other lenders. They won't want to lose your business in the current climate and should negotiate with you and at least give you a better offer. If they won't then I would seriously consider moving and if you don't want the hassle try a mortgage broker, even with their fee it will be better than your current offer and they do all the work for you.

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Re: Remortgaging - what would you do in the current climate?

Post by aggi » Thu Jun 18, 2020 11:17 am

Quickenthetempo wrote:
Thu Jun 18, 2020 10:34 am
What rate will you pay if you let the mortgage run out and go on variable? Usually around 2% above bank of England interest rate.

If you think like most that interest rates are staying low for a couple of years then it's not worth paying the 1k fee in my opinion. That 1k fee would be the equivalent of around a years interest payments for me.

Maybe wait a year.
They are generally much higher than that nowadays, often around 4-4.5%. With the base rate being so low they've bumped them up.
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Re: Remortgaging - what would you do in the current climate?

Post by aggi » Thu Jun 18, 2020 11:22 am

Fretters wrote:
Wed Jun 17, 2020 8:54 am
We've just been told we need to show less documentation as we're already with them. Being honest, working from home with a toddler and baby around, I'm probably looking for less hassle as fitting in the meetings required to get set up with a new lender would be hard work. But, you're right, it's probably worth it. Thanks.
I've used L&C in the past https://www.landc.co.uk/ All done by phone or online and no fee.

I used them when I was releasing some equity for a loft conversion. So long as there was the required LTV, the mortgage company didn't have any issues with what the money was being used for.

You'll need some documentation if you change but it isn't that much. Copy of ID, recent proof of address, past few months of bank statements and pay slips normally covers it.

If you're self employed I may be more cautious about switching to a new provider as the requirements for proving your income can be a bit more stringent.

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Re: Remortgaging - what would you do in the current climate?

Post by Guppyspotter » Thu Jun 18, 2020 11:31 am

Without knowing the loan value and term it's difficult to say. I haven't remortgaged and fixed as the cost of the arrangement fee is higher than the saving over the remaining term. In the past when I had a mortgage of some size I would have happily shelled out a £1k fee and have done so in the past.

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Re: Remortgaging - what would you do in the current climate?

Post by huw.Y.WattfromWare » Thu Jun 18, 2020 11:38 am

AfloatinClaret wrote:
Thu Jun 18, 2020 10:09 am
There's always someone worse off. My memory was from around '89/90 and to be fair the rates were up when I took out the mortgage and already expected to fall. Starting in 1974, you'd have been bleeding for years, didn't the mortgage rate reach about 19 or 20% in the late 70's when Maggie T hiked the interest rates to check inflation but by doing so also scuppered he UK's manufacturing industries.
Not sure the highest it reached but clearly remember the 16% you mentioned. The rates were reasonable when we bought so we went for the maximum we could afford. After the rate rises we were left struggling and didn’t know we could have extended our years. It paid off in the end as we settled after 25 years and are feeling the benefit now.

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Re: Remortgaging - what would you do in the current climate?

Post by Mala591 » Thu Jun 18, 2020 11:44 am

Property values likely to decrease by 10-20% over the next three years so take great care when calculating how much you can afford to borrow.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Thu Jun 18, 2020 11:45 am

huw.Y.WattfromWare wrote:
Thu Jun 18, 2020 12:08 am
Mortgage related so excuse me for adding it here.
Nationwide have tripled the deposit they require for first time buyers.
I can only see house prices tumbling or very few sales until this nonsense(Virus + brexit) is sorted.
Less sales = less revenue via stamp duty for the hard pressed Chancellor.
Might have to do something on stamp duty, ie reduce it , to give the housing market a stimulus.

House prices could fall significantly over the next 3 years.

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Re: Remortgaging - what would you do in the current climate?

Post by Quickenthetempo » Thu Jun 18, 2020 11:53 am

paulatky wrote:
Thu Jun 18, 2020 11:45 am
Might have to do something on stamp duty, ie reduce it , to give the housing market a stimulus.

House prices could fall significantly over the next 3 years.
They might do down South where they have gone way over most peoples budgets.

A 100k house up North won't lose any value as more people will have to downsize. People still need somewhere to live.

A couple of people I know have put their properties up with Pendle Hill properties in Read and have had offers accepted within the day of going to market. Still high demand about at the minute.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Thu Jun 18, 2020 12:07 pm

Quickenthetempo wrote:
Thu Jun 18, 2020 11:53 am
They might do down South where they have gone way over most peoples budgets.

A 100k house up North won't lose any value as more people will have to downsize. People still need somewhere to live.

A couple of people I know have put their properties up with Pendle Hill properties in Read and have had offers accepted within the day of going to market. Still high demand about at the minute.
Only time will tell but with larger deposits now needed, higher unemployment and higher taxes , prices only go one way in my opinion.

It takes approx 8-12 weeks from an offer to be accepted and completion. I can see those that have made offers now making reduced offers in the days immediately before completion.

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Re: Remortgaging - what would you do in the current climate?

Post by Quickenthetempo » Thu Jun 18, 2020 12:25 pm

paulatky wrote:
Thu Jun 18, 2020 12:07 pm
Only time will tell but with larger deposits now needed, higher unemployment and higher taxes , prices only go one way in my opinion.

It takes approx 8-12 weeks from an offer to be accepted and completion. I can see those that have made offers now making reduced offers in the days immediately before completion.
You're quite a doom monger though aren't you?

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Re: Remortgaging - what would you do in the current climate?

Post by claretandy » Thu Jun 18, 2020 4:52 pm

Interest rates aren't going up anytime soon, iv'e been on a variable rate since 2006, best decision i ever made, currently on 0.54%.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Thu Jun 18, 2020 6:17 pm

Quickenthetempo wrote:
Thu Jun 18, 2020 12:25 pm
You're quite a doom monger though aren't you?
Realist and forward thinker or doom monger.

Take your pick

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Re: Remortgaging - what would you do in the current climate?

Post by Bosscat » Thu Jun 18, 2020 6:41 pm

paulatky wrote:
Thu Jun 18, 2020 6:17 pm
Realist and forward thinker or doom monger.

Take your pick
Definitely more
tenor.gif
tenor.gif (1.49 MiB) Viewed 2281 times
Than

giphy (1).gif
giphy (1).gif (1.5 MiB) Viewed 2281 times

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Re: Remortgaging - what would you do in the current climate?

Post by SouthamptonClaret » Thu Jun 18, 2020 6:50 pm

I tend to tell clients they're best off ignoring the interest rate and looking at pounds and pence on your payment. It depends a lot as well on how long you've left on the mortgage and also how much you owe - it could be in two years you qualify for an 80% product if you've paid down enough capital and/or property prices rise, in which case you don't want to be stuck on an 85% product for 3 years paying above the odds (of course, if property prices drop it can work the other). Ultimately you're paying a premium for the 5 year fixed for the peace of mind of being protected from any rate rises, the 2 year is cheaper as there's a risk that in 2 years you'll be looking at higher rates when you come to remortgage again (and may have to pay another set of lender/broker fees). Weigh up the risk vs reward. Personally, I think rates will go up in the next 2 years, but I doubt by more than 0.5%-0.75%. Always worth talking to a broker as well.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Thu Jun 18, 2020 7:02 pm

Bosscat wrote:
Thu Jun 18, 2020 6:41 pm
Definitely more
tenor.gif

Than


giphy (1).gif
Lets look back in 3 years time

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Re: Remortgaging - what would you do in the current climate?

Post by Bosscat » Thu Jun 18, 2020 7:04 pm

paulatky wrote:
Thu Jun 18, 2020 7:02 pm
Lets look back in 3 years time
If we are still here 🤔

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Re: Remortgaging - what would you do in the current climate?

Post by Fretters » Thu Jun 18, 2020 9:32 pm

claretandy wrote:
Thu Jun 18, 2020 4:52 pm
Interest rates aren't going up anytime soon, iv'e been on a variable rate since 2006, best decision i ever made, currently on 0.54%.
I think banks got wise to this, I've never seen a new mortgage tracker deal below 2%.

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Re: Remortgaging - what would you do in the current climate?

Post by Alanstevensonsgloves » Fri Jun 19, 2020 7:27 am

paulatky wrote:
Thu Jun 18, 2020 12:07 pm
Only time will tell but with larger deposits now needed, higher unemployment and higher taxes , prices only go one way in my opinion.

It takes approx 8-12 weeks from an offer to be accepted and completion. I can see those that have made offers now making reduced offers in the days immediately before completion.
I am about to complete and have been advised by a friend to do this. Tbh even though I don't know the vendors I think this is a real xxxx's trick and I know how peed off I'd be if someone pulled this on me.

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Re: Remortgaging - what would you do in the current climate?

Post by Inchy » Fri Jun 19, 2020 7:53 am

I’ve always searched the market when remortgaging and then I’ve gone to a broker to have a look. I have always used London and Country because they don’t charge (although I’m sure they do some how)

Relatively easy to do. All done over the phone and via email. They do offer a good service, always easy to contact to discuss things. The only thing they do try to push is life insurance via them. I assume that’s where they make a decent commission but I always sort my own out so never go through them for that

Give them a go. It’s free for them to do a search for you and to offer advise

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Re: Remortgaging - what would you do in the current climate?

Post by claretonthecoast1882 » Fri Jun 19, 2020 8:27 am

Bosscat wrote:
Thu Jun 18, 2020 6:41 pm
Definitely more
tenor.gif

Than


giphy (1).gif

Careful you will have his mrs (it really isn't him under another username) logging in and telling you off.
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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Fri Jun 19, 2020 11:26 am

claretonthecoast1882 wrote:
Fri Jun 19, 2020 8:27 am
[quote=Bosscat post_id=<a href="tel:1297542">1297542</a> time=<a href="tel:1592502077">1592502077</a> user_id=5033]
Definitely more
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Than


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Careful you will have his mrs (it really isn't him under another username) logging in and telling you off.
[/quote]
claretonthecoast1882 wrote:
Fri Jun 19, 2020 8:27 am
Careful you will have his mrs (it really isn't him under another username) logging in and telling you off.
You are getting boring now.
Perhaps its jealousy you dont have a wife that stands by you.

This has been an informative and serious until your input.

claretonthecoast1882
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Re: Remortgaging - what would you do in the current climate?

Post by claretonthecoast1882 » Fri Jun 19, 2020 11:34 am

paulatky wrote:
Fri Jun 19, 2020 11:26 am
Careful you will have his mrs (it really isn't him under another username) logging in and telling you off.
You are getting boring now.
Perhaps its jealousy you dont have a wife that stands by you.

This has been an informative and serious until your input.
[/quote]

I don't need nor expect my mrs to come rushing to my rescue. Had you just admitted rather than lying further I would possibly take you a bit more serious, as it is you are a liar who peddles misery then uses another profile for likes and pats on the back. Safe to say nobody is jealous of anyone who uses the internet this way.

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Re: Remortgaging - what would you do in the current climate?

Post by paulatky » Fri Jun 19, 2020 11:34 am

Alanstevensonsgloves wrote:
Fri Jun 19, 2020 7:27 am
I am about to complete and have been advised by a friend to do this. Tbh even though I don't know the vendors I think this is a real xxxx's trick and I know how peed off I'd be if someone pulled this on me.
Even more peed off if you when you paid £20,000 than you needed to. It will happen in many chains and delay many sales. Those cash buyers and sellers with empty properties, ie no downward chain, will be in the best bargaining position.

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