OK, we bought our 2 bed house 2 years ago and we have a fixed interest rate that is due to run out in March 2008. We would like to move house but not sure how this now works - we were first time buyers last time. So can we just move our mortgage to the new property and just change the amount that we need to borrow or do we have to rearrange the whole thing again? Also can we use the equity we have gained on our current property to use as the deposit for the new property ?
Sorry for so many questions - just want an idea of how it all works before I talk to the muppets at the bank!
Rach
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Typically, at the end of a fixed term you will automatically be moved onto either the standard variable rate, or whatever rate applies under the terms of your mortgage agreement. Without knowing that it's impossible to say which it will be.
Check your paperwork, your mortgage agreement will tell you.
I would recommend you talk with a mortgage consultant or IFA. Lenders can only advice you on their mortgages and don't always offer the best deals. IFA's and mortgage consultants usually have access to exclusive deals.
I use a fantastic Mortgage consultant in Kettering Northants, they've arranged my last few mortgages and i wouldn't fault them. I've done everything over the phone and by post and its always gone smoothly. They are very customer friendly.
Also, Coops is an IFA who gives good advice, im sure he wouldn't mind you contacting him.
The Woolwich said we had been given bad advice but we never chased it up as the IFA had gone out of business by then.
Do you think there is anything we can do about it now?
wonder why...........
terms and conditions can change kathy but they must be in writing from the bank/mortgage company etc.
even if you think it is "junk" mail fro your provider read it.
Self certs have their place, but too many people (I'm not saying you), are taking the piss by thinking that "self cert" means, "I can lie about my income". Once the lender asks them to prove themselves (which they are quite within their rights to do), the applicant does a U-turn on the application. A major cause in the rising level of repossessions.
If we could have proven our income then its hardly a self cert mtg is it...thats just fast track. They wanted an accountant letter, my accountant was my dad, they wouldn't accept it. They wouldn't accept bank statements or proof of conveyancing etc.
However, if it is because they wanted you to now prove what you earnt and you couldn't, then you don't have a leg to stand on.
How do you suddenly start proving it?
You can afford the payments.
Is slefcert slightly more expensive than standard mortgages?
if so would be good advise to use the cheaper rate. This may be notig to do with the IFA. This is the banks internal complaince department and mortgage underwriters doing some work
Initially i thought that the IFA had fast tracked us and not done a self cert at all, he had just told us it was one. Paid the bastard £350 too.
We now use affordability mortgages as we are a mixture of employed and self employed income and its just so much easier.
once 3 years accounts are in place you have a firmer base to underwrite the mortgage on.
Selfcert has been hijacked in a small way by others to get a mortgage.
Watch the underwritiers
Coops- i agree, how would he have known. I'm quite sure he fast tracked us but sold us a true self cert...if you know what i mean.
I know they're not all the same, but as with EA's there are a few dodgy guys about.
however after 12 months, You have money behind you(still not 3 years) but more information for the bank to look at. Thus you would not then meet critira as YOUR curcumstances have changed.
Otherwise everyone would have the same mortgage till they died. Not the banks fault that your circumsances changed.
reverse it.......Superduper mortgage deal as banks best customer. would you then give the same superduper deal if he was on the verge of bankruptcy? No!