Fortunately, we're not married and 3x was probably a bit generous, it's more like just over 2x. Luckily, she's agreed to what I thought was a fair amount to get it sorted quickly so just need to contact a solicitor and get the ball rolling.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Fair enough, bullet dodged potentiallly, that said given the earnings difference, you probably ‘lost out’ not being married.
If it’s a joint mortgage, be prepared to pay what ever the redemption fee will be as they’ll set up a new mortgage for you as an individual.
If it’s a joint mortgage, be prepared to pay what ever the redemption fee will be as they’ll set up a new mortgage for you as an individual.
Soldato
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Fingers crossed it stays that way. All it takes is 1/2 people to speak to her and tell her to try for more. But good that so far you're all in agreement.
If we see a post from a new user in this thread about her husband offering £110k for her share of the house, we will be sure to give her the "right" advice.
"wow so generous, I'd settle for £90k but £110k you're a lucky gal"
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I've been fortunate enough to be in a fixed rate deal since February 2021 I've been over paying for the last 18 months or so making my payments around £1050.
My fixed rate deal is coming to an end and a quick search has me paying £150-£170 more per month so my payments remain almost the same but I'm no longer over paying and I have a £1000 set up fee on top. This is on a 20 year term on a £180k mortgage on a house valued for £350-380k. Is this about right or is it worth trying to see a broker?
My fixed rate deal is coming to an end and a quick search has me paying £150-£170 more per month so my payments remain almost the same but I'm no longer over paying and I have a £1000 set up fee on top. This is on a 20 year term on a £180k mortgage on a house valued for £350-380k. Is this about right or is it worth trying to see a broker?
Soldato
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Why would they though? The last 2 times I've used them, they've only cost us money, getting the exact same deal we would get just going online.
I don't think I'll use them again as I'm more clued up now so could easily do it myself. Unless they save me money, what's the point of paying £800 for a broker
Soldato
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Doesn't the broker get paid by the bank in commission? That's how ours worked. We didn't pay a penny
I was recently talked into speaking to a broker by the EA for the house I was buying.
Thankfully these days I am a turbo vanilla buyer so when they offered me what I could get myself but it wanted £450 I said "with respect, why would I use you?"
At which point they said I was absolutely right, dropped the £450 and did all the paperwork for me anyway.
Earned themselves £2500 out of it from Barclays which was fine by me. I had enough to deal with in the predictability awful solicitors.
Thankfully these days I am a turbo vanilla buyer so when they offered me what I could get myself but it wanted £450 I said "with respect, why would I use you?"
At which point they said I was absolutely right, dropped the £450 and did all the paperwork for me anyway.
Earned themselves £2500 out of it from Barclays which was fine by me. I had enough to deal with in the predictability awful solicitors.
If she's earning that much more she's probably less likely to quibble and just wants out.
I did the last one myself. Got the cashback but going direct. Ie, what the broker would get if you go with a few one
Associate
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Except it's not. If the house is held jointly in common, then it it is almost certain would be divided 50/50 by a court
See a solicitor.
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Yea there is no point in ever paying one.
Yes correct, it's called a proc fee (procuration fee).
In general, you need to be careful with some mortgage brokers, they are only very slightly above car salesman in terms of scummery, a lot of them would rob their own grandmother's.
Some if them will be "helpful" by lying on your behalf without you knowing to try to
Which is fine until you are loaded up on to every fraud database going and you can never get a mortgage again. Even better because of tipping off regulations and the uncertainty of who is saying what between broker and you, you'll quite literally never find out.
Enjoy.
Our 5 year fixed ends at the end of the month. We've decided to stick with the same lender (NatWest) for ease; no applications, credit checks, valuation fees, legal fees, etc. Arranged a new deal via their easy-to-use website. Actually done it 4 times now, each time they reduced their rates - which they don't tell you they've done, you just have to spot it. Gone from 4.18% > 4.13% > 4.08% to now 4.03% for a fee-free 5 year fixed, 44% LTV. Still a killer coming off 1.69% though.
Still overpaying and hope to be mortgage-free in 8 years.
Still overpaying and hope to be mortgage-free in 8 years.
God I miss those 1.5% mortgages
Mine is due in April, we'll see what happens early next year.
Just a heads up, if your mortgage rate is super low you would be far better sticking that overpayment in a S&S ISA or even in a high interest bank account and then just paying off a lump sum at the end. You may know this but just a nudge.
Soldato
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i'm about to renew my mortage. i'm with hsbc and they are showing as the cheapest so seems a nice easy quick renewal. i haven't spoke to them yet, so will call tomorrow to get the answers, but hoping some on here can better advise.
i've decided, i think, it's best to go for the 3 year fix at 3.78 with £999 fee paid up front, over the 3.71 fix for 2 years with the £999 fee up front, simply because of that £999 fee. the difference in the 0.08 interest is less over the term i believe, and so it's one further year before i have to pay the fee, and one year further for hopefully things to improve a little more and settle. it also gets us close to the next election where reform win and royalling F everything up, so if we take a 5 year fix in 2029, that gets us to 2034 and by then reform will amost be kicked out again
but any way my main 2 questions were, 1) i want to overpay some more before my actual renew date which is 01/03/26. the agreement now and price is based on the outstanding amount. if i repay say £10k off before march, what happens then with my outstanding amount?
2) they want the fee paid now. as i understand it, until 01/03, if a cheaper rate appears we can swap to this. the issue is if we pay this fee, does this fully lock us in to not only this rate, but also hsbc? what is santander become the cheapest? can i jump to them before 01/03?
i've decided, i think, it's best to go for the 3 year fix at 3.78 with £999 fee paid up front, over the 3.71 fix for 2 years with the £999 fee up front, simply because of that £999 fee. the difference in the 0.08 interest is less over the term i believe, and so it's one further year before i have to pay the fee, and one year further for hopefully things to improve a little more and settle. it also gets us close to the next election where reform win and royalling F everything up, so if we take a 5 year fix in 2029, that gets us to 2034 and by then reform will amost be kicked out again
but any way my main 2 questions were, 1) i want to overpay some more before my actual renew date which is 01/03/26. the agreement now and price is based on the outstanding amount. if i repay say £10k off before march, what happens then with my outstanding amount?
2) they want the fee paid now. as i understand it, until 01/03, if a cheaper rate appears we can swap to this. the issue is if we pay this fee, does this fully lock us in to not only this rate, but also hsbc? what is santander become the cheapest? can i jump to them before 01/03?
1) unless you jump down an LTV bracket, the rate will be the same but on a lower balance. Monthly payment will lower.
No idea on 2. Seems weird that you would be in this position, I'd confirm exactly when the fee is due. Give them a call.
Soldato
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They are saying pay now on the HSBC mortgage site
Soldato
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We're also hoping for a new deal with NatWest and are within the window to see offers. Can get something around 3.79% for two years and coming off a 5.14% two year fix that'll do nicely and makes it far easier with no legal fees etc as already mentioned.
Still got £128k left and already on 40% LTV so no better rates to unlock.
Still got £128k left and already on 40% LTV so no better rates to unlock.