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Original poster

Lost our 4.4% rate ... mortgage going up £1k

113 replies

Kalodi · 12/09/2023 19:33

I thought we were being so sensible, I secured a 4.4% rate 8 months with Natwest via a mortgage advisor but somehow we have lost it. Just got off the phone to them and sat here in tears. I don't understand.

We will need to go onto a new product at 6.8% rate.... which means £1780 a month. We currently only pay £795pcm. DH only takes home £1600 a month

Mortgage advisor said it might be best to phone Halifax and ask to go interest only for 6 months. And hope interest payments come down in 6 months time and/or sell our home in the meantime.

Sat here in tears because I'm 20 weeks pregnant and thought we would afford another baby, we had carefully planned by securing it early and now this baby won't even have a home.

Doesn't help that work today said no planned promotions will now be happening this year and instead we are facing some redundancies.

OP posts:
ruby1957 · 17/09/2023 17:31

Saschka · 17/09/2023 17:10

OP, I’m not trying to kick you while you’re down, but looking at the Halifax rates it looks like you must need 90-95% mortgage, is that right? Even though you’ve been paying it off for at least 2 years, so your repayments should have paid off at least 5% of the loan itself plus you must have had at least 5% deposit initially.

Is that because you are remortgaging for a higher amount, or because the value of your house has gone down?

How close are you to 90%? Any savings? Can you beg or borrow from family, or can one of you get an evening job to get some extra cash together?

Initial payments on a mortgage are interest -heavy and very little is actually paid off the capital sum.

spoonfuladay · 17/09/2023 17:33

@Saschka what would the LtV for the remortgage be?

Original poster
Kalodi · 17/09/2023 17:40

I have been going to everyone direct, I cba to keep repeating myself. I won't be returning to this thread. I am just accepting now that we have lost the 4.4% , lessened learnt to keep eye on it myself and not trust a mortgage adviser.

OP posts:
spoonfuladay · 17/09/2023 18:12

Kalodi · 17/09/2023 17:40

I have been going to everyone direct, I cba to keep repeating myself. I won't be returning to this thread. I am just accepting now that we have lost the 4.4% , lessened learnt to keep eye on it myself and not trust a mortgage adviser.

Ok bye

spoonfuladay · 17/09/2023 18:13

Everyone else - I need to remortgage next year. I was going by the rates online.... will I be paying more (as per the link by the helpful poster below).

I'll be on mat leave as well - single mum and first baby.

Am I screwed?

Jmaho · 17/09/2023 18:37

@Kalodi while we're on the subject of lessons. Maybe learn some manners! People have been trying to help!

Original poster
Kalodi · 17/09/2023 18:57

rolls eyes yes and I said thank you and that I have been following advice given multiples times. I cannot help it if people keep making me repeat myself, making me more frustrated when clearly I've a lot going on. And I can't help it if the advice that people have given isn't actually the reality when I go and follow through on it.

Thank you and goodbye.

OP posts:
spoonfuladay · 17/09/2023 19:24

So cool down and listen to advice.

You've not answered basic questions

Saschka · 17/09/2023 19:40

spoonfuladay · 17/09/2023 17:33

@Saschka what would the LtV for the remortgage be?

Same, 80-85%

Obviously if you took out a new 85% mortgage now, you’d hope you’d be below 80% in 5 years when you came to remortgage.

But if you are looking now for an 85% remortgage, you can’t look at the new customer rates, which seem to be the ones that get reported in the papers, because those aren’t available to existing customers.

spoonfuladay · 17/09/2023 19:42

@Saschka do they revalue the house? I bought mine for £160k and it's prob worth £200k now. I would be remortgaging for £100k.....

Saschka · 17/09/2023 19:46

It’s been a while since I’ve done it, but from memory they do it as a virtual valuation - as long as your new valuation is in line with local sold prices, shouldn’t be an issue.

PuddlesPityParty · 17/09/2023 20:19

spoonfuladay · 17/09/2023 19:42

@Saschka do they revalue the house? I bought mine for £160k and it's prob worth £200k now. I would be remortgaging for £100k.....

@Saschka is right - when I went to remortgage mine the mortgage broker was insistent that my house will have gone up in price so I did the low end Zoopla evaluation. The bank did a virtual valuation and agreed with it.

crackersforcheese · 17/09/2023 20:52

@spoonfuladay our initial deposit was only 5% and 5 years ago the lowest the lender would offer was 4.6% unfortunately

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