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Find financial and money saving discussions including debt and pension chat on our Money forum.

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Find financial and money saving discussions including debt and pension chat on our Money forum.

Money matters

Mortgages? How bad is it? <tremble>

52 replies

fizzbuzz · 04/04/2008 17:29

Due to come off fixed rate in September. Cannot afford higher repayments as all this started just after I had decided to work part time to look after dd

Should we move/bury head in sand? Any economists out there?

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Crunchie · 04/04/2008 17:39

It is going to be bad, you will have to pay higher repayments, unless you can persuade a lender to extend the period of the loan, do intrest only for a while, or go back to FT work.

Sorry to be negative. I would start talking to your current lender nw to preempt things if they can suggest what you should do.

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CarGirl · 04/04/2008 17:41

how many years do you have left on your mortgage, you may be able to increase the term to 25 or even 30 years which would bring down the monthly payments.

Moving is expensive in itself so only worth it if it is a major downsize.

Have a look at moneysavingexpert website to see how you can economise on your day to day to living now in readiness for Sept.

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FranSanDisco · 04/04/2008 17:43

Our fixed rate finished end of Jan and we were paying £200 more. We have managed to sort out another rate but still pay £100 more than the expired rate I'm looking ti go full-time in September so until then we are counting the pennies.

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TheFallenMadonna · 04/04/2008 17:43

I would go to some lender's websites and see how much the monthly repayments are for a loan your size with their current deals.

We remortgaged in November and it was a big jump in monthly repayments even then.

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DarthVader · 04/04/2008 17:43

See a financial adviser!
Bury head in sand is a recipe for doom!

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llareggub · 04/04/2008 17:44

We increased our term by 2 years and did some other jiggery pokery and actually are better off with our new mortgage. We had a terrible deal last time for various reasons but have found a new mortgage with our bank. Very surprised.

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MissChief · 04/04/2008 17:45

rent out spare room (tax free up to c.£4K a yr)? Taje out mortgage which allows you a mortage "holiday" - if you're plannign to go bk to work f/t in next yr ,or so may be possible

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Lulumama · 04/04/2008 17:45

just having the same angst , fizzbuzz.....

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hanaflower · 04/04/2008 17:45

This reply has been deleted

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fizzbuzz · 04/04/2008 17:47

We have downsized everything, absolutely nothing at all left to downsize, apart from a house.

Dp has accused me of panicking, but I think he is talking bollocks, if 3 mortgage lendres have pulled stuff off the market then I think I have the right to panic, or rather to plan ahead.

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CarGirl · 04/04/2008 18:05

yes you need to plan ahead, how old are your dc, can you have a spare room, can you return to work? How big is your house, could you downsize - but personally I think the housing market will stagnate so moving not an option IYSWIM.

How long is the term on your mortgage at the mo.

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BrownSuga · 04/04/2008 18:28

Our new mortgage, kicking in this month is only about £10 more. It was a tracker, fixed or some such thing. The same lender offered the new deal, I guess to keep our custom. Your lender will probably send you a pack a mth or so before it's due to run out with some offers, I'd imagine if you're a good customer, they'd want to keep you. You can always try to negotiate with them if the deals are crap, for you to stay with them rather than going elsewhere.

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fizzbuzz · 04/04/2008 18:44

Where I live housing market is always pretty active even in bad times...

We can downsize as eldest dss 21 is leaing home in July, so it seems like a good chance to go. Mortgage term is 20 years atm.

Have tried lots of different interst rates in an online mortgage calculator and noe look very good .

Dp wants to move into rented and wait for housing market to slump, so we can save equity in our house....but I cannot face hassle of moving twice

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MaloryTowers · 04/04/2008 18:47

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CarGirl · 04/04/2008 18:49

well look at downsizing but remember it will cost you lots to move, so how much would your mortgage really be reduced by?

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Lulumama · 04/04/2008 18:51

our fixed rate due to expire in september , i am going to call the mortgage people on monday and get things moving, see if our current lenders will refix for us for 5 years

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StripeyKnickersSpottySocks · 04/04/2008 18:51

Am in the same boat and scared. Have tried to fix a deal in advance but lenders say its too early and to wait until 3 months before.

I told dh we should fix for 10 years not 5 and he wouldn't have it - grrrrr.

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sparkleymummy · 04/04/2008 18:52

If you are on a repayment mortgage could you switch to an interest only mortgage that allows you to make overpayments. Then you could pay the same every month as you are currently paying. Of course you will not be paying off as much but you will still be reducing the capital you owe.

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Lulumama · 04/04/2008 18:52

have 12 years to run

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MaloryTowers · 04/04/2008 18:56

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CorrieDale · 04/04/2008 18:57

Start looking now. See if you can get a deal - look for a broker first because they can probably get you a better deal than you can get for yourself.

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Lulumama · 04/04/2008 18:58

i bet you are! wish we had fixed for 5 last time hindsight is 20 - 20 and all..

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Lulumama · 04/04/2008 18:58

spoke to broker yesterday, he said in our file our fixed rate was due to finish in november, i checked it today and it is september, so emailed him.

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StripeyKnickersSpottySocks · 04/04/2008 19:00

Lulu - would be vvvvv interested to see if you can sort anything out now. I've been told to wait until June as fixed rate for us also finishes in Sept?

Which broker are you using?

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Lulumama · 04/04/2008 19:01

an IFA near us. Barron independent mortgages

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