General Discussion: mortgage help


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Toasted
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1653 posts since 15/10/09

15 Jan 2013 13:31
It's worth it. Mine was interesting reading at the least.
Spits
Spits avatar

50 posts since 26/11/11

15 Jan 2013 13:32
Depends on the age and state of the building and could save you a lot more than 250

Home buyer is really basic they're just checking the valuation, state of fixtures and fittings and that is has four walls and a roof.


The building survey will help identify if it's gonna fall down with you inside it 3 months from now . Any issues at this stage are on the seller rather than you after you've moved in
PHiL
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8745 posts since 31/8/03

15 Jan 2013 13:53
Yeah cheers you're right. It's a grade 2 listed and old so Probably worth the extra.
Toasted
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1653 posts since 15/10/09

15 Jan 2013 15:08
It'll affect your insurance (listed) so if you're doing your calculations make sure you get a "real" quote.
sydneyking
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4585 posts since 26/9/09

15 Jan 2013 15:16
Honestly i cannot believe anyone would buy a property without a building survey Eek
rural
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17586 posts since 26/9/06

15 Jan 2013 15:18
You'll be surprised how many people just do those online ones
robii
robii avatar

18857 posts since 8/9/06

4 Mar 2013 19:13
Need some advice on switching my mortage.

I'm currently on a base rate tracker which works out at 2.25% (base rate of 0.5% + 1.75%) but just received a letter to say that the rate is increasing in two increments.

My total interest from May will be 2.99% and that will increase to 4.49% from October (providing the base rate doesn't change). I'm guessing I won't find anywhere better than 2.99% but I'm hoping there are better rates out there than 4.49

I have £61,000 left to pay on my mortgage and I could put 10k in if it gets me a better deal
Homer
Homer avatar

23926 posts since 8/5/03

4 Mar 2013 19:39
Loads of good fixed rates think I say 2.78
if you have 60% deposit with hsbc

Check moneysupermarket
robii
robii avatar

18857 posts since 8/9/06

4 Mar 2013 20:20
When they say 60% deposit, I take it that the current value of the house + any cash I can put in counts towards that. I.e I don't need 60% deposit on 61k remaining

House is worth about 120k
Hello World
Hello World avatar

12102 posts since 7/3/05

4 Mar 2013 20:28
60% of £120k values equity or equity + cash.

So you are basically at 50% equity at the moment, so £12k of cash on top to get that fixed rate.
robii
robii avatar

18857 posts since 8/9/06

4 Mar 2013 20:32
OK, cheers, I'll look into it
pops
pops avatar

4039 posts since 2/9/09

4 Mar 2013 20:47
Hello World wrote: 60% of £120k values equity or equity + cash.

So you are basically at 50% equity at the moment, so £12k of cash on top to get that fixed rate.

edit - ignore me Oops
Hello World
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12102 posts since 7/3/05

4 Mar 2013 21:21
sydneyking
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4585 posts since 26/9/09

4 Mar 2013 21:40
robii wrote: I'm currently on a base rate tracker which works out at 2.25% (base rate of 0.5% + 1.75%) but just received a letter to say that the rate is increasing in two increments.

How are you on a tracker (linked to base) that's increasing without the base rate changing? there's no talk of the base rate changing until 2016 - 2017 plus recent talk is of introducing a negative base. All points to better deal's for anyone with a mortgage
robii
robii avatar

18857 posts since 8/9/06

4 Mar 2013 21:58
sydneyking wrote:
robii wrote: I'm currently on a base rate tracker which works out at 2.25% (base rate of 0.5% + 1.75%) but just received a letter to say that the rate is increasing in two increments.

How are you on a tracker (linked to base) that's increasing without the base rate changing?

Because my mortgage company are increasing their "differential". They've been trying to get me off this mortgage for years and now they've obviously found a way to do it. Might not even be legal but what the fuck can I do?
sydneyking
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4585 posts since 26/9/09

5 Mar 2013 06:10
You're not with BOI are you?
Birdman
Birdman avatar

1362 posts since 10/3/10

5 Mar 2013 07:39
Funny you mention that Sydney as my sister's boyfriend works for BOI and I thought the same thing. He is in the worst job ever there, dealing with people that are defaulting on their mortgage and is having to tell people that the mortgage they can barely afford is going up by another £200 quid a month. Bit of a CSB but when he mentioned it the other day I was pretty shocked that they were able to do what they're doing.
sydneyking
sydneyking avatar

4585 posts since 26/9/09

5 Mar 2013 08:38
Seriously doesn't sound right, BOI calling it a "special clause" Puzzled it'd be straight to the Ombudsman for me
robii
robii avatar

18857 posts since 8/9/06

5 Mar 2013 09:30
sydneyking wrote: You're not with BOI are you?

Yep!
robii
robii avatar

18857 posts since 8/9/06

5 Mar 2013 09:47
http://www.guardian.co.uk/money/2013/mar/02/bank-of-ireland-mortgage-rates-double-triple

As to what Bank of Ireland customers should do, Boulger says they should first write a letter of complaint. The bank is then required to respond within eight weeks. "During that time they cannot enforce the rate increase. If the complaint is rejected, as I expect it will be, and it's a residential mortgage, the borrower can take it to the Financial Ombudsman Service, which could delay it for months or even a year. Normally, the ombudsman does not allow charges to be imposed (such as on arrears) while a complaint is being resolved.