tooquicktostop Posted June 11, 2008 Share Posted June 11, 2008 I have come to the end of my 3 year fixed mortgage and it is proving a nightmare to obtain a deal right now, just a warning to anyone else approaching the end of a fixed term, I have a great advisor but each time we apply for the 'best deal' the product gets pulled by the company, it seems today after losing my 3rd deal that all free valuations and arrangement fees are disappearing as well.... I have just been told Abbey (who pulled out 3 weeks ago from a good deal with myself) have now offered me the same low rate as before but with a £900 fee, had to take it because my options were running out, my advisor tells me the media hype is making things worse and people are getting in a panic to secure the best deals now before the interest rates go up again Just what I needed with the bill for the single rebuild due next week ! Rant over !! Link to comment Share on other sites More sharing options...
michael Posted June 11, 2008 Share Posted June 11, 2008 I feel for you. Link to comment Share on other sites More sharing options...
RobSheffield Posted June 11, 2008 Share Posted June 11, 2008 Sorry to hear that Dean,glad you got there though Personally i hope it continues for a while longer, followed by a price crash so i can buy me an house Link to comment Share on other sites More sharing options...
jonahjones26 Posted June 11, 2008 Share Posted June 11, 2008 yep you have to pay the Arrangement fees now! brilliant. Link to comment Share on other sites More sharing options...
tooquicktostop Posted June 11, 2008 Author Share Posted June 11, 2008 Sorry to hear that Dean,glad you got there though Personally i hope it continues for a while longer, followed by a price crash so i can buy me an house Will be a good year to buy thats for sure, IF you can get a mortgate you can make a huge saving on the market value compared to last year...trouble is you may also find yourself in negative equity if the fall continues Link to comment Share on other sites More sharing options...
Thorin Posted June 11, 2008 Share Posted June 11, 2008 We're 2 years into a 3 year fixed mortgage... I'm hoping things settle down by then. Link to comment Share on other sites More sharing options...
RobSheffield Posted June 11, 2008 Share Posted June 11, 2008 Thats going to be the challenge, assessing when its fallen as far as it will do. No real way of knowing. Link to comment Share on other sites More sharing options...
supra_aero Posted June 11, 2008 Share Posted June 11, 2008 tooquicktostop you would've made a killing on appreciation so that £900 is relatively small money. Its the first time buyers who bought in August and july last year I feel most sorry for. Followed closely by first time buyers still looking to get on the ladder. I don't think the fall in values help people much as people don't realise deposits required have soared and so has interest rates on mortgage deals. So the only people sitll laughing are those who bought 2-3 years ago (or even before then). Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 Its getting hard now for some people, there mortgage deal runs out then they cant get another so stuck paying well over the odds on a house they cant sell. I was so lucky i sold my house just at the right time and now got the money in the bank, im renting the house im in at the min and tempted to stay here for a while to see what happens over the next 6 months or so. Ive still got a plot of land i own with my brother thats going on the market in a few months, just hope that sells ok then interest rates can go through the roof for all i care:D Link to comment Share on other sites More sharing options...
supra_aero Posted June 11, 2008 Share Posted June 11, 2008 Alot of people will be in tooquicktostop's shoes though. It will be particularly harsh if the mortgage payments have actually gone up since 3 years ago. Link to comment Share on other sites More sharing options...
tooquicktostop Posted June 11, 2008 Author Share Posted June 11, 2008 tooquicktostop you would've made a killing on appreciation so that £900 is relatively small money. Its the first time buyers who bought in August and july last year I feel most sorry for. Followed closely by first time buyers still looking to get on the ladder. I don't think the fall in values help people much as people don't realise deposits required have soared and so has interest rates on mortgage deals. So the only people sitll laughing are those who bought 2-3 years ago (or even before then). I know you are right but £900 'arrangement fee' just stinks IMO, dont they take enough over the 20 odd years I will be paying them back I agree Jamie, renting seems to be a very sensible option right now, and I have always disliked rent as wasted money Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted June 11, 2008 Share Posted June 11, 2008 i was looking to buy now, but now im holding off till april next year. Get to keep the car and have same deposit to put down by then. Link to comment Share on other sites More sharing options...
supra_aero Posted June 11, 2008 Share Posted June 11, 2008 Yeh, £900 is a lot for a bit of paperwork. I never realised the arrangement fee was that high Link to comment Share on other sites More sharing options...
tooquicktostop Posted June 11, 2008 Author Share Posted June 11, 2008 Yeh, £900 is a lot for a bit of paperwork. I never realised the arrangement fee was that high Scottish Widows fixed rate deal has just got from free valuation and arrangement to £2500 arrangement and £330 valuation!!, they told me they could add it to the mortgage, so you would end up paying well over £5000 over 20 years just to set it up, I walked away needless to say Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 i was looking to buy now, but now im holding off till april next year. Get to keep the car and have same deposit to put down by then. If you are planning on using the money from the car towards a deposit then id sell up now, that way when things start getting better you are ready to jump on it and dont miss the boat while you are messing around trying to sell a car;) Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted June 11, 2008 Share Posted June 11, 2008 If you are planning on using the money from the car towards a deposit then id sell up now, that way when things start getting better you are ready to jump on it and dont miss the boat while you are messing around trying to sell a car;) I was planning on doing that, however Ive done the maths and as im buying with a friend who now ideally can get more cash together to match me (was going to do a 66% 33% share) in that time frame. So the extra 16% i was providing I dont need to now, I.e the money in the car. If house prices go up a little before next april then so be it, however I dont think they will and compared to buying april this year it will always be less. Sounds good doesnt it....got my fingers crossed though Link to comment Share on other sites More sharing options...
Aero-M Posted June 11, 2008 Share Posted June 11, 2008 my 5 year fixed ends in august, im on 3.9% at the mo, im finding it almost impossible to secure a deal because of the 65% ltv, no one is offering anything above this that i cand find, mine is about 67%!!! Link to comment Share on other sites More sharing options...
marbleapple Posted June 11, 2008 Share Posted June 11, 2008 Its getting hard now for some people, there mortgage deal runs out then they cant get another so stuck paying well over the odds on a house they cant sell. I was so lucky i sold my house just at the right time and now got the money in the bank, im renting the house im in at the min and tempted to stay here for a while to see what happens over the next 6 months or so. Ive still got a plot of land i own with my brother thats going on the market in a few months, just hope that sells ok then interest rates can go through the roof for all i care:D I just bought my 1st house for £250k on a 100% variable mortgage... the way I see it is that even if prices go down I still have a roof ovr my head. Link to comment Share on other sites More sharing options...
Aero-M Posted June 11, 2008 Share Posted June 11, 2008 I just bought my 1st house for £250k on a 100% variable mortgage... the way I see it is that even if prices go down I still have a roof ovr my head. who did you get 100% from? Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 I just bought my 1st house for £250k on a 100% variable mortgage... the way I see it is that even if prices go down I still have a roof ovr my head. You will be ok if you dont have to sell and things may turn around by the time your mortgage deal runs out, not nice to think you have negative equity though. Link to comment Share on other sites More sharing options...
marbleapple Posted June 11, 2008 Share Posted June 11, 2008 who did you get 100% from? Skipton. I have a financial advisor who was very helpful. I can happily recommend her if you like. Link to comment Share on other sites More sharing options...
marbleapple Posted June 11, 2008 Share Posted June 11, 2008 You will be ok if you dont have to sell and things may turn around by the time your mortgage deal runs out, not nice to think you have negative equity though. I see a degree of irony when a man like JamieP worries about negative equity when he spends a fortune on superb cars which depreciate with every mile :d Link to comment Share on other sites More sharing options...
Scoboblio Posted June 11, 2008 Share Posted June 11, 2008 It's stuck in a vicious circle with people coming to the end of the fixed rate deals.... they'll end up with big mortages that some of them can't afford, followed by the inevitable repossessions, making the banks even more paranoid about lending money, leading to even higher rates. Prices may be going down but if no-one's willing to pay the bank's rates, the agents will end up with lots of unsold houses on their books which will make it even worse. IIRC this is what started the American side of it..... quite poor homeowners being mis-sold re-mortages without understanding that the repayments would shoot up after 3 or 5 years.... there's been so many repossessions that in some areas, the banks are the largest property owners by far, with huge numbers of houses that no-one wants to buy. My fiancee and I were looking to buy this year.... sod that for a game of soldiers, we'll stay renting for now and build up a bigger deposit until things get a bit more stable. Link to comment Share on other sites More sharing options...
JamieP Posted June 11, 2008 Share Posted June 11, 2008 I see a degree of irony when a man like JamieP worries about negative equity when he spends a fortune on superb cars which depreciate with every mile :d Im not worried for myself, i dont have a 100% mortgage;) Link to comment Share on other sites More sharing options...
Aero-M Posted June 11, 2008 Share Posted June 11, 2008 Skipton. I have a financial advisor who was very helpful. I can happily recommend her if you like. yes please, mine seems quite useless, i got a better deal offered to me than she could find, im looking at a £300+ a month jump in my mortgage, Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now