Current Mortgages Offers

[SK1NT]

My mortgage is currently interest only and has gone over to the SVR (Standard Variable Rate) due to the term ending a few weeks ago. It has gone from 1.99% above the base rate tracker to 4.99%.

I am having an absolute ballache trying to get a new mortgage because 3.5 times my wages does not cover the mortgage... The flat has 50k equity and i need a mortgage of 150k.... i would have thought that with 25% equity id be able to pick the deal i want... on the contrary no one will touch me... The only offers im getting are higher than the SVR...

I cant understand why the banks are continuing to screw everyone over by offering such shit offers when the bank of england base rate is 0.5%

With a base rathe like that you'd expect at worst the ave mortgage offers to be 3.5%

And what about the people who were initially given mortgages and lost the equity in their property due to the house price drop and got a self cert mortgage so 3.5 times their wages are nowhewre near the mortgage required... what happens to these people?

I think that this 3.5 times should be 5 times as i think it is easy to set aside half your monthly wage on a mortgage.... it's not possible for the average person to have a new mortgage for less than a quater of your wage...

Every month seems like too much of a struggle and i only own a poxy tiny one bed flat... and i appracite i am still one of the lucky ones to be on the property ladder....

Just seems like the poor keep getting screwed... If i was earning 75k a year i'd easily be offered a mortgage for 2%

 

[mikeyjh]

I think that this 3.5 times should be 5 times as i think it is easy to set aside half your monthly wage on a mortgage....

Did the last decade pass you buy?

 

[beorhthelm]

I cant understand why the banks are continuing to screw everyone over by offering such shit offers when the bank of england base rate is 0.5%

Thats because thats the BoE short term loan rate and the banks dont get their money from the BoE, they get it from other banks, investors and depositors. they create this confusion by tieing their rates to the BoE rate, but the amount that it differs can change so its really pretty meaningless.

 

[nail-Z]

Release the equity, stick it on BLACK and let it ride for 2 spins. You'll be mortgage free in about 2 minutes!

You shouldn't consider this as financial advice. I'm no IFA.

No, really.

 

[One Love]

I'm a bit miffed because I'm stuck with Barclays whose SVR is so much more than the other High Street banks and considerably larger than the industry average.

When the BoE base rate starts rising I will be increasingly concerned if Barclays rise in accordance.

I just don't know how a big bank can get away with being so out of line with everyone else.

 

[seagullondon]

Release the equity, stick it on BLACK and let it ride for 2 spins. You'll be mortgage free in about 2 minutes!

You shouldn't consider this as financial advice. I'm no IFA.

No, really.

That would not be the best idea looking at who the OP is...

Roulette Machines in the bookies

 

[Neil]

Accord Mortgages 3.45% for a 2 year tracker

 

[SK1NT]

Did the last decade pass you buy?

No but they were offering mnuch more than that... instead of being smart about it how do u suggest everyon in my position would get a mortgage now... so they dont have any restrictions then suddenly create them and screw us over?

Accord Mortgages 3.45% for a 2 year tracker

What the apr on that though... keep adding £1000 to the mortgage for every setup fee...

 

[Vegas Seagull]

Maybe look around for something les 'high st' via a broker or even an individual..with 25% equity you're virtually risk free as locally at no time in last 40 years prices dropped by more than that level & even if they did in say 4 years you'd have closer to 30% equity by then

 

[The Antikythera Mechanism]

At times like this we need Uncle Spielberg

 

[seagullondon]

At times like this we need Uncle Spielberg

he has just unbanned himself, he posted on the REMF marathon page earlier

 

[Lord Bracknell]

i appracite i am still one of the lucky ones to be on the property ladder....

Pssst ... it's not a ladder.

 

[Triggaaar]

Release the equity, stick it on BLACK and let it ride for 2 spins. You'll be mortgage free in about 2 minutes!

I am having an absolute ballache trying to get a new mortgage because 3.5 times my wages does not cover the mortgage...

As above, you should be offered more like 5 times. Have you been to a broker?

 

[Springal]

Mortgages are a nightmare. Despite a solid 5 year of earning history, they still don't care and just look at 'basic' salary, they also don't consider any circumstance and stick to what the computer says. The funny thing is, if I didn't buy, similar property to rent is at least equal to the equivalent monthly mortgage payments anyway!! Go figure...

 

[banjo]

No but they were offering mnuch more than that... instead of being smart about it how do u suggest everyon in my position would get a mortgage now... so they dont have any restrictions then suddenly create them and screw us over?






What the apr on that though... keep adding £1000 to the mortgage for every setup fee...

Have you spoken to an idependant mortgage advisor ? They will shop round for the best deals including deals without set up charges.

 

[Gazwag]

Isn't an interest only mortgage when property prices are not rising the same as renting but with all the risk

 

[HantsSeagull]

I work for a broker firm. If you havent gone to one already, you should.

PM me if you want a number.

 

[Triggaaar]

The funny thing is, if I didn't buy, similar property to rent is at least equal to the equivalent monthly mortgage payments anyway!! Go figure...

Indeed, house prices are too low

 

[Triggaaar]

Isn't an interest only mortgage when property prices are not rising the same as renting but with all the risk

No.

 

[mikeyjh]

No but they were offering mnuch more than that... instead of being smart about it how do u suggest everyon in my position would get a mortgage now... so they dont have any restrictions then suddenly create them and screw us over?

Sorry - I was just pointing out that offering people 5x the salary was (one of many) an issue that got some people in to positions of difficulty. I don't have the answer for you....