[Finance] Remortgage

[Beach Seagull]

You should still be able to get a new rate with your present lender, I can help if you need. Obviously you could not re mortgage

Even if say I have no income as recently made redundant (not that I have been but it's a distinct possibility)? I thought income was one of the main criteria for lenders?

 

[Uncle Spielberg]

Even if say I have no income as recently made redundant (not that I have been but it's a distinct possibility)? I thought income was one of the main criteria for lenders?

It is for a new mortgage or re mortgage. If you already have a mortgage and your circumstances change they cannot throw you out. As long as you keep on top of the mortgage payments whatever way you can until you find a new job it is not an issue. They would only throw you out if you got into arrears and then around 3-6 months before they started proceedings. The worst case scenario is they won't offer a new rate and you would go onto their standard variable rate, around 4.5% with most lenders. If you PM me your lender I can give you more of an idea

 

[Perkino]

I don't use Uncle Spielberg as didn't realise he was in the business but every 2 years I use a financial advisor who gets me a better offer than I can get going direct. Each time he has saved me more than the £300 fee I have paid him so well worth looking into the benefits that a broker or financial advisor can offer. Oddly even as a loyal banker with the same account for 17 years I couldn't get the best deal

 

[lost in london]

Time to remortgage my house as the fixed term mortgage is up. I've been with Natwest for 17 years and had an account with RBS / Natest for over 40 years. Just called them up and I've been offered a rate of 1.98%. New customers get 1.29% but as I've been with them for so long I'm not allowed the low rate!
I'm sure this is quite legal but as I'm now going to move my bank account and mortgage to another bank isn't this plain stupid?

I moved bank account to get a new mortgage, bit of a hassle getting it all set up but the bank account switch went through very smoothly.

 

[Harry Wilson's tackle]

No. Don't pay off your mortgage, put any spare into your pension, it's more tax efficient.

Bear in mind, however, that I'm a retired telephone engineer so not 100% on the financials.

I did the latter too.....but I still think that paying off the mortgage has to be priority....also where I work the pension is under attack...young lecturerers tell me that by the time they are my age their pension will be worth 40% of mine....