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Thread: Remortgage

  1. #11
    Members dazzer6666's Avatar
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    Quote Originally Posted by happypig View Post
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    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.
    Not necessarily the case - certainly not without knowing the OPs current tax and pension situation...................
    "Prejudice is a great time saver. You can form opinions without having to get the facts"

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    • #12
      Members swindonseagull's Avatar
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      Quote Originally Posted by AmexRuislip View Post
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      Hiya, we did just that, put most of our savings to be free of mortgage.
      Now have a second job as a busker, doing a turn outside Faversham Natwest next month.
      All for the retirement master plan
      You could always play along with the Oompah band!!


      And yes itís so nice being mortgage free..
      K55 BHA
    • #13
      Drew drew's Avatar
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      Don't understand why the OP is thinking of switching bank accounts just because of the mortgage. Keep the bank account where it is and save the hassle. You can have a mortgage with others without having to switch accounts. Have you had the same mortgage for 17 years, if so, you've probably been paying well over the top. However, assume that you have a short fixed term mortgage and have switched several times over those 17 years. My own experience was to switch ever two years as that seemed to be the minimum time before you could replace it without penalty (other than arrangement fees for the new mortgage).
    • #14
      Glory hunting since 1969 lawros left foot's Avatar
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      I hope @I remember the good times, isn’t TBs user name.
      You be glad you be Sussex born!
    • #15
      Members Uncle Spielberg's Avatar
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      Happy to help search the market for you. I am on

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    • #16
      Members Uncle Spielberg's Avatar
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      Nat West have reduced their rates this week so make sure to relook. 1.48% fixed for 2 years to 60% ltv, £ 999 fee added

      It is getting more and more the case that people are getting new rates with their present lender as they are near the best market leader rates generally. I find usually it is a re mortgage when people look to raise more money or want a rate that their lender won't have or want to change the term or type. It takes 6-8 weeks to re mortgage and far more work than a product transfer and the " free legals " are generally from poor to diabolical
      Spielberg is GOD.
    • #17
      Members Uncle Spielberg's Avatar
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      Quote Originally Posted by Shropshire Seagull View Post
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      Financial institutions don't give a monkeys about customer retention - it's all about creating new business by luring customers from competitors.

      The irony is that the loyal customers they lose move over to, errrr, their competitors, but none of them are brave enough to switch to long-term tactics and focus on retention. The nearest they come to that is a 5-year fixed rate for errrr, NEW customers. Once they've had your 5 years, they are more than happy for you to bog-off to the competition - #madness

      Quick-buck-today mindset unfortunately ...
      Not true with mortgages anymore
      Spielberg is GOD.
    • #18
      Uckfield Seagull I remember the good times's Avatar
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      email sent to Uncle Spielberg.
      I should point out that I'm self employed and any banks worst enemy. In 2002 Natwest gave me £250000 when I was flat broke because my Father knew the right man to ask (rolls up trouser leg). I've tried to move around but most banks don't want to know. Now I've a few quid but still self employed. Never missed a payment and I've got a credit rating of 999 maximum, which again works against me.
    • #19

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      Slightly different question: What happens if your mortgage is due for renewal and you have recently been made redundant and you either have no income or a reduced one compared to the one when you first took out the mortgage?
    • #20
      Members Uncle Spielberg's Avatar
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      Quote Originally Posted by Beach Seagull View Post
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      Slightly different question: What happens if your mortgage is due for renewal and you have recently been made redundant and you either have no income or a reduced one compared to the one when you first took out the mortgage?
      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
      Spielberg is GOD.

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