Mortgage question

[mejonaNO12 aka riskit]

Now I have a query which I'm kind of embarrassed to ask as I feel it's something I should KNOW myself.

I bought my first property with my girlfriend over a year ago and, at the end of this year, the 2 year fixed rate is up.

We basically scrapped together a VERY small deposit on a long mortgage as we were just desperate to get on the ladder instead of renting. Delighted that we did, even if we are budgeting a lot at the moment (season ticket is a necessity obviously).

At the end of our two year fixed rate can we renogotiate another fixed rate with the bank/someone else of will we have to drop to variable? I don't mind paying more than variable each month, I just like to know EXACTLY what is due to come out for my mortgage each month (even if my repayments are high).

Again, I feel VERY stupid for having to ask this!

 

[Triggaaar]

At the end of our two year fixed rate can we renogotiate another fixed rate with the bank/someone else of will we have to drop to variable?

Yes you can. You can go to the whole market for a remortgage. This will normally cost you some fees (legal, arrangement, valuation etc), but can get you a better overall deal.

 

[Uncle Spielberg]

Yes you can. You can go to the whole market for a remortgage. This will normally cost you some fees (legal, arrangement, valuation etc), but can get you a better overall deal.

Not being funny but how do you know he can get a better deal without knowing all of his circumtances ?

 

[Triggaaar]

Yes you can. You can go to the whole market for a remortgage. This will normally cost you some fees (legal, arrangement, valuation etc), but can get you a better overall deal.

Not being funny but how do you know he can get a better deal without knowing all of his circumtances ?

Not being funny, but can you read? I didn't say he'd get a better deal. He asked if it was possible to get another fixed mortgage (he doesn't even mind if it's paying more) and I said yes, you can do that. He can go to the market. I said that would normally cost some fees, but can (not will) get you a better deal.

 

[Uncle Spielberg]

I haven't said otherwise.
It's not. I said find the best deal, and 'if that rate means you need to be a first time buyer...'. You're simple saying that the best deal he can find will not be for a first time buyer, so he won't say he's a first time buyer will he.

Better than a kick in the face.

Mortgage fraud is taken quite seriously nowadays.

 

[Silk]

why does it matter?

 

[Uncle Spielberg]

Not being funny, but can you read? I didn't say he'd get a better deal. He asked if it was possible to get another fixed mortgage (he doesn't even mind if it's paying more) and I said yes, you can do that. He can go to the market. I said that would normally cost some fees, but can (not will) get you a better deal.

but can get you a better overall deal.

 

[Vegas Seagull]

My wife and I used to own a house. Then we sold it and moved abroad (where we rent) for several years.

When we go back to the UK, will we be classed as 'first time buyers', because we don't have a property to sell, existing mortgage etc.

Or not?

If your previous mortgage repayments were paid on time every month for the duration you had it, the longer the better, this information should be used in your favour by any lender

 

[Uncle Spielberg]

Anyway this is going round in circles.

- - - Updated - - -

If your previous mortgage repayments were paid on time every month for the duration you had it, the longer the better, this information should be used in your favour by any lender

As stated.

 

[Triggaaar]

Mortgage fraud is taken quite seriously nowadays.

What's changed? My first mortgage was for a rental property. I walked into Bradford & Bingley, and told them what I wanted, and they told me to get their miles better deal that was for homeowners, not buy to let, and then just let it out anyway. I followed their advice.

If you say that things have changed I don't doubt you. Can you tell us what's changed - what examples are there of people being done?

but can get you a better overall deal.

Have you posted that by mistake? If not, why are you just copying what I posted word for word?

 

[Uncle Spielberg]

What's changed? My first mortgage was for a rental property. I walked into Bradford & Bingley, and told them what I wanted, and they told me to get their miles better deal that was for homeowners, not buy to let, and then just let it out anyway. I followed their advice.

If you say that things have changed I don't doubt you. Can you tell us what's changed - what examples are there of people being done?

Have you posted that by mistake? If not, why are you just copying what I posted word for word?

A mortgage broker put down a client as a ftb when he and they knew they were not in the past, to get a better rate and the lender found out through searches, result, clients declined and mortgage broker taken off the lender panel and sacked by his network. I would not put the OP down as a ftb for this reason. Some lenders may consider them a ftb if they did not have a mortgage within the last 3 years but as I said it is not an advantage more a disadvantaged anyway. People will find it hard to re mortgage now due to strict credit scores, changes in interest only policy, low equity and many other reasons. There are now over 1m mortgage borrowers out of 10m who are mortgage prisoners who cannot re mortgage or move.

 

[Deleted member 18477]

Stamp Duty exemption for FTB up to £250k ended last March

this!

 

[Triggaaar]

A mortgage broker put down a client as a ftb when he and they knew they were not in the past, to get a better rate and the lender found out through searches, result, clients declined and mortgage broker taken off the lender panel and sacked by his network.

Useful to know. So the mortgage broker got in trouble, but the client didn't, which makes it seem less like fraud.

I would not put the OP down as a ftb for this reason.

Obviously

Some lenders may consider them a ftb if they did not have a mortgage within the last 3 years

So that's the excuse I'd use if I was in his place and got caught. I don't think you could get in any trouble (only my opinion, I don't care who doesn't like it).

but as I said it is not an advantage more a disadvantaged anyway.

Indeed.

 

[Uncle Spielberg]

Useful to know. So the mortgage broker got in trouble, but the client didn't, which makes it seem less like fraud.

Obviously
So that's the excuse I'd use if I was in his place and got caught. I don't think you could get in any trouble (only my opinion, I don't care who doesn't like it).

Indeed.

This was not an option with the lenders criteria. They tried to blag it and got found out.

 

[mejonaNO12 aka riskit]

I have to say, US has just been helping me out regarding a few potential routes I could take once my fixed rate ends and he was VERY helpful, especially with his quick responses.

Thanks US.