1.5% Happy Days

[Gazza77]

Originally Posted by DanAbnormal

It depends if your martgage lender reduces their rates or not. We'ce still got 1 year left on our fixed term but our mortgage was taken out based on the property being worth 160k. It's now worth much less meaning when we remortgage we'll be screwed. Great.

Depends if the SVR is lower than your current fixed rate when the deal ends. If so, you could be quids in. I'm quite lucky, as despite having my mortgage over 4 different rates (two fixed, one SVR, one tracker), C&G have passed all reductions to date on it full, which has saved me about £170 a month. Whilst I'm not overpaying at present, what this does mean is that in about 6 months time when we remortgage our current home, we will be looking to reduce the term from about 28 years to 15 (also funded via increased joint income I hasten to add!)

Anyone know of a good company that does mortgages for people with adverse credit?

The Chelsea.

They do mortgages for people with or without bad credit history. Other specialist companies which only do people with bad history can act as a flag to other lenders if you remortgage.

(this info is only what i was told by my mortgage advisor, dont take it as gospel)

[the_lone_wolf]

Originally Posted by Grinch

Anyone know of a good company that does mortgages for people with adverse credit?

Northern Rock...

Originally Posted by the_lone_wolf

Northern Rock...

Me thinks you jest...

[Gazza77]

Originally Posted by Grinch

Anyone know of a good company that does mortgages for people with adverse credit?

Avoid Amber (subsiduary of Skipton BS) at all costs!

Originally Posted by Grinch

Anyone know of a good company that does mortgages for people with adverse credit?

The people I used to work for - Birmingham Midshires.

http://www.askbm.co.uk/mortgages/cre...ions/intro.asp

Originally Posted by DanAbnormal

It depends if your mortgage lender reduces their rates or not. We've still got 1 year left on our fixed term but our mortgage was taken out based on the property being worth 160k. It's now worth much less meaning when we remortgage we'll be screwed. Great.

But surely you won't remortgage? When your fixed term ends you'll move on to the banks' standard variable rate which may be higher or lower than your fixed rate. You might have to find a bit extra each month but it probably won't be the end of the world If you wanted to sell the house and move, then you'd be screwed!

Originally Posted by cartwrim

But surely you won't remortgage? When your fixed term ends you'll move on to the banks' standard variable rate which may be higher or lower than your fixed rate. You might have to find a bit extra each month but it probably won't be the end of the world If you wanted to sell the house and move, then you'd be screwed!

Not how my financial advisor put it. He said as we are already in negative equity we will find it nigh on impossible to remortgage with anyone else than our current lender because we are basically borrowing more than the property is worth. But the current lender may decide to just hike the interest rate to something ridiculous. It's all a bit beyond me to be honest.

True it would be nigh on impossible to remortgage but when your fixed term finishes and you get automatically moved on to the lenders SVR that is not 'remortgaging'. True there could be an interest rate hike so you might have to pay more but not necessarily. Same thing's going to happen to a lot of people when their fixed rates finish.