villakram Posted April 27, 2016 Share Posted April 27, 2016 39 minutes ago, Genie said: Nice one, tbh, if I were you and you could afford the current payment I'd reduce the term (didnt you say you had 37 years left?). So you really want to pay it all back? Blighty may not exist as a national entity in 37 yrs, so screw them if they were thick enough to give out a home loan of that duration to Joe Bloggs. This is a non-negligible tail risk. Otherwise, inflation, should work for you the consumer on a loan of this duration as there is no way interest rates can be normalized (i.e., or what we though was normal), absent collapse of the current economic system. Return to the earlier point. Link to comment Share on other sites More sharing options...
Stevo985 Posted April 27, 2016 VT Supporter Share Posted April 27, 2016 It's not necessarily about paying it all back though is it? It's about paying more off while you can. The interest rates you pay will go down and down the more you've paid off if you remortgage. 2 Link to comment Share on other sites More sharing options...
Xela Posted April 29, 2016 Share Posted April 29, 2016 I don't want to be paying a mortgage until i'm 65...or even 55. Pay off as much as you can as quick as you can. 1 Link to comment Share on other sites More sharing options...
PieFacE Posted May 4, 2016 VT Supporter Share Posted May 4, 2016 I have a mortgage question as I'm looking into getting one in August. If I get a fixed mortgage for 5 years on a property worth 170,000, which allow over payments of 10%, does that mean I can overpay by £17,000 every year of 5 year term? Or do they re-calculate the 10% every year depending on how much is still owed? (ie, if after a year I owed £150,000, would I then only be able to overpay by £15k?) Link to comment Share on other sites More sharing options...
Stevo985 Posted May 5, 2016 VT Supporter Share Posted May 5, 2016 I think it depends on the lender. Some do a percentage of the total mortgage, some do it by total value and some do it by the previous year's balance. There's probably other combinations too. 1 Link to comment Share on other sites More sharing options...
snowychap Posted May 5, 2016 Share Posted May 5, 2016 On 23/04/2016 at 03:24, villakram said: Ask a German bank for your loan! Greece does not like this. Link to comment Share on other sites More sharing options...
Ryan. Posted May 5, 2016 Share Posted May 5, 2016 I got a mortgage at 27 over 25 years. Bash that thing off ASAP!! I don't want to pay a penny more interest than I have to. FWIW the cheapest rate I could get onto the ladder at 90% was 4.4%. Link to comment Share on other sites More sharing options...
PieFacE Posted May 5, 2016 VT Supporter Share Posted May 5, 2016 (edited) Cheers Stevo, Right another question, If I get a mortgage on a tracker for 2 years, after the two years, can I negotiate a deal for another tracker (or fixed) with a lower interest rate, or do I have to stay on the SMR? I'm guessing I can just get another tracker deal? Edited May 5, 2016 by PieFacE Link to comment Share on other sites More sharing options...
Stevo985 Posted May 5, 2016 VT Supporter Share Posted May 5, 2016 (edited) 7 minutes ago, PieFacE said: Cheers Stevo, Right another question, If I get a mortgage on a tracker for 2 years, after the two years, can I negotiate a deal for another tracker (or fixed) with a lower interest rate, or do I have to stay on the SMR? I'm guessing I can just get another tracker deal? Again it'll depend on the mortgage and whether you're tied into any length of deal. But you should be able to remortgage to another deal. That's what I did. I was fixed for 3 years. When that expired I went onto a tracker which was actually a much better rate, but I remortgaged to a deal where I made the same repayments every month that I'd got used to and so paid it off much quicker. It meant I went from a 35 year mortgage to a 22 year mortgage just by remortgaging. Planning to do it again in the near future as the amount I'm borrowing vs the value of the house will be under 75% which should give me a good bump in rate. Edited May 5, 2016 by Stevo985 1 Link to comment Share on other sites More sharing options...
PieFacE Posted May 5, 2016 VT Supporter Share Posted May 5, 2016 Thanks for the info. That's great Link to comment Share on other sites More sharing options...
Stevo985 Posted May 5, 2016 VT Supporter Share Posted May 5, 2016 Might be worth talking to a mortgage advisor. I've used Countrywide in the past. They were free when I first used them as they got commission from recommending the mortgages (but they insisted they got the same commission regardless of which one they recommended so there was no bias) When I remortgaged they'd introduced an admin fee, but it was only £100 or something, which when you're talking £150k mortgage doesn't seem like much. It'll at least give you comfort that you're probably getting the best deal. If you're using an estate agent they may well have a mortgage advisor associated with them. That's how I found Countrywide. Link to comment Share on other sites More sharing options...
Genie Posted October 9, 2020 Share Posted October 9, 2020 Does anyone know anything about Atom Bank? They have an awesome remortgage deal. 60% LTV, 5 year fixed at 1.34%, no fee and up to 20% overpayment allowed. Link to comment Share on other sites More sharing options...
ml1dch Posted October 9, 2020 Share Posted October 9, 2020 (edited) 47 minutes ago, Genie said: Does anyone know anything about Atom Bank? They have an awesome remortgage deal. 60% LTV, 5 year fixed at 1.34%, no fee and up to 20% overpayment allowed. Nothing wrong with them. Newish lender, but been doing stuff for around five years now. Every year they have a month when they are the lowest around and do nothing the rest of the year. But no reason not to use them. All done via their app though, so not one for the technophobic. As long as you are comfortable with that though, fill your boots. Edited October 9, 2020 by ml1dch 1 Link to comment Share on other sites More sharing options...
Genie Posted October 9, 2020 Share Posted October 9, 2020 (edited) 19 minutes ago, ml1dch said: Nothing wrong with them. Newish lender, but been doing stuff for around five years now. Every year they have a month when they are the lowest around and do nothing the rest of the year. But no reason not to use them. All done via their app though, so not one for the technophobic. As long as you are comfortable with that though, fill your boots. Cheers, I’m going to start actively looking for my next lender at the end of the month. This looks comfortably the best deal around. Have to apply through a broker which seems a bit odd although there are online brokers that can be used. Edited October 9, 2020 by Genie Link to comment Share on other sites More sharing options...
TrentVilla Posted October 9, 2020 Moderator Share Posted October 9, 2020 On 04/05/2016 at 21:34, PieFacE said: I have a mortgage question as I'm looking into getting one in August. If I get a fixed mortgage for 5 years on a property worth 170,000, which allow over payments of 10%, does that mean I can overpay by £17,000 every year of 5 year term? Or do they re-calculate the 10% every year depending on how much is still owed? (ie, if after a year I owed £150,000, would I then only be able to overpay by £15k?) Its normally 10% of the balance at the start of the year Link to comment Share on other sites More sharing options...
TrentVilla Posted October 9, 2020 Moderator Share Posted October 9, 2020 3 hours ago, Genie said: Does anyone know anything about Atom Bank? They have an awesome remortgage deal. 60% LTV, 5 year fixed at 1.34%, no fee and up to 20% overpayment allowed. I've been with Atom since shortly after their launch, can't fault them and their rates are brilliant. You can call them but its almost entirely App based, which I was nervous about initially but the App is excellent and they've been great to deal with both on the original offer and on a recent change to the mortgage. I can't fault them, they've recently started offering savings accounts as well which is a sign of their growth and success in the mortgage market. One thing to be aware of if you aren't already, you can't make an application direct to Atom you have to go through a broker and they have an approved pool of brokers. If you google Atom broker list you'll find it and then its just a case of finding one local to you. Oh and picking up on the point above, as far as I understanding it they have a pot of money to lend and come out with rates such as the above and once that pot is lent that is it for another year. 1 Link to comment Share on other sites More sharing options...
PieFacE Posted October 10, 2020 VT Supporter Share Posted October 10, 2020 10 hours ago, TrentVilla said: Its normally 10% of the balance at the start of the year Hehe, wasn't expecting a response to that considering I posted it 4 years ago but thanks Link to comment Share on other sites More sharing options...
ml1dch Posted October 10, 2020 Share Posted October 10, 2020 12 hours ago, Genie said: Have to apply through a broker which seems a bit odd although there are online brokers that can be used. Not really that odd, it's the way the market is going and has been for a few years. Why employ hundreds of trained, qualified people on high(ish) salaries who are permanently on your payroll when you can outsource the difficult(ish), customer facing stuff to someone else and just collect the money each month. 1 Link to comment Share on other sites More sharing options...
Lichfield Dean Posted October 10, 2020 VT Supporter Share Posted October 10, 2020 Recently got a mortgage for an extension. For the first time I can ever remember the fixed came out cheaper per month than the tracker. Strange times... Link to comment Share on other sites More sharing options...
Genie Posted October 10, 2020 Share Posted October 10, 2020 10 hours ago, TrentVilla said: I've been with Atom since shortly after their launch, can't fault them and their rates are brilliant. You can call them but its almost entirely App based, which I was nervous about initially but the App is excellent and they've been great to deal with both on the original offer and on a recent change to the mortgage. I can't fault them, they've recently started offering savings accounts as well which is a sign of their growth and success in the mortgage market. One thing to be aware of if you aren't already, you can't make an application direct to Atom you have to go through a broker and they have an approved pool of brokers. If you google Atom broker list you'll find it and then its just a case of finding one local to you. Oh and picking up on the point above, as far as I understanding it they have a pot of money to lend and come out with rates such as the above and once that pot is lent that is it for another year. Cheers @TrentVilla I'm getting the ball rolling on my remortgage, do you remember how many months bank statements you had to send over? Link to comment Share on other sites More sharing options...
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