Mortgage worries

Hi everyone,

Sorry probably more of a rant than anything, but our motgage expires in May and will mean that our monthly payments go up quite a bit (like 200 quid!)

I have been looking for another deal the last few days, and its scary how quick the deals are being taken off the market, Also questions like do we fix it or go for one that tracks..

AAAHHH so many questions and its really making me worry about what we will be abe to afford when Im on my SMP..

I just feel so deflated by it all. Also will they mind that I am preg and will not be paid as well for at least 8 motnhs??

Anyone else going through the same thing?

Sorry for the rant...

Wishing XxX 23+3

Posts

  • I fixed my deal when on mat leave last year and it made no difference to the bank as they knew I was going back. At the end of the day as long as you say you can pay it they don't really care how!
    I'm on a tracker for another year but I only agreed to pay the interest each month and then I can pay up to ??500 a month off the balance if I want.
    xx
  • your situation is the mirror of mine!
    Our mortgage deal runs out in may as well. we were on a 3 year fixed rate interest only deal (paying about ??550 month) and in may it was jumping up to ??750, although we could probably push to pay it its not the best time with baby on its way, went to HSBC who said they couldnt do anything about it (!?) so went to simply finance who are mortgage advisors and have been fantastic!!

    We have managed to keep interest only (not ideal but what we need at the minute) and consolidate about ??15000 worth of loans and credit cards with it and its still much cheaper (about ??680 a month) when considering how much we were paying on other debts.

    My advice see a mortgage advisor they do all hard work for you - although they add ??500 fee onto your mortgage for their time but well worth it i think especially with how all these deals and stuff are all over the place at the min!

    Good luck with it all
    Laura (25+2) xxx
  • oh and they took into consideration that im on maternity leave and only getting smp for a while and that didnt affect it

    even if you see a mortgage advisor you dont have to go with them just get their advice!
  • thanks guys
    all advice welcome..

    best wishes to you all

    Mortgages gggrrrrrrrr!!
  • you could also write/phone your mortgage company and ask if they do maternity breaks my lender northern rock gave us 6 months off payments
  • Hello, firstly dont worry, I am a mortgage adviser and pregnant and can assure you that there are lots of people in your position! There isnt much you can do about rates having gone up but you still have lots of options.
    1) You can switch to interest only for a while as this will cost you less each month.
    2)Most lenders offer payment holidays for about 6 months onwards but you must have had your mortgage with them for at least 12 months so check your current lender before you switch.
    Do be aware that both these options are temporary, I/O means your mtge balance will stay the same and so cost more when you revert back to repayment and a holiday will increase your balance having the same effect. But, these options are put in place for exactly these types of circumstances so dont be afraid to use them if you need to.
    Finally, further to " mummythomas " remark on paying a ??500 fee to the broker, ot taking their advice but not using them:
    1)Not all brokers charge a fee, and the fee's do vary so it is worth shopping around. Although in my experience the better brokers will charge something.
    2)If you do take their advice please do use them. This is their bread and butter and quite often they receive little or no basic salary. They spend HOURS researching the best deals and also best lender for you. They also must be qualified and more than likely have paid for this qualification themselves, as well as covering all their own overheads etc. Fees are charged because of the amount of people who use the advisers expertise and time and then go direct to the lender (only for the process to then take twice as long). You wouldn't get someone in to decorate your house, supply their own paint, then do the top coat yourself and so refuse to pay them!
    I hope the initial advise helps, try not to worry too much.
    Donna.
  • Further to the above note, anybody who would like FREE mortgage advise please feel free to call me on 07876 214439, Donna Matthews (CeMap), quoting baby expert.
  • Totally agree with 'Mumdonna' our mortgage advisor has been amazing - never pushy, in fact we asked to have few weeks to think things through and to be honest i thought she would be calling everyday but she didnt - left us to it then dropped me an email and we took it up then!

    She even called on Thursday to say Happy Easter!

    Seriously worth their weight in gold! saved us a fortune!
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