Any mortgage advisors on here that could help me?
My fixed rate is up in July and potentially could save £100 a month going on a new 5 year fixed rate, however I'm also interested in the mortgage 3 month holiday which is currently on offer due to the corona virus nightmare. If I took a holiday would the fixed rate still be up in July and the amount added to the term or would the current fixed rate run til October. Sorry if that's long winded
My fixed rate is up in July and potentially could save £100 a month going on a new 5 year fixed rate, however I'm also interested in the mortgage 3 month holiday which is currently on offer due to the corona virus nightmare. If I took a holiday would the fixed rate still be up in July and the amount added to the term or would the current fixed rate run til October. Sorry if that's long winded
In reply to Post #1
You can only have the 3 month break if you can prove that you are financially effected by the virus. You will also accrue interest on any amount not paid for the 3 months.
Your fixed rate will likely end at the set date, banks borrow money the same as you and me and for set lengths of time which they just pass on. You can secure a new rate for up to six months so break or no break it wont make much odds.
You can only have the 3 month break if you can prove that you are financially effected by the virus. You will also accrue interest on any amount not paid for the 3 months.
Your fixed rate will likely end at the set date, banks borrow money the same as you and me and for set lengths of time which they just pass on. You can secure a new rate for up to six months so break or no break it wont make much odds.
In reply to Post #2
Thats not strictly true as my sister works for virgin in the mortgage department and they are offering a 3 month holiday to everyone regardless of there financial situation. They have been inundated with calls for mortgage holidays and have declined no one who asked for a holiday and have been told by the head of the department to give a holiday to everyone who asks for one. Not sure if other lenders are following suit but my mate got a holiday on his mortgage from his lender and he isnt in financial difficulty.
Thats not strictly true as my sister works for virgin in the mortgage department and they are offering a 3 month holiday to everyone regardless of there financial situation. They have been inundated with calls for mortgage holidays and have declined no one who asked for a holiday and have been told by the head of the department to give a holiday to everyone who asks for one. Not sure if other lenders are following suit but my mate got a holiday on his mortgage from his lender and he isnt in financial difficulty.
Because of the interest rate cuts my mortgage has actually gone down by £200 per month.
Personally I don't want to take a holiday and will be paying back the £200 every month 👍
I'm lucky as I have some savings but understand those that don't
Personally I don't want to take a holiday and will be paying back the £200 every month 👍
I'm lucky as I have some savings but understand those that don't
In reply to Post #3
A great example of what is wrong with some people, not in financial difficulty but takes the holiday anyway, spunks it on **** then kicks off when they really need it and its declined.
A great example of what is wrong with some people, not in financial difficulty but takes the holiday anyway, spunks it on **** then kicks off when they really need it and its declined.
In reply to Post #5
Thats a load of ********. He might need it for something i never asked as its nothing to do with me. He did say he was just going to put it in a savings account for a rainy day. Just because someone is not in financial difficulty dosent meen they dont need extra money. It did make sence as he is banking the 3 grand he is saving over the 3 months and his payments only went up by £10 and he is due to remortgage soon and will pay way less that he was originally paying as the interest rates are a lot lower now than when he originally took out the mortgage and why would it be declined if he wanted any more money at a later date?! It wont make any difference.
Thats a load of ********. He might need it for something i never asked as its nothing to do with me. He did say he was just going to put it in a savings account for a rainy day. Just because someone is not in financial difficulty dosent meen they dont need extra money. It did make sence as he is banking the 3 grand he is saving over the 3 months and his payments only went up by £10 and he is due to remortgage soon and will pay way less that he was originally paying as the interest rates are a lot lower now than when he originally took out the mortgage and why would it be declined if he wanted any more money at a later date?! It wont make any difference.
In reply to Post #4
You must have one hell of a mortgage for it to reduce £200 a month on a 0.5% interest rate cut
You must have one hell of a mortgage for it to reduce £200 a month on a 0.5% interest rate cut
In reply to Post #7
Far from it
Far from it