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Remortgaging Problems

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There are many reports out there at the moment regarding the high number of people looking to re mortgage and seeing sharp increases in IR , Fees , and possible refusal.

Now to me common sense is when taking out a large commitment such as a mortgage over 25 years that you read through the T&Cs, I know its easy in hindsight but anyone coming out of a 2 year fixed deal deserves all they get.

You secure a rate back 2 years ago of 5% and only decide to fix for 2 years having paid fees of over £500 and then do not check what your rate reverts back to after the 2 years.

I remember many deals 2-3 years ago where after the fixed rate you reverted to a rate of 0.5% above the BOE base rate for the term if that suited you, this deal ensures your not forced to look for another provider or pay another round of fees to move which can be anything from £600 to £2500 at the moment.

Many people do not look any further than the next couple of years and its gonna cost them big time, they would rather have the lowest rate at the time which then reverts to the lenders SVR after the fixed period, over the longer term its gonna hurt.

I just can't believe sometimes how dull people can be when dealing with such large amounts of borrowed money, the recent re mortgage figures have shocked me having seen some great long term deals over the past few years.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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