Ruined weekend.

Discussion in 'Slimming World Off Topic' started by ColJack, 4 June 2011 Social URL.

  1. ColJack

    ColJack Gold Member

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    Stupid mortgage provider.
    They gave me a "courtesy call" this morning to inform me that my fixed rate mortgage ends in january and that they no longer offer a fixed rate.
    I asked how much my new payments would be and they told me it could be up to £850 a month!!!
    I'm freaking out now how I'll be able to afford that on my own as it's a constant juggling act to make the £580 it costs now.
    So I might be giving them the keys back in January and renting since that's just a stupid price for a 2 bedroom flat. I can rent closer to work for £350 a month.

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  3. Beegee

    Beegee The Big One

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    Time to start shopping around for a new mortgage then! Try moneysupermarket or thisismoney to check out the best deals at the moment, or you could get an independent financial advisor to help you. You don't often pay for their services as they will get a fee from the mortgage company. Good luck!
     
  4. *EB*

    *EB* Gold Member

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    Coljack - you need to get a broker to find you a good deal - i am sure that something can be done.

    Wishing you lots of luck!
     
  5. Happy Holidays

    Happy Holidays Gold Member

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    Yep definately get a financial adviser to do all the leg work for you, they often have deals which are only available through an IFA.

    At least you have plenty of time to look around.
     
  6. Maximus

    Maximus Gold Member

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    Can't you sell? - or have you no equity in it?

    Current rates are terrible. It will be a while until prices get to where they need to be.
     
  7. Roziee

    Roziee Gold Member

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    First of all - don't worry. The payments Would only stay the same if you stayed with your current provider. You need to go speak to either every bank, or get a mortgage broker. They will charge as far as I know though so be careful who you go see.
     
  8. MadameLaMinx

    MadameLaMinx Gold Member

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    And look for a lodger. If theres a spare bedroom, why not fill it and give yourself a bit of a breather?
     
  9. mommyB

    mommyB love it

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    defiantely get a broker or financial advisor.
    They always have to give you the worst case senario so your payments might not go up to that but get some proper advice.
     
  10. AnnaFaraday

    AnnaFaraday ..

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    They have given you plenty of notice, so don't do anything hasty.

    Most financial institutions work on the basis that most of us won't move elsewhere and will stick to what we know. So they won't offer you anything better.

    You have plenty of time to shop around, and take up some of the suggestions which other people have made here.

    Take a deep breath, get some advice, look at the moneysavingexpert website, talk to people whose opinion you trust, and make an informed and considered decision.
     
  11. Happy Holidays

    Happy Holidays Gold Member

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    What a brilliant idea.
     
  12. downsizingmycurves

    downsizingmycurves Silver Member

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    If you do, check out the rent a room scheme which allows you to earn £4250 without paying any tax on it.:

    The Rent a Room scheme : Directgov - Money, tax and benefits
     
  13. Atomic pink

    Atomic pink Gold Member

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    When did you take on the fixed rate? Its just very surprising that your mortgage would go up by that amount when on the standard variable rate as interests rates are so low a the moment (and are predicted by most not to be raised this year now). The fixed rate you have been paying is very likely to be higher than the standard variable rate offered by most companies at the moment so as others have suggested have a shop around and see what else is available. Our fixed rate ended last summer and we ended up saving nearly £200 a month.
    Just another thought but it seems a little peculiar for a company to give you a call about something that won't happen for over 6 months. Were they trying to sell you anything in the mean time or get you agree to something?
    Good luck with the hunting.
     
  14. Beegee

    Beegee The Big One

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    Absolutely agree with this, it didn't register when I first read your post. This is very odd behaviour - things can change a lot in 6 months. I thought companies usually gave you as little notice as possible so you didn't have time to look for anything else! I don't think you could even get a mortgage offer which doesn't start til January yet. Very peculiar!
     
  15. big bear

    big bear A bear on a mission!

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    Our fixed rate finished in March, we had it for 5 years. They never got in touch with us until January to tell us it'll finish & what they could offer. We are paying £200 less now, I'd shop around as you've plenty of time & also your circumstances might change dramatically by then. I wonder why they called so early.

    Which provider is it? (If you'd rather not say just ignore me)

    Maybe get a lodger even if it's 6 months at first, that way you could meet some new friends possibly & get some help with the payments. Just make sure you set the ground rules etc before you do. even better if you could get someone who works away a lot so you have the best of both worlds.

    Good luck with whatever you decide XX
     
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