Hi Ken, we’re currently on a high variable rate since 2017 and would like to remortgage, have already approached the banks and brokers, however it seems as though there’re restrictions when remortgaging on a buy to let scheme whilst living in Germany. The restrictions do not apply to all European countries. Has anyone else had this problem and what can one do in such situation? We’re making additional payments but would be much better off on a rate that is more reflective to current interest rates.
Hi Ken, i have another question regarding what you said about the new mortgage lender carrying out a survey and valuation of your property. We have recently purchased a property which we are in the process of renovating, how will this effect us when we come to re mortgage if say we have added £20k value to the property. Thanks, Brad.
Hi. What I always get from your videos is that we need to be proactive and strategic about everything and especially when it comes to finances. And not to settle down with what is offered. Thank you for that. 🙏🏽
My Mortage is due for renewal December 2021, I have overpaid about £3000 this year(it’s my first ever year). I’m stuck between pumping all my money into overpayments OR overpaying a lesser amount as I also want to save to purchase a house for buy to let. Love your videos been watching for 6month plus now. Keep up the good fight :) Sean
This was a great video - my mtg is up in a years time - going to be the 1st time I will remortgage and before this video I had zero understanding of the process- made some useful notes. Thanks!
Grt video, buddy. Looks like one doesn't need that middle man (broker) after all 🤔. Going forward will be asking u for some tips if that's okay 😉 Big P...
Planning to remortgage August 2021. I definitely needed this video! Can you do more videos regarding remortgaging such as listing the types? Great content. X
Mine is due for renewal in December 2021 with my last overpayment opportunity in April. I'm excited to see what the balance is then so I have a goal to aim for. I'm hoping to get it down to only 15% remaining once I'm out of the fixed period 🤞
31/07/2023 remortgage date! The things I’ll be more focused to look out for are definitely interest rate and overpayment flexibility. Current rate is 2.49% (would be good if you can advise if this is a good rate or not) and current restriction on overpayment is 10%/year (not that I can currently afford anything close to that anyway)!
Thanks for this video - our deal finished last month. We tried to get a new deal before it ended but it seems like all the banks need to see an ESW1 form before lending to flat owners with cladding on the outside (ours is only 2 floors high), which our building doesn’t have. Any help regarding this would be great.
My current deal is a 5 year fixed rate which ends in June 2027. The current early repayment charge is 5% of the remaining amount so my question is if I stayed with my present lender would this be applied to any new product I take out with them? And if I were to go to a new lender, would this charge be absorbed in the new mortgage provided by the other lender? Many thanks for any help/advice you can give😊
When you remorgage from a house you bought as a first time buyer, do you still need 25% deposit of you want to buy a property for rent Is remorgage better in this context or it's better to get a seperate morgage
Hi, my current mortgage will terminate in May next year. It is interest only repayments at the moment, but I am paying 7% interest rate and want to reduce that as soon as possible. I can transfer chunks to the balance of the mortgage (65k and reduce by £20k now) or I can wait till the mortgage finishes and pay off the chunks with a loan from another provider. I don't want to stay with this provider, they are too greedy. What would you suggest. (Equity in property is around £275K+)
Hi Ken, lovely video. What’s your thoughts on remortgaging to pay the off your help to buy loan? Please could you do a video on this as there currently are no videos explaining best ways to repay help to buy loans on current homes? Thanks.
Thanks Ken! Great video, as always very informative and well explained. Our remortgage is due March 2022 and we are restricted to a 10% overpayment fee, so I am trying to save up some extra money to pay a big sum towards it by March 2021, and then continue saving for another lump sum by the next remortgage date. Hope you see this as the right way forward? Unless I can save some more and pay over the 10% by the end of the remortgage period? Not sure if this is allowed. Might be a good idea to know how we can pay off the mortgage earlier if you we have these kind of "overpayment" restrictions. Many thanks again! p.s. nice shirt!
Thank you! Glad you like the shirt ;) YESSS to being able to pay MORE than 10% at the end of your fixed rate deal. This is a very important hack that many people overlook. To your point about overpayments, please pay them ASAP. Don't build it up to then pay it. Just pay it ASAP as the debt grows less the earlier you pay off. Make sense?
Thanks Ken, mine is due for renewal in Jul , but I m working hard to pay it off, I see is as, to borrow a line from you, the low hanging fruit. However, a mate has suggested I remortgage n then continue to pay, perhaps for another 6 months and allow it to run out rather than pay a lump sum, towards the end of the mortgage period. Your take as always is appreciated, No 1 fan.
I still have another month left in my probation period at my new job, should I wait until that’s over to start the remortgage process? Which is due in 5 months time.
Great video, Say I own a house which is mortgage free and it’s worth £300000, I want to buy another house which is worth £400000. How do I remortgage my mortgage free house to release funds to buy the second home? Would you have to pay a mortgage again on the property which was mortgage free?
Which is better strategy? Remortgage to short term or remortgage to long term and pay overpayment to avoid paying early high interest. Which way saves more interest and time?
Great video. Regarding remortgaging 6 month before your deal expires, I will be on maternity and on Mat pay will this impact the remortgage deal I receive?
It shouldn't if you plan to return back to your employer? I'd also strongly suggest a variable deal to leave your options open as you go through big changes in your life. Especially focusing on a product with no penalty for changing to another product early.
Hi Ken, found your channel via the meaningful money podcast, what a find! I'm due to remortgage in July so I've started looking. I'm wondering is it best to reduce my term and pay more every month, or extend the term and increase my savings and investment?
@@TheHumblePenny yes, in the process of applying now. Big jump in monthly payments though, coupled with rocketing fuel bills and rising inflation is going to make things tough.
Thank you Ken. We due remortgage October 2021. However my husband just started his new business and is self employed. When we applied for our current mortgage he was employed.what do we need to show to the new bank to prove we can afford new mortgage?
Most mortgage lenders require 3 years of accounts, before lending to a self-employed person. I believe some lenders require only 2 years of accounts and the rules are easier for IT contractors. Find a good independent mortgage broker who has access to the whole of the market to advise you. Some of these charge high fees, whilst some don't charge any fees at all.
Absolutely to having some savings for fees. It stops you adding the product fee to the mortgage itself as you can pay it upfront. Yes to changing number of repayment years through the process :)
Find a good independent mortgage broker who has access to the whole of the market to advise you. Some of these charge high fees, whilst some don't charge any fees at all.
Hi Ken, What about now in Summer 23 - 6 months seems too early given the Bank of England activity and current interest rates. Im looking at End Dec 23 and currently on a 1.09% - so I am stuffed really ?
It's a difficult time for you to remortgage unfortunately. Interest rates will likely rise twice by December 2023 and base rate will likely be 5.5% by then. So I'd suggest preparing for that now. It's an awful situation
Thanks for Watching :) Remortgaging is all about you borrowing money not injecting equity. So no... You can increase your equity before you remortgage by letting your existing deal expire. That way, you're not subject to any Early Repayment Charges temporarily, and once you've made a large overpayment (penalty free) you can then quickly remortgage. Then after your remortgage, your 10% limit is reset again, giving you the opportunity to overpay by another 10% should you wish 😀
@@TheHumblePenny thanks for the explanation. So I'd have to get to variable rate part of my mortgage before I can increase my equity on the property? Also how does remortgaging work for a property that is bought with the help to buy scheme ?
does this still apply now ? i think the market is very unpredictabe now , and interest rates in 6 month might be much much better than now ... my mortgage is due in june next year .. any advice ?
i guess you are right :) , its never. but in case of the interest case do you think its better to start looking from now ? my current deal ends in june .. dont you think the rate might go down by then :)
