Northern Rock
- Mike
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Re: Northern Rock
Retro Sweets makes a redundant man's life pretty sweet as he considers opening his first shop!
Mike
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Re: Northern Rock
That link's making me hungry!
As an extra bonus: the post-1998 student loan interest is down to 1.5% this year. Apparently it's the higher of base-rate plus 1% or the RPI and as the RPI's negative...
As an extra bonus: the post-1998 student loan interest is down to 1.5% this year. Apparently it's the higher of base-rate plus 1% or the RPI and as the RPI's negative...
Ceci n'est pas une signature.
My annual NYE song
My annual NYE song
- Mike
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Re: Northern Rock
Must be breakfast time then!mr_e wrote:That link's making me hungry!
I might even be able to start paying off some of my loan then with the interest going down! At the moment it is about 50-50 interest vs capital.
Mike
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- BarcelonAl
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Re: Northern Rock
Ace! I calculated that I've been paying a little bit of the capital off over the last two years, but this really should bite into it...now if only they'd send me a fecking statement!
Nothing says "romance" like a kidnapped injured woman!
Re: Northern Rock
They've been sending out two letters with your logon details so you can check it all online, got mine last month. To summarise: we owe them a shitload of money.
Ceci n'est pas une signature.
My annual NYE song
My annual NYE song
- Mike
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Re: Northern Rock
Don't worry. After the bail out you probably owe about 2 years worth of full pay in tax rises to pay for the banks. . . . .
Mike
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- BarcelonAl
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Re: Northern Rock
Hmm...I vaguely recall something about that, wonder where I put it!mr_e wrote:They've been sending out two letters with your logon details so you can check it all online, got mine last month. To summarise: we owe them a shitload of money.
Nothing says "romance" like a kidnapped injured woman!
- Mike
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Re: Northern Rock
I don't recall getting mine. I wonder if it has become misplaced somewhere!
Good Article on the recession and its causes. We are in a global 'correction' apparently. That sounds like mumbo jumbo management speak to me.
Good Article on the recession and its causes. We are in a global 'correction' apparently. That sounds like mumbo jumbo management speak to me.
Mike
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- Mike
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Re: Northern Rock
Since I am on a fixed rate of about 6% I have come up with a plan to reduce my interest payments.
1) Get a new mortgage at a fixed low interest rate to pay off all but £500 of my existing mortgage.
2) Wait for the existing deal to run out (effectively having two mortgages for a few years) and then pay off the remainder.
What do you think, would it work?
1) Get a new mortgage at a fixed low interest rate to pay off all but £500 of my existing mortgage.
2) Wait for the existing deal to run out (effectively having two mortgages for a few years) and then pay off the remainder.
What do you think, would it work?
Mike
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- johnriley1uk
- Master of the West Wind
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Re: Northern Rock
Things to think about:
Can you get a better rate than 6% that is fixed?
What are the set up charges?
If you pay off your existing mortgage what are the early repayment charges?
Why are you leaving £500 in the first mortgage?
Will a second lender be happy that another company with first call on the value of the property is involved?
What will a re-valuation cost and will lower house values affect how much you can borrow?
Will Lizzie not currently at full time work affect the total amount you can borrow significantly?
What affect will the new reluctance to lend more than 80% or less of the house value have?
Phew! Anyone else any more to add?
Can you get a better rate than 6% that is fixed?
What are the set up charges?
If you pay off your existing mortgage what are the early repayment charges?
Why are you leaving £500 in the first mortgage?
Will a second lender be happy that another company with first call on the value of the property is involved?
What will a re-valuation cost and will lower house values affect how much you can borrow?
Will Lizzie not currently at full time work affect the total amount you can borrow significantly?
What affect will the new reluctance to lend more than 80% or less of the house value have?
Phew! Anyone else any more to add?
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Re: Northern Rock
Don't forget to check whether venus is in the ascendency or whether mars is occluding uranus!
(I know NOTHING about mortgages! )
(I know NOTHING about mortgages! )
HEY! HO! Lets go!
- Mike
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Re: Northern Rock
As it happens, No. I looked at a couple of deals and they were 7 year deals at 6.5% which is higher than my current deal.johnriley1uk wrote:Can you get a better rate than 6% that is fixed?
Very high - £1800 was the biggest I saw. To fix at 4.24%.johnriley1uk wrote:What are the set up charges?
If I pay off the full amount then I will have to pay over £4k in early repayment charges. This is why I am leaving a balence of £500, the terms and conditions allow me to pay any amount I like off the loan!johnriley1uk wrote:If you pay off your existing mortgage what are the early repayment charges?
Why are you leaving £500 in the first mortgage?
Who knows!johnriley1uk wrote:Will a second lender be happy that another company with first call on the value of the property is involved?
Probably, we think our house potential value has shrunk by about 10K based on house adverts in estate agents. The reduced value is what I based my quick checks on.johnriley1uk wrote:What will a re-valuation cost and will lower house values affect how much you can borrow?
Significantly but we are under borrowed at the moment based on both of us working (in terms of the 3.5 times calc) so it can be afforded on my wage (famous last words, I can hear them penning the redundancy already).johnriley1uk wrote:Will Lizzie not currently at full time work affect the total amount you can borrow significantly?
From my brief check, it looks like the whole thing is rather pointless, the cost of borrowing has not reduced much as the banks are profiteering to pay for all their previous excesses.
New plan, win the Jackpot or find someone to borrow an obsene amount of money off and pay them back very slowly. I worked out that at the current rate of payback it would take about 10.5 years to pay off the full amount if the interest rates were 0%!
Neither do I, I think that is the problem.stimpsonslostson wrote:I know NOTHING about mortgages!
Mike
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Re: Northern Rock
I did the same calculations 2 months ago and it was cheaper to stick. Mine's a three year deal with two years to run and argh 6.5%. But then if I hadn't fixed it, liz's law (similar to murphys) the interest rates would have gone up and I'd currently be eating beans on toast and not seeing anyone.