Owning your own home

Maybe some tasteful cross stitch

just buy a jack vetriano print and be done with it.

Finger hovering over PayPal button on basket containing 13cm letters “POO”

DOIT

(I don't have much going on in the office at the moment, so apologies...)

Cleveland appeared on the $1,000 bill between 1928 and 1934

The first mention of "grand" to mean 1,000 (usually dollars) was in 1915

wow

you're a massive nerd

:)

My 5-year fixed mortgage comes to an end next month. I’d thought it jumped to base rate + 0.49% but it actually jumps to base rate + 3.99% so I need to change it. Problem is I just got made redundant. I’m going to have to stick with it for the time being I guess, until I get the new job sorted?

LTV is about 38%

who’s the mortgage with?

They might switch you on to a new deal - without asking any questions.

Worth giving them a call.

I've just moved to a new deal as I was coming to the end of a 5 year fixed rate term. My rate would have jumped from 2.89% to 4.25% (base rate + 3.75%) but I was able to get a new 5 year fixed deal at 1.94%.

More importantly (and relevant to you), there was no need to review my financial situation, just a few checks on things that were originally agreed (no lodgers, no intention to rent it out, etc). I didn't have to state anything about my employment status, salary, etc.

(This was with Santander, other mortgage providers may differ.)

Sparky, if you don't change any of the fundamentals of your mortgage you can remortgage with your current lender no bother as they don't have to do any of the affordability checks. The sooner you get it tied in the better as well as folk are expecting a rates rise sometime soon!
Sorry to hear you've been made redundant, that sucks big time!

Interesting. This is with Bank of Ireland. I don’t want to sign another long term as I’m sick of this flat and want to move to a house. So I need something flexible. Can they put me on a tracker with a less bonkers rate?

Changing the subject a bit, where does this G thing come from?

Eurosport commentators pretending they're mates with Geraint Thomas.

You can ask for an advised mortgage with your bank, that way you'll chat with a financial adviser who will be able to choose the right mortgage with the products they have, you may find that the only flexible product with no ERC would be the standard rate. Another option would be to get a long term mortgage that is 'Portable', so you could sell your flat and move that mortgage with preferential rate to a house, if that makes sense. Just an idea.

Cheers. I’ll give them a call today and see what can be done.

Interesting. This is with Bank of Ireland. I don’t want to sign another long term as I’m sick of this flat and want to move to a house. So I need something flexible. Can they put me on a tracker with a less bonkers rate?

As above, the closest thing you get to flexibility is porting which can be a bit of a ball ache in itself.

If I were you I'd consider a short term fixed deal, i.e. two years, enough time to get back in to work and get the place sold.

Alternately, if you think you can get the place sold and get back in to work in say nine months, compare the up-front costs to remortgage (they might not even be any) + the early repayment charge should you sell the place in the fixed term vs. the (additional) cost of being on the default tracker deal for nine months.

You have an annoying fiddly situation there, but there are options.

Just to weigh in, we also stuck with our bank as I just moved to being self employed - same deal, no financial checks and we upped from 3 to 5 year fixed... so the deal can change from what you had before. Good luck.

If you have a lodger is this considered to be higher risk, and therefore higher interest rate?

Whatever. With your facts. And your evidence.

Maybe...but it’s one factor among many. Do you need lodging income for affordability?

Interestingly, we have a lodger and my wife runs her business from home, my current bank were happy enough with both of these things, they just asked for info like name, DOB and employment status, and they were happy enough, no change to rate. Had to do the same for Home and Contents insurance, however, no change in cost but it did mean in the instance of a break in we would have to prove forced entry or something like that, however, we were an existing customer so they were happy to add this to our account, as a new customer they would not take us on with a lodger, we would have to go to a specialist, therefore we have stuck with the same folk for the last 5 years.

Lodging income is not considered for affordability by a bank unfortunately.

Yeah that was going to be my point :)

Which then leads on to why the bank is aware that you have a lodger - as agreements go they are pretty transient.