Mortgage

[baz36]

Hi all

Our mortgage with the Abbey National is due to come to the end of its fixed rate in August, what is our best approach to trying to sort out a better deal at this point?
Do we contact the Abbey first and see what they can offer? Also at the moment the mortgage is in just my husbands name as we have only recently got married, so would they take me on, or would we be better just doing it in husbands name again?

Do you think the Abbey will still try to keep us even though now in IVA?

And how early can we make enquires about new mortgage, i heard about 3 months in advance of our fixed rate ending?

[MelanieGiles]

I would have thought that a direct approach to the Abbey would be the first step to take to see what deals they are able to offer you and whether they would accept a joint mortgage.

If they are unable to offer you a sensible package, it does often pay to shop around, and I would recommend talking to either Tony Parsons or Andrew Graveson who regularly post on this site and are specialist mortgage brokers in the adverse credit marketplace.

[Welsh Boy]

baz

As Melanie has said, your first port of call should be with Abbey.

With regard to joint names on the mortgage I think you and hubby need to discuss what you want and take it from there.

If for whatever reason you were not going to be party to a new mortgage deal, whether it is with Abbey or not, then you would probably be advised accordingly to take advice on the legal aspect of that.

Whether you fit Abbey`s lending criteria would become evident when you approach them. I would probably look to approach them 8 weeks before the end of the present fixed rate, ask them whether there are any penalties to move your current mortgage. Hope this helps, Tony

[Destiny]

Hi Baz36
Our mortgage is also with the Abbey and our fixed rate came to an end at the beginning of this month. In November I managed to secure another three year fixed at 5.49%. Basically, they never asked about our circumstances as we were not increasing our mortgage. I have been a mortgage customer with them for over 13 years so I don't know if this had an bearing on the rate that I was offered but I did haggle! Dig out your mortgage statement, phone their customer services and say you want to review your rate as the fixed rate is coming to an end in August. I was able to negotiate my fixed rate in November and it didn't commence until the current fixed rate ended this month. I have always found the Abbey to be very helpful.
As a result our mortgage only increased by a small amount rather than jumping horrendously if we had reverted back to the variable rate. Hope this helps!

[chris.g]

Last year our fixed rate ended, all be in with Halifax, and we just swapped mortgage with them. I did ask about credit scoring and they told me they didn't carry one out because we were swapping products, not applying for a new mortgage. We also swapped around when we were with the Abbey a few years ago, without any problems or questions.

[Adam Davies]

Hi
I think the general rule,reading this thread,is ask your current provider for a new deal first,then,if declined,look around[using a good broker] for a new provider
Regards

[Andrew Graveson]

That's absolutely right. Only thing I'd add is to start looking at it three months before the existing arrangement comes to an end.

[baz36]

Hi Andrew

Like said currently with Abbey but it is only in my husbands name as we only met and got married last year, i presume to get a joint mortgage it would be re-mortgaging with them wouldnt it? and then they would do credit check wouldnt they? Are we better just seeing if Abbey can do us a good deal in just my husbands name or are we better off going somewhere else and attempting a joint mortgage?
Any advice greatly appreciated?

If need be could we contact yourself?

Thanks

Jo

[MelanieGiles]

If you are in an IVA and your husband is not, I would leave the joint mortgage option until you are free of the IVA in order for him to get best interest rates.

[Andrew Graveson]

As per Melanie's comments it would be sensible for your husband to approach Abbey and see what they can do for him. He should also look at what is on offer from other lenders to make sure any new arrangement would be competitive. Alternatively a mortgage broker could be used to do the same task.

If for any reason it becomes appropriate for you to seek a joint mortgage (for example if two incomes are needed to qualify for the amount required) then there are lenders who welcome applications from those in IVA's. The rates may reflect previous difficulties but not always by as much as people fear. It always comes down to unique personal circumstances.

In this scenario I'd suggest approaching a mortgage broker who regularly handles cases connected to IVA's. Tony Parsons and I are two such brokers who post on this forum. If that would be useful to you you'll find contact details in the "profiles" sections.