Not really my field of expertise, but I do work very closely with a number of people in this field and I can pass on their view that remortgaging, or releasing equity via a 2nd charge for example, has never been harder than it is now.
My general advice would be to avoid it like the plague at the moment unless you have absolutely no other alternative.
Interest rates are generally irrelevant also, if the rate you need is not available then don't sign up, it would be a fortunate case indeed that finds a better deal now than one that is about to expire.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Well, trying to get a remortgage for a total of £64,000 to finish trust deed off - not a huge amount at today's prices, only ONE offer available via an all of market broker of 10.89% (Interest only), because of age it's 12 years and would be c£1,100 month overall (ISA etc) Oh yes, fees of £2,850 to be added to loan amount and £700 to the broker..Oh well.
Last edited by bigpete on Fri Oct 03, 2008 5:16 pm, edited 1 time in total.
Remortgage is as good as dead, look at he news this morning, house price drops further, despite that feeble tepid news of some new hope senate vote on US bailout.Banks are hoarding money.
Aviod Remortgage like it is a flu pandemic
Last edited by NBNA on Thu Oct 02, 2008 1:27 pm, edited 1 time in total.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
Many people are finding that their lenders standard variable rate (at the end of a mortgage "deal") is cheaper than options open within the sub-prime mortgage market currently.
Speaking with any decent mortgage broker will help to clarify the situation for an individual based upon their own circumstances.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
