Showmethemoney
Registered User
- Messages
- 24
Hi everyone,
I would appreciate any advice from AAM members about switching my mortgage. I would like to get the best deal possible and I don’t mind the hassle or hard word involved in switching.
My details
Mortgage for 250,000 with EBS taken out in 2012, currently fixed @3.5% until the summer, and then it reverts back to 3.7%
LTI Ratio = very poor
My salary = 35,000(most years receive a bonus of another 5000 but not guaranteed)
Spouse salary = is normally 30000 but is currently out sick from work since March 2016 and is on Illness Benefit.
Children = First child due in spring.
Saving = None
LTV = not sure. Similar houses in the area houses have sold for 300,000 and our site is larger than normal(4.5 acres site)
Dilemmas
No money available, I could stretch to a valuer's fee but could not find 1500 for solicitors fees. I’m assuming any cash back offers that might be available for switchers would only be paid at the end of the mortgage application process?
Questions
Thank you for reading and hopefully someone might have some advice for me.
I would appreciate any advice from AAM members about switching my mortgage. I would like to get the best deal possible and I don’t mind the hassle or hard word involved in switching.
My details
Mortgage for 250,000 with EBS taken out in 2012, currently fixed @3.5% until the summer, and then it reverts back to 3.7%
LTI Ratio = very poor
My salary = 35,000(most years receive a bonus of another 5000 but not guaranteed)
Spouse salary = is normally 30000 but is currently out sick from work since March 2016 and is on Illness Benefit.
Children = First child due in spring.
Saving = None
LTV = not sure. Similar houses in the area houses have sold for 300,000 and our site is larger than normal(4.5 acres site)
Dilemmas
No money available, I could stretch to a valuer's fee but could not find 1500 for solicitors fees. I’m assuming any cash back offers that might be available for switchers would only be paid at the end of the mortgage application process?
Questions
- Should I just fix again with EBS for another year due to our poor LTI ratio and hope by the summer of 2018 my spouse may be back at work and our financial situation will have improved a little. And then I can look to switch. This is the option that seems most sensible to me at the moment.
- Should I get the site valued to see what my LTV is and then apply to the various banks to see what deal I can get.
Thank you for reading and hopefully someone might have some advice for me.