Hi Ian,

Remember me , well guess what I need some hand holding...

To cut long story short, MW did not accepted us back in Jan due to overdraft I have (business expenses always paid in late) even if at the time they accepted to underwrite the converted flat.

We went to BM solutions, 6.69%, fixed 5y, 95% secured + 5% non, they offered 35 y term, repayment initially, it was fine.

But as they are now in trouble no 100% are authorised to go over retirement age even if I am the youngest , higher earner with a company pension.

We now end up with a interest only for 20 years, to make repayments affordable.

Our broker advised us that it's the best deal possible for now and we could make overpayment on the non secure to pay it quicker.No endowment is recommended.

Then in 5 years, we could renegociate a deal going over retirement age with repayment etc.

Is it sounded, or completely mad to take it.

We are at risk to loose the flat (our solicitor woudn't rightly started the conveyancing before offer pocketed) as it took a good 2 month for BM to come up with this marvel.

Help!

Thanks for your views.

Homebuyer

Hi Homebuyer,

There is a current deal with abbey which is a 95% deal with 5% cashback which can be used as your 5% deposit. The rate isn't great and you are tied in for 5 yrs but this could be an option for you.

Hello Carlos,

What would the rate be?

Thanks

Homebuyer

Hi....of course I remember you:)

I didn't think MW would go all the way, but never mind you have the best of what is left and to lose it now would mean that this opportunity may not come around again. Your adviser is recommending what I advise clients to do when the only available products limit their choices. By overpaying you will still be paying what is effectively a repayment mortgage and hopefully when the product ends the next lender will be more flexible. Let's be honest are you still going to be in that property for the next 35 years??? It is what is best for now but you must be fully aware of the temporary measures to allow the deal to complete. This rate is a belting rate in todays climate, up to you though??

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Regards

Ian

Hi Ian,

I am more confident now I have asked you as you have no interest in talking nonsense ( sorry to be so trusting).

So if we are good and keep up with the overpayments, we are fine are we?

Any other problem you can see in this? HBOS going bust?

Thanks;)

Homebuyer

it's 7.34% variable (like i said not the best!!) but it does come with a free valuation and no arrangement fee, however, you will have to pay a higher lending charge.

Thanks for your help.

Hi Ian,

Could you advise on best mortgage insurance we should take?

Income, critical illness, life insurance?

I am 39 and my partner 43, non smokers.

I have an income insurance (75%)from my company-not sure for how long and a life insurance for death in service 3x my salary which covers half of the mortgage.

Thanks for your ideas.

Regards,

Homebuyer

Hi...it really is impossible to advise on insurance even though you have listed some of your existing cover. The income insurance from your company, is it compulsory or can you shop around, I assume that the premiums are coming out of your salary or not?? Death in Service only works if you stay employed and the younger you are when you take a stand alone policy out the better. I would have assumed that your broker would have advised on recommended cover for you as well. Don't forget the cover advised would have to encompass both of your current situations.

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Regards

Ian

Hi Ian,

I am awaiting more info from my company and will ask you again re insurance.

On another note what to you think about the First direct fixed rates offset mortgages?

A friend told me about them , I would imagine they won't do a 100%...

Thanks

Homebuyer

Hi...... Fiirst Direct are only accessed direct and sorry they don't do 100%...don't be greedy:)

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Regards

Ian

Hum I thought so too.

Have a nice week end ;-)

Hi Ian,

Painful, the only word that springs to my mind...

Could you tell me if a mortgage offer can be transfered to another property?

We were lucky to get one 100% ones and I have great doubt this will come around if we start from scratch now...

Thanks for your help.

Home buyer

Hi...offers can be transfered to another property but you will have to pay a further valuation. Make sure that the expiry date of the existing offer has enough life left in it to see the next property through to completion.

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Regards

Ian

Hi Ian,

Thanks God - and you for that.

I'd rather pay for another valuation, and have the one we want... and we have until 28/07.This should be feasible - just.

It is ever going to come to a conclusion...?

Kind regards,

Bao-Tam