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Quarterback Loan - Tim can you help?

Last post Wed, Jul 18 2007, 3:13 PM by Tyas. 4 replies.
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  •  Wed, Jul 18 2007, 3:13 PM

    Re: Quarterback Loan - Tim can you help?

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    Tim,

     Not a problem.  Thanks for your help. 

    The way I see it is that you saved me getting a credit check on my record for a large loan.

    Let us all know if anything comes into the market that may assist in such mortgage advantages. (Few are far between, I know!)

    Thanks again

    James.
    • Post Points: 5

  •  Wed, Jul 18 2007, 2:41 PM

    Re: Quarterback Loan - Tim can you help?

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    Hi James,

    That's to qualify for the 6.1%.

    I'm sorry about this - I should've made it clearer. Will see if I can update the info now, and apologies for any confusion/hassle caused.

    Tim
    • Post Points: 20

  •  Wed, Jul 18 2007, 2:31 PM

    Re: Quarterback Loan - Tim can you help?

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    Hi Tim, 

    Knew it would not be that straight forward!

    My LTV currently stands at about 73%. 

    When you say it has to be less than 50% is that to obtain the loan/deal or is that to obtain the 6.1% APR?

    Thanks

    James
    • Post Points: 20

  •  Wed, Jul 18 2007, 1:54 PM

    Re: Quarterback Loan - Tim can you help?

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    Hi,

    Great post first of all.

    The main over-riding factor is your LTV.

    It has to be less than 50% - what's yours?

    Thanks

    Tim
    • Post Points: 20

  •  Wed, Jul 18 2007, 11:08 AM

    Quarterback Loan - Tim can you help?

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    Tim,

    I had a look at the Quarterback Loan and have a couple of questions.

    When you get the APR offer is that APR frozen for the period of the loan?

    In your example of borrowing £30K (assume that is on 6.1% APR fixed over term of loan?) over 15 years I make it £259.09 per month. At 5.1% APR I make it 242.48 per month. A saving of £16.61 per month. Over the term of the loan that makes £2,989.80. Your example says you would receive £5,023 after ten years. This would make it £27.90 diff per month and there for effective charge of £231.18 per month and effective rate of 4.4% APR.

    The reason behind this is that I am trying to decide if it would be worth taking out a secured loan with these people ( assuming I could get a decent rate ) and then pay off a chunk of my mortgage hedging my bets that the effective rate of the loan would be less then the rate that I will be able to get for a fixed rate mortgage next June when my current fixed rate ends.

    Do you think my mortgage idea is possible or would it be too difficult to obtain a 6.1% APR?
    • Post Points: 20