Mortgages with Sarnie
Discussion
Cant wait for the next 12 months, so this mortgage will be done and dusted.
Briefly, we took £79k over 5 years.
This had a 3 year fix, so planned to pay back inside the 3 years.
Doing rather well, with both of us still hard grafting, never a day off.
Last payment will be December 2022.
I should add, this is with maximum overpayments, and on occasion, a small penalty for us, not keeping our eye on the overpayments.
Smashed £39,500 off the mortgage in previous 14 months.
We just don't like debt, and there are probably other better financial ways of putting teh excess payments, but for us it pays off our mortgage.
Briefly, we took £79k over 5 years.
This had a 3 year fix, so planned to pay back inside the 3 years.
Doing rather well, with both of us still hard grafting, never a day off.
Last payment will be December 2022.
I should add, this is with maximum overpayments, and on occasion, a small penalty for us, not keeping our eye on the overpayments.
Smashed £39,500 off the mortgage in previous 14 months.
We just don't like debt, and there are probably other better financial ways of putting teh excess payments, but for us it pays off our mortgage.
Here's an interesting one; so my sarnie mortgage will be £201k when the fix ends in Jan 23', Value will be conservatively £280k, this puts my LTV @ 71% in Jan23..
Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Pistonsquirter said:
Here's an interesting one; so my sarnie mortgage will be £201k when the fix ends in Jan 23', Value will be conservatively £280k, this puts my LTV @ 71% in Jan23..
Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Yes that's usually correct. You could make a lump payment at the time of the remortgage mind rather than overpaying now. Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Pistonsquirter said:
Here's an interesting one; so my sarnie mortgage will be £201k when the fix ends in Jan 23', Value will be conservatively £280k, this puts my LTV @ 71% in Jan23..
Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Be very conservative with your valuation. The banks will be . . .Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Pistonsquirter said:
Here's an interesting one; so my sarnie mortgage will be £201k when the fix ends in Jan 23', Value will be conservatively £280k, this puts my LTV @ 71% in Jan23..
Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
Very little change if any at 70%, next noticeable change will come at 60%Recon it would be advantageous to overpay slightly this year to bring the LTV just below 70% to get a better rate when the time comes? No expert but I have a feeling the rate to LTV correlation would be in rate bands/brackets of eg 60/70/80/90%, so getting just under 70 would save me a few fractions of a percent. Thoughts?
I've seen a property that I think would be a good investment to buy and rent out. Wanted to throw some figures out there to see if it's pie in the sky or potentially viable. Looking to remortgage to provide funds for deposit.
Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
Guv10 said:
I've seen a property that I think would be a good investment to buy and rent out. Wanted to throw some figures out there to see if it's pie in the sky or potentially viable. Looking to remortgage to provide funds for deposit.
Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
Is the property a HMO?Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
Rent seems strong for the property value......
Last time we remortgaged, our lender, put us in touch with a broker to work out our remortgage after the fixed rate ended. They sorted it with very little hassle, everything was fine.
That deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
That deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
vladcjelli said:
Last time we remortgaged, our lender, put us in touch with a broker to work out our remortgage after the fixed rate ended. They sorted it with very little hassle, everything was fine.
That deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
Feel free to drop me a line, always happy to chat! That deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
Guv10 said:
I've seen a property that I think would be a good investment to buy and rent out. Wanted to throw some figures out there to see if it's pie in the sky or potentially viable. Looking to remortgage to provide funds for deposit.
Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
I know it's students but more concerned if the numbers are actually viable to be able to get the mortgage?Current house value : £280k
Remaining mortage :£135k. 23yrs 4mths to go
Current rate 2.34% fixed for just over 2 years. Our payment is £635 per month
Potental house £240k. The house is currently being rented for £1600 per month. So the rent after tax and other costs (including our bigger mortgage would be covered)
Combined income is 57k
We do have 20k of debt currently.
Any advice is welcome. Thanks
Guv10 said:
I know it's students but more concerned if the numbers are actually viable to be able to get the mortgage?
The numbers work but it's not entirely straight forward with a HMO/Student let.......number of tenants, locks on rooms, more than one kitchen sometimes, multiple AST's at times........drop me a line if you need help witht his 
Sochaux said:
How likely am I to get a mortgage if I am due to start a new job mid-February?
It’s a £3k pay cut. I’ve been with my current employer for 8 years and the new job is in the same industry.
There are lenders who will lend against your signed contract, before you start.........other lenders won't do it until you are in the position, some will want 1 months pay slip, some up to 3 months.........It’s a £3k pay cut. I’ve been with my current employer for 8 years and the new job is in the same industry.
vladcjelli said:
Last time we remortgaged, our lender, put us in touch with a broker to work out our remortgage after the fixed rate ended. They sorted it with very little hassle, everything was fine.
That deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
Sarnie was the opposite for us, fThat deal is up in Feb, so we got in touch with them again. They took all our details, we sent some copies of documents, all fine so far.
Then they rang saying we needed to start again as they had lost our information.
Naturally, our confidence in them has taken a bit of a dent.
That, coupled with the glowing reviews of sarnie on here means here we are.
I’ll drop you an email and get the ball rolling if you don’t mind.
k sake man!!! Hurry up as they're pulling the rate today!! GO GO GO
Nothing lost, knew what was needed rather than just asking for a pile of stuff etcWould recommend.
Anyone fishing around for offset mortgages at the minute?
Our fixed repayment deal expires in June so looking again but seems all the 7 year deals I had my eye on have been pulled.
I’ve got £207k left on a conservative £500k valuation so LTV isn’t an issue, the absence of deals is.
Would prefer offset to have the cash there in the current climate and gives me a choice to shorten term if I want.
Worst case by the time it’s run full term I’ll have access to a pension pot if required to knock off the last few £k.
PS - Used Sarnie for finding a deal for our - now sold - BTL, fully recommend.
Our fixed repayment deal expires in June so looking again but seems all the 7 year deals I had my eye on have been pulled.
I’ve got £207k left on a conservative £500k valuation so LTV isn’t an issue, the absence of deals is.
Would prefer offset to have the cash there in the current climate and gives me a choice to shorten term if I want.
Worst case by the time it’s run full term I’ll have access to a pension pot if required to knock off the last few £k.
PS - Used Sarnie for finding a deal for our - now sold - BTL, fully recommend.
Vanity Projects said:
Anyone fishing around for offset mortgages at the minute?
Our fixed repayment deal expires in June so looking again but seems all the 7 year deals I had my eye on have been pulled.
I’ve got £207k left on a conservative £500k valuation so LTV isn’t an issue, the absence of deals is.
Would prefer offset to have the cash there in the current climate and gives me a choice to shorten term if I want.
Worst case by the time it’s run full term I’ll have access to a pension pot if required to knock off the last few £k.
PS - Used Sarnie for finding a deal for our - now sold - BTL, fully recommend.
Drop me a mail.... Our fixed repayment deal expires in June so looking again but seems all the 7 year deals I had my eye on have been pulled.
I’ve got £207k left on a conservative £500k valuation so LTV isn’t an issue, the absence of deals is.
Would prefer offset to have the cash there in the current climate and gives me a choice to shorten term if I want.
Worst case by the time it’s run full term I’ll have access to a pension pot if required to knock off the last few £k.
PS - Used Sarnie for finding a deal for our - now sold - BTL, fully recommend.
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