Would switching from repayment to an interest only mortgage ruin my credit rating? I'm benched from today so looking to reduce all outgoings until further notice.
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Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson -
It shouldn't, but depends on you lender. They will normally charge you a small fee though.Originally posted by gingerjedi View Post -
I looked at doing somthing similar a few months ago as the mrs is on maternity leave. The bank said NOW WAY to interest only. We have about 35% equity in the house (even at current prices), so it looks like many of the lenders are playing hardball!If at first you don't succeed... skydiving is not for you!Comment
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Originally posted by gingerjedi View Post
Don't forget to claim your contribution-based Jobseeker's Allowance which is 60.50 pounds a week for six months. Get a P45 from your accountant or previous employer. This will also allow you NI credits for the period out out of work. Even if you do not qualify for JSA you can still get NI credits and this is certainly worthwhile if the recession drags on.
If you have under 6K savings you can claim benefits-based JSA, council tax rebate and interest payments for your mortgage, but you cannot get housing benefits until 13 weeks after your claim goes in. The drawback is that you have to sign on every two weeks and show that you are actively seeking work.
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Originally posted by Cyberman View PostDon't forget to claim your contribution-based Jobseeker's Allowance which is 60.50 pounds a week for six months. Get a P45 from your accountant or previous employer. This will also allow you NI credits for the period out out of work. Even if you do not qualify for JSA you can still get NI credits and this is certainly worthwhile if the recession drags on.
If you have under 6K savings you can claim benefits-based JSA, council tax rebate and interest payments for your mortgage, but you cannot get housing benefits until 13 weeks after your claim goes in. The drawback is that you have to sign on every two weeks and show that you are actively seeking work.
You even come across smug on the dole.
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Originally posted by DimPrawn View PostYou even come across smug on the dole.
Smug because I am drawing my pension from June and will not be drawing the dole while most others on here may well be due to HMG incompetence.
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I made the mistake of hanging it out last time I was benched, if I'd known it would be 5 months I'd have gotten a P45 straight away. I'll be emailing the accountant by the end of the week if nothing turns up.Originally posted by Cyberman View PostDon't forget to claim your contribution-based Jobseeker's Allowance which is 60.50 pounds a week for six months. Get a P45 from your accountant or previous employer. This will also allow you NI credits for the period out out of work. Even if you do not qualify for JSA you can still get NI credits and this is certainly worthwhile if the recession drags on.
If you have under 6K savings you can claim benefits-based JSA, council tax rebate and interest payments for your mortgage, but you cannot get housing benefits until 13 weeks after your claim goes in. The drawback is that you have to sign on every two weeks and show that you are actively seeking work.
I can't believe I'm considering roles on half what I started out on 6 years ago when I was wet behind the ears.
Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave JohnsonComment
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Should have no effect on your credit rating as long as you keep up the payments. Missed payments on anything are what screws your credit rating.Originally posted by gingerjedi View Post
If you're current lender wonty play ball consider going for an offset mortgae with a different lender. First Direct have good deals on atm if you are looking for <80% of the property value. It is essentially an interest only mortgage, but they will quote you for repayments over a specified term if you ask them. That way you can offset any personal savings you have against the mortgage as well, further reducing the interest payments."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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Finally got round to calling Nationwide, the guy on the phone told me we would need at least £150k equity in the property to be considered. Our house is worth £170k so by my calculations that's an LTV of about 12%, why on earth would I want to switch to IO if I only had a mortgage of £20k???
We have an LTV of 59% which I thought was bloody good, god help the masses when the tulip really hits the fan.Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave JohnsonComment
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£150k equity?? That's rather a lot.Originally posted by gingerjedi View Post
I had an interest only mortgage 10+ years back, but of course the banks hadn't been burned badly like they have recently.
It just goes to show how many mortgage products have ceased to exist.Comment
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