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karenjen

ccj's need remortgage

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Hi all, I have a mortgage with GMAC. I am in a fixed but this finishes in October and goes to LIBBOR. I am in one months arrears and have an arrangement which is fine. But I can not stay with GMAC as mortgage will go up by £300. Any ideas anyone? I have CCJ's


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Chances are very slim that another lender will take you on. Libor is at the lowest it's ever been so your payments should be ok unless you had a very low fixed rate? Base rate + libor should be around 1.96%?

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Hi, i am also on libor rate and my mortgage has just gone down by £187 a month much to my mortgage companys dismay. If you look in your mortgage agreement it will state what your new payments will be it should say libor plus ??? % eg. mine is 3.3% plus libor.

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Thanks for replies. Will this be variable?


:oops:

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Yes it will be variable but why do you think it will go up by £300 pm

Post 3 is the correct calculation but they may be on interest only so it makes a difference.

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Hi GMAC say that it will be 5.2 plus LIBOR at the moment I am at 7.99% which is mad so any higher than that then I will be worried. I wonder if I could get another fixed with GMAC?


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Hi Karenjen

 

The good news is that when you reach the end of your fixed rate the monthly payments will go down as your new rate will be around 6.2%.

 

While the bank rate is at 0.5% you should be fine it is only when it goes up you will start to get increases.

 

Gmac might consider another fix if you ask but it will not be low. More likely they would try to encourage you to move to someone else although you will find this very difficullt with CCJ's. It depends of course how old they are.

 

I suggest you make sure that you pay your morgage on time without fail and make sure you do not get any more CCJ's or any defaults so that you can remortgage in the future before the rates get too high.

 

Pedross

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Hi GMAC say that it will be 5.2 plus LIBOR at the moment I am at 7.99% which is mad so any higher than that then I will be worried. I wonder if I could get another fixed with GMAC?

 

LIBOR is now at its lowest rate in history at below 1%. All depends upon when GMAC apply the change, normally every three months. Yours could be up for review shortly which of course then means your rate would be around 6%. Are you interest only or repayment?

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Thank you so much for your replies. I am on an interst only and I will begin the new term in october.


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Thank you so much for your replies. I am on an interst only and I will begin the new term in october.

 

You would be hard pushed to find a fixed rate at the 6% mark. I don't see the Bank of England increasing rates for some time yet and libor will remain low for the foreseeable future. Hang tight & improve your credit rating.

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