Chosen by Asker

OK ....so your fixed rate is going to end ...and you'll go onto the Standard Variable Rate (SVR). First - this is not the end of the world .....the Nationwide SVR for you is currently only 2.5%. Just checking ...but is that actually lower than you are paying now?? Believe me when I say that you are not going to get a better deal than this ANYWHERE else. Second - Why do they think your flat is only worth £128k? Any property is only worth what someone is prepared to pay at that time. When you bought your house....you paid £XX....and borrowed £YY...that set your LTV at that point. Sounds like you probably paid something like £145 or so and borrowed £132k. Since then - house prices have generally gone down ...the Nationwide apply an indexed inflation % to your accout, and regularly (at least quarterly) recalculate what they believe your flat is worth. In your case they have applied a cumulative negative infaltion since you purchased. E.g. they believe your property value has decreased since your purchased it. If it's any comfort (little)...many hundreds of thousands of people are in the same situation as you. Third - General opinion is that bank base rates are likely to remain low for at least the next 12 months.....but you're right to be worried .....it is likely that rates will go up in the next 24 months - they are super low right now. Fourth - there are several things you can do in the future to reduce the monthly payments - Increase the term (duration) of your mortgage, move to interest-only payments temporarily etc. Talk to the Nationwide about your options. Finally - Sounds like you are moving house. Ask Nationwide about porting your current mortgage deal (cos it's so good), and make sure you dont have to go get a new mortgage deal - where you will end up paying much more. Good Luck!

by aj at the bank

4 weeks ago

Asker's Rating: 

if yo are trying to sell for 150k and the appraiser says it is only worth 128k, then you are never going to sell it for 150k - prices on real estate have dropped a lot in the last 4 yrs appraisals are based on recent sales for similar homes in the same area

by Doctor Deth- 4 weeks ago

Do NOT panic. Since you are planning on selling you home, you should NOT refinance. You will be throwing money away due to the closing cost that you will never recover. It sounds like you have a 5/1 ARM meaning that your rate was fixed for a period of time but then becomes an adjustable. The index that your loan is set to should be very low right now. Even though you will change to an adjustable is will be low for another year. What is most important now is for you to sell you home. Here are 20 tricks to selling your home from the pros: 1. Make room. Clear out as much furniture as you can. Put it in storage, give it to Goodwill Industries or have a garage sale. 2. Use counter intelligence. Go through the house and clear off all the horizontal surfaces like kitchen and bathroom countertops. Old magazines? Toss 'em. Knick-knacks? Pack 'em. Counters need to be clear and clean. 3. Follow your nose. A home should smell good. That means no noticeable odor -- no pet scent, no stale cooking smells and no cigarette smoke. "People just don't realize how much odor plays into this," says Scott Griffith, president of ERA Griffith Realty in Brighton, Mich. "And I find that people who smoke or have pets become so accustomed to the smell, they don't notice it," Griffith says. Instead, have a friend whose judgment -- and nose -- you trust give your home the real sniff test. Remember the old story about the smell of baking bread or steaming cinnamon potpourri? Today's real estate pros say it's a no-no. Ditto the scented candles and air freshener. "If you just go through with Lysol before a showing, that won't help," says Dan Lee, vice president of First Weber Group Inc., in Madison, Wisc. Instead, get rid of scent problems at the source: scrub the house, have the air vents cleaned, replace old, smelly carpeting and smoke outside. 4. Remember, the next buyer is as lazy as you are. If the property needs work -- dated wallpaper, ratty carpet -- have it replaced now so that all buyers have to picture is moving day. "Most people want it before they move in," says Myra Zollinger, an owner/partner with Coldwell Banker Realty Center in Chapel Hill. The more changes buyers calculate they'll have to make in the home, "the more concerned they get," says Richard F. Gaylord, Realtor with RE/MAX Real Estate Specialists in Long Beach, Calif. 5. Do the baby test. Does your potential market include families with young kids? If so, ask yourself, "Would I put my child down on this floor to crawl around the room?" says Dick Koestner, a partner in Koestner McGivern & Associates in Davenport, Iowa. If not, you know what you have to fix. Likewise, if your walls sport grimy smudges or handprints, it might be worth it to paint. 6. Deep-six the cigarettes. Buyers are much more sensitive to cigarette smells, says Zollinger. "If somebody's a smoker, he doesn't smell it." Having a smoker in the house also eliminates a lot of potential buyers. Many shoppers won't even want to tour a home if the owner is a smoker. 7. Make your home ageless. There's a difference between an old house and a classic home. "If the house looks 40 years old with 40-year-old paint, 40-year-old appliances and 40-year-old carpet, that's a hard sell," says Phipps. Keep everything fresh and up-to-date (read well-maintained) and you have a solid home in an established neighborhood -- a real looker. 8. Let there be light. "People buy space and light, for the most part," says Zollinger. One dark room is "cool," says Phipps. "But if the whole house is dark, that's a problem." So open the blinds. Turn on all the lights. Add lights in rooms that are dark. And if Mother Nature isn't cooperating with your marketing efforts, "use more flowers and things that suggest sunlight," says Phipps. One seller who really understood staging was marketing her home during a spate of bleak weather. Before a showing, she threw a couple of beach towels over the rail of the deck, put up the sun umbrella and set out a pitcher of lemonade and some glasses. "You want a space that's crisp and sharp and vibrant,' Phipps says. "Happy space." 9. Get a home inspection. Most buyers will have one done anyway, says Zollinger. Do it now -- and make any needed repairs before you put the home on the market. Depending on where you live, the service will probably run about $200 to $400, she says, and your real estate professional can recommend several good inspectors. 10. Learn to love white walls. When it comes to walls, color is popular. The problem is that the next buyer might not like the same colors. Paint is a relatively inexpensive way to make a house look clean and fresh. And if you're going to repaint prior to selling, stick with neutrals. "Despite the fact that it's more boring to live in, it's still an easier sale," says Griffith. And remember that white reflects the light best and makes rooms look their largest. 11. Take a close look a More info: fullsailhomeforsell ...

by William- 4 weeks ago

Contact Fresh Finance Group. They will definitely help you with your query. I asked them for help a few months back and they came up with a very good deal for me within few days. Try www.freshfinancegroup.com and see the difference

by Vikrant G- 4 weeks ago

Hiya, Basically you are stuffed. They will use an online valuation which you have no chance of appealing. The good news is that by going onto the base rate you are highly likely to see your Mortgage payments come down. Also, as you are attempting to sell your flat then you are best advised to stay on Nationwides variable rate as this means that you will not have any penalties to pay when you redeem it. All in all, not as bad a position as you might have thought.

by The Master- 4 weeks ago