Mortgage my house for a TVR...

[andyr]

Just wondered how many people have put their TVR on their mortgage?

Just want to know how the new(ish) cars are being financed. Any honest ansers gratefully received!

[nubbin]

I added mine to my mortgage, because it's by far the cheapest way of getting a loan, and the car is instantly yours to sell, with no HPI etc, should you want to get rid of it. It's just a matter of overpaying on the mortgage, to pay off the car. Which I will do, sometime.....

[HarryW]

Considered selling the kids when i first saw the T350 does that count

Harry

[Nigel Lewis]

Without doubt, this is the cheapest way to borrow, whilst rates are so low. There are plenty of flexible mortgages out there, which effectively give you a cheque book to borrow against your loan account, and can pay back at any time penalty free. If you can disapline yourself to pay it back within a reasonable time period, or even make lump sum deductions when ever you can, as most providers now calculate interest on a daily basis, it can work out very competitive.
Of course, if you just add to the remaining term, then the car will cost you thousand more! If you do want to structure over a period, then there are some cracking fixed rates about to give you that added bit of security.
I did get a quote from TVR Finance, and they are also extremely competitive, all be it that there rates are variable.

[The GMan]

Do you have to have been paying your mortage for x amount of years to take advantage?

[Alisonh]

I did this last year and found it by far the cheapest way. Mind you I was planning on selling the flat within about 8 months (but didn’t tell the building society that) so soon paid off the balance with no penalties. Now the beast is all mine!

[Nigel Lewis]

The GMan said: Do you have to have been paying your mortage for x amount of years to take advantage?

Certainly not. Get them to transfer you exsisting mortgage over to one of the new style mortgages. Threaten to transfer it elsewhere if they don't. You will probably end up with a better rate as well. There may well be a small admin charge, but other than that, nothing else to pay. After all they already have their charge registered.
The Banks and B/Societies are very slow at telling their existing customers about better deals, its not in their interest, but threaten to move the business, and surprise surprise, they will fall over backwards to sort something out for you.

[alt]

In fact you SHOULD be moving your business elsewhere.
The indemnities are only 1 year these days and most companies will give you a discounted base rate for the first 6 months.
I've used 3 companies in the last 3 years meaning that I've had a discounted rate for 18 months!
Cheers.... Andrew

[TheLemming]

Actually that sounds like a pretty cunning plan. I would love to mortgage your house for a TVR

[jj_work]

I've just done this. I had a mortgage with the Nationwide for the past 3 years, which I had come to the end of my discounted rate with them. So it was time to look around again. I took £40k out of my house and ended up with a mortgage with The Woolwich, which is costing me £50 per month extra…

A lovely cheque came through my letter box last Tuesday for £40,300, before anyone asks, no you can't have a loan.!! OK so I end up paying for that for the next £25 yrs.

The way I see it, you will end up paying for your mortgage for the rest of your life anyway… Load it up now, hope your house will go up loads more in value in the next xx number of years, and be a happy man, with the extra money you've just secured… Personally I can't see anything bad about it. Do it…!!!
jj

[MikeyT]

The Banks and B/Societies are very slow at telling their existing customers about better deals, its not in their interest, but threaten to move the business, and surprise surprise, they will fall over backwards to sort something out for you.

Well, not all of them! When I rang our mortgage provider to ask why I should still be with them seeing as I was in a fixed five-year rate, had a brilliant record so could move anywhere and was paying over 6%, they said take it or leave it.

Moved to N&P, ok had to pay a 2k fee to get out of the deal, but over the same period, including the 2k extra, and we borrowed another 9k (not for the TVR I hasten to add), we ended up paying exactly the same a month only now 4.77% which is not fixed, so no redemption penalties plus you can move onto a fixd when you like.

I won't name and shame then but it was NatWest

Yeah, and I'd had a mortgage with them for 15 years, had been a cusomter for nearly 30 years! But it counted for fcuk all - you're just a number nowadays ... pathetic treatment.

>> Edited by MikeyT on Friday 7th February 23:44