Has anyone mortgaged after buying mortgage free?
#1
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Location: waikanae
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Has anyone mortgaged after buying mortgage free?
I'd be interested in your advice or experience of doing this.
We're mortgage free but are thinking if under the current low values around, it might be worthwhile considering a small mortgage on our property. Nothing's set in stone. I'm curious as to whether anyone has done this for say home improvements or whatever. We want to do some works to the homestead & looking at loans from around 14pc + is just too much.
By all means pm me if you want for privacy sake.
We're mortgage free but are thinking if under the current low values around, it might be worthwhile considering a small mortgage on our property. Nothing's set in stone. I'm curious as to whether anyone has done this for say home improvements or whatever. We want to do some works to the homestead & looking at loans from around 14pc + is just too much.
By all means pm me if you want for privacy sake.
#2
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Re: Has anyone mortgaged after buying mortgage free?
I cant see what the problem is, you know a mortgage is the best way to go compared to any other type of loan
You can pay it off in any amount of time you like, it doesnt have to be 20+ years
You can pay it off in any amount of time you like, it doesnt have to be 20+ years
#3
Re: Has anyone mortgaged after buying mortgage free?
it,s just a secured loan on the house that,s how everybody does it here it,s way cheaper
#4
Re: Has anyone mortgaged after buying mortgage free?
We were mortgage free, just borrowed 30k to upsize, looking to have it paid off in three years.
#5
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Re: Has anyone mortgaged after buying mortgage free?
Thank you for the quick responses.
I thought it might be the way to go. At this stage I've booked some appointments to discuss in principle the best deals.
As this is new to me, could you advise me on the likely set up costs please?
Do they follow up on what you say the loan is for?
I'll be going to the co-op bank first (I'm a member) then thought I'd check against a couple of the other banks to compare.
H&D, very similar situation so thank you very much & we'd certainly be looking to get rid of it asap. I liked being mortgage free at last but hey ho, that's the way the finances crumble.
I thought it might be the way to go. At this stage I've booked some appointments to discuss in principle the best deals.
As this is new to me, could you advise me on the likely set up costs please?
Do they follow up on what you say the loan is for?
I'll be going to the co-op bank first (I'm a member) then thought I'd check against a couple of the other banks to compare.
H&D, very similar situation so thank you very much & we'd certainly be looking to get rid of it asap. I liked being mortgage free at last but hey ho, that's the way the finances crumble.
#6
Re: Has anyone mortgaged after buying mortgage free?
Haze did most of the dealing with the banks.
She did very well in using banks' deals as haggling points with each other. ANZ are offering a thousand bucks I believe this month, others will pay your legal fees or solicitors costs etc. Have a chat with them all, see what they offer you as a perk for going with them, and haggle. We had our set up fees waived and got a very good rate.
She did very well in using banks' deals as haggling points with each other. ANZ are offering a thousand bucks I believe this month, others will pay your legal fees or solicitors costs etc. Have a chat with them all, see what they offer you as a perk for going with them, and haggle. We had our set up fees waived and got a very good rate.
#7
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Re: Has anyone mortgaged after buying mortgage free?
Just an update. So after several visits I got a good deal with a discount of .05pc on the first year, legal fees covered & no set up fee.
Here's the thing though. I was lucky enough to chat to a very respected mortgage broker (really!) & one bit of advice was DO NOT PAY FOR A SET UP FEE. That is pure profit & is a nonsense. The banks etc earn plenty of profit on the interest & get away with this little extra.
Thanks for guiding me on this.
Here's the thing though. I was lucky enough to chat to a very respected mortgage broker (really!) & one bit of advice was DO NOT PAY FOR A SET UP FEE. That is pure profit & is a nonsense. The banks etc earn plenty of profit on the interest & get away with this little extra.
Thanks for guiding me on this.