simon Bruce

Registered with Property118.com
Friday 5th July 2013


Latest Comments

Total Number of Property118 Comments: 11

simon Bruce

9:56 AM, 12th May 2020
About 4 months ago

BM Mortgages "Action Required" letter on interest-only mortgages?

This is exactly the reverse of my experience with Birmingham Midshires. Amongst other loans expiring at other times, we had £5-6m of interest only BTL mortgages with a range of lenders, all expiring in 2022 (they were 15 year term mortgages we used in 2007 to buy around 45 new houses).

A number of the lenders have decided to pull out of the market, CHL and Rooftop, and have indicated that we have to re-pay their loans by summer 2022 which is a drag and means I will have to find new lenders and pay fees. One or two like Northern Rock were uncompetitive and we have already re-mortgaged these elsewhere. Some have offered to renew on the terms available at the time the mortgages expire, but continue to send threatening letters, when you call them, they say the are obliged to send the letters by the PRA but that they will renew onto products available at the time when the others expire.

Best of all was Birmingham Midshires, I had 5 mortgages with them, I called them up to see what could be done, the person on the phone said, would you like to do it now? I said yes and there an then over the phone they extended the term of the mortgages at no cost and with no change of rate (2% over base) until 2037!

They were a real pleasure to deal with.

Simon... Read More

simon Bruce

13:50 PM, 1st September 2014
About 6 years ago

Parking £600K for a few months

I have done this with spare cash and provided you stick to the FTSE 100, spread it round and aren't really unlucky you can have some fun and follows some trends.

Hargreaves Lansdown is a good platform, do your maximum each year as an ISA, if you don't need it you can leave it in the ISA shell and its tax free. You can put as much as you want in a vantage share account, and in theory, your money isn't subject to the FSCS limits as your holdings should be held separately from their assets. In theory at least.... Read More

simon Bruce

19:09 PM, 31st August 2014
About 6 years ago

Parking £600K for a few months

Inequitable when you consider I have just been told by my bank that they want 4% over base to renew my loan!... Read More

simon Bruce

12:47 PM, 30th August 2014
About 6 years ago

Parking £600K for a few months

Having re-read my post, I have made a couple of typos, so to clarify:

The Santander 123 account pays 3% gross on £20k, you used to be able to have as many as you want, one person had 18 of them apparently.

You can now open one each and then another in joint names. It's hard work but the best solution I can find for £60k between 2 people to give instant access.

After you have done this £60k, it's downhill from there!... Read More

simon Bruce

17:25 PM, 29th August 2014
About 6 years ago

Parking £600K for a few months

Assuming you dont want to put more than £180k in each bank into accounts in joint names.

If you are married, you can get 3 x Santander 123 accounts each paying 35 on £20k so that does £60k! On in your name, one in your wife's name and one in joint names. That's £50 gross each account each month. You need a couple of DDs set up on each account but they can be small and only taking annual payments. You also need to remember to pay in £500 into each account each month.

TSB do a higher rate but only on a small amount so its not really worth the aggro.

Metrobank and Santander do 1% on their easy access internet savings accounts.

If you have a savings account with Barclays, you will find they have reset your rate after one year to something like .2% and not told you about it. I went in an complained and they closed the account and re-opened it and now its paying .8%... Read More