Hello Roma, if your mortgage term is coming to an end and you have not made a decision or signed renewal papers with your bank they will expect the mortgage to be paid out. if it is not paid out most lenders will automatically renew your mortgage to an open product (if they have such a product) and that will give you an opportunity to make a decision and change your mortgage without penalty. I wouldn`t count on an open term being issued though. Any product the lender automatically puts you into will most likely have a higher interest rate than any product you would choose for yourself so make arrangements before that renewal deadline. The good news is that this is the perfect opportunity for you to shop your mortgage around. Your lender will give you a rate and that rate will most likely be beaten by another lender who will also pay most of the costs involved in moving the mortgage over. In most cases the lender that does not have your business wants it more than the lender that already has your business so the discounts are usually higher. This is because the banks know that it can be a little bit of a pain to go from lender to lender sourcing out the best rate and there is an application process and signing to do. BUT don`t forget a mortgage is most likely to be the largest loan you will ever need so shopping your rate around can save you thousands over the next 5 years, and if you do this every 5 years those thousands add up to quite a bit of money that you never would have had otherwise. A Mortgage Agent can make your life a whole lot easier because we do the running around for you and as an intermediary strive to make every mortgage application as easy and convenient for our clients. Let us do the work for you. We can source out the best rates with all the available lenders, report back to you and you can decide if your bank is the best place to stay based on how much money will be saved over the term of your new mortgage. Loyalty should not play a part in your decision because the bank is not paying your monthly payments you are working hard for it each and every month. I would be happy to discuss mortgage rates with you or any reader. Give me a call; Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

If your mortgage is expired you don`t have to renew it and can stay on an open mortgage until you decide how you want to proceed. You should shop around to see if other lender will be able to give you a better offer then the current bank. Learn your options before committing to a new mortgage.

ON Canada - if you are planning to renew at 40 years, there are non traditional lenders willing to do this but the rates would be high. Most lenders would only offer 30 years amortization as per the new CMHC regulations.

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As above, i currently have a 90% mortgage with the nor-than rock, and a loan which paid the 10%, it is due to come off its fixed rate in march and nor than rock told me today they don't do a fixed rate any more and that when i renew i will drop on to the variable rate currently 7.49%of which is a lot more than our fixed two years ago of 5.79%.what is involved in getting a new mortgage from anyone else and how early should i prepare for this to happen?is there extra cost, solicitors etc?am i looking at the same hassle as i did getting the mortgage 2 years ago or do thing run more smoothly when you re-mortgage?do i need a 100% to re mortgage? help!!

If you've built up any equity, and you possibly have if you bought 2 years ago, then you will no longer need 90% or 100% mortgage. Have your house valued (realistically) as soon as possible to find out if you have any equity. Start shopping around for a new mortgage. Northern Rock are not offering any good deals at the moment since they got bailed out by the government hence the SVR of 7.49%, so have a good look around, maybe speak to an Independent Mortgage Advisor. There are deals to be had out there.

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My girldfriend and i have a flat which has 67 years left on the lease. we plan on staying for another few years and are worried it will be difficult to sell if the lease is too low. i think it will cost 10k - 15k to renew it. do you think it would be better to leave it until we try and sell or pay now and add it on to our mortgage?

I would certainly do it now, whilst values are somewhat depressed. It will definitely make a significant difference to the value of what you come to sell and, if you leave it to that time to try to extend the lease, you could find yourselves paying significantly more. You may wish to speak with a valuer that has some specialism in reversions to get a proper idea of the figure that you should be paying and also for some specific advice about your situation.

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Our fixed rate with natwest is at 5.99% and it ends next october. it was a 100% mortgage we took out for 3 years and looking at what other houses have sold for in the street recently i don't think we would have hardly made any equity on the property. when we need to renew our mortgage i think our only option will be to stay with natwest and go on their standard rate. the house we have at the moment is a 2-up-2-down and it is fairly small. we are thinking of starting a family in the next few years so we would eventually need to buy a bigger house but we have no savings and no equity so i doubt we would be able to. do you think it would be better for us just to sell our house next year and rent a bigger house instead?

I think you should hang onto this house for several more years to build up your equity. You could look at refinancing to a 15, 20 or 30 year fixed rate, rates are really low right now and you could start shopping the rates early. Even starting a family, babies don't need a lot of room, so you don't really need to look for a bigger house for a long time, don't look to far into the future. Start a savings now!!! Save for your future family growth. Keep in mind that if you hang onto this house for several more years, its like having a savings plan, because it will be worth more in the long run, then you can sell it for more and have a good down payment on the next house.

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I am getting into 25% shared ownership property; i have 8 months remaining on my permit. basically i applied through countrywide mortgages for £50k loan to halifax, they approved it first then i did all the valuation, insurance and housing association procedures. after two weeks they came back to me that they are stopping my application. i appealed & found that condition is 27 months left on your permit (and fair credit score & rating) to get a mortgage. now woolwich, abbey, and other building societies have same rules. that means when i renew my permit after 8 months (for 3 years) i will have 9 months to find a property, gather all the monies and apply for a mortgage. so if i don’t do that i can’t own a property for another 3 years. the only reason i am writing this post today is i found a lender who is willing to take risk on me at a higher interest rate of 12.75% with 5% deposit. now what i am planning is i know the interest rate is not acceptable its way to high, but i have found the perfect place, its a 2bed apartment, i am single will rent the other room to my mates who will pay me a almost £700 as rent. now i am taking this expensive mortgage on one condition that i should be able to re-mortgage it after i renew my permit. this way i will be able to get this place which is at fantastic location 5 mins to high street, 12 mins to piccadilly line, 4 mins to br station. coz if i rent another place, i will end up paying £500/month & i won’t own it. this way i will stretch myself a bit for a year then once i re-mortgage it the payments will go down by £200/month. calculations: property value: £195,000 25% £195,000 = £48,750 minus 5% deposit i.e £2450 so the mortgage will be for = £46,300 ----------------------------------- ----------------------------------- ----------------------------------- ------ i will try & minimise my repayment to be £500/month rent on 75% is £305.00/month council tax = £100/month bills - £100/month service charge - £50/month insurances & other - £50/month total = 1105/month thank you very much for reading my calculations & problem, all i want is advise if i am doing it right, am i being getting into something i will regret later about these lenders they are very good in changing their terms & conditions. but also housing association does not allow deals with each and every lender so should i take it that it would be fine, or any suggestions where it might go wrong. i would really be very thankful for your comments all the best in what you looking for. kind regards schofield

It almost always better to buy than it is to rent. One thing you need to do immediately is to start saving for emergencies. What if you became ill or were injured? You need some back up money. Stay away from Countrywide. Even though they are revamping, they have faced a lot of trouble. Not a good option right now. Take the higher interest rate and pay all of your bills on time. Then refinance for a lower interest rate when your credit score goes up.

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Hi, i a few months back was forced to move out of my house, not something that i planned on doing but i'm now renting. i really don't want to rent for long would rather put money into a mortgage than waste it on rent. i'm 22 am currently i'n a full time role working as an it contractor. i have been so for around 7months now my first proper job after uni. i have rolling contract which is renewed every year at work. i'm really looking to get onto the property ladder asap, i under stand that my age and not being a perm employee, will be an issue. i'm hoping to find a place i'n the range of 100-150k, it would be any great if someone could give me any advice regarding this. im really looking to find out would it be possible under my current employment status to get a mortgage. i have no experience i'n this and have no family to turn to for guidance on this matter, what kinda mortgages should i look for, what kind of deposit would i be looking at saving? thanks

well first make sure you can afford a $150K house. what's 35% of your net pay? that's the amount you can afford monthly for taxes, mortgage and insurance. I know you said you had a house before but since you had to leave it, I want to make sure you have your finances in order. especially since it seems your employer could opt not to renew you each year at will. with the job market in the shape it's in, they may opt not to renew next year if they can't afford you. you'll have to find a realtor with some good mortgage contacts who can pre approve you so you know exactly what your price range is, and then find a lender who will lend to you as a contractor. an underwriting requirement may be some kind of backup from your boss as to how your job works.

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I have rented a flat for 14 months from a letting agent and a private landlord. my assured shorthold tenancy expired and i renewed and signed another identical agreement for another year. the letting agent has refused to give me the new copy of the agreement stating that my landlord had to sign it. after many emails and visits i still do not have a copy. i was charged £200 to renew the tenancy by the letting agent. i was told my rent had gone up by £100 per month. i doubt i will get my £1,200 deposit from the letting agent with the problems they have caused. i am up to date with rent with a bank rent book going into the landlord's account. i have never missed a payment and the flat is in great condition. i haven't really had any issues with landlord during the 1st year of tenancy, apart from the fact he use to miss mortgage payments every now again. now i know this was part of a plan to make me move out early. his letters come here as he used to live here. during the week i got a call from an estate agent for valuation and they said the reason was for re-mortgaging. they did the valuation and i allowed them access. my landlord visited the property the next day to tell me he is selling. there is a for sale sign outside the flat. now the estate agent have contacted me for viewings and photographs and they also have keys to attend while i am not present. i have had no consultation from the landlord as everything has been done pretty much behind my back. i have had no legal notice to move out. i have sent an email to the estate agency to hault the viewings informing them i haven't had legal notice from the landlord. i haven't any support from the letting agent who let the property to me. so, i believe he is involved. i feel harrassed, what are my rights? i would appreciate your help in this. thank you natasha

Well what works in your favour is your deposit should be in the deposit protection scheme now as it is a legal requirement which means the landlord can't get it either without your sayso so you should be able to get it back! There is an ombudsman I believe that you can contact about this, and the landlord should NOT retain keys to a rented property even if he is selling he needs to arrange with you to be there, they can't take people in without permission or you being there! Contact the citizens advice bureau they will no exactly what you can and can't do.

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I'm 25 recently single and i am sick of living in apartments. i have an elderly neighbor who will call the police on me when i'm watching tv with the volume down to 15. i can barely hear the thing but i guess to her its like a boom box. the police can't even do anything because i am not breaking any noise violation laws. plus they have been jacking up my rent each time a renew the lease and they have now changed it to 6 month leases. my lease will expire in november and i already know my rent will go up to 800 a month for a one bedroom 600 sq foot apartment. so i have been looking at buying a house. after taxes and everything i clear about 3000 a month. i have $500 in bills that i have to pay no matter where i live that includes car payments/ins., and cable internet. well this realtor guy is trying to tell me that i can afford a $1500 month mortgage. he was like look you will still have a $1000 left over for your electric, gas, water, sewage, and food. so i figured all that will be about $500 a month so then i'm left with $500 for entertainment or savings. but if i get a gf or want to go on trips or go out with friends that $500 is gonna go quick plus if something happens and i need money. so i am looking to spend about 100-150k on a home but this guy is tiring to get me to go 200k-250k on a home. i read somewhere that you should not pay more than a quarter of your salary on a home. but i am already going to be paying a quarter of my salary on an apartment so why not pay a quarter on a mortgage? so i think i should stick with the 3 bedroom 2 bath homes around 1500 to 2000 sq feet where i can get them from 100 to 150k in the area i'm looking rather then getting a 4 bedroom home 2.5 bath at 2000-2500 sq ft for 200 to 250k. plus i wouldn't even have enough things to fill the house with it would look empty. so do you think i can afford a mortgage of around 900-1000 with taxes included a month and all my other bills and still have a fairly safe cushion or am i screwed and just stick with my crappy apt? o yea and i only have a year n half on my car payment so that will mean an extra 250 bucks a month after that. i mean get a boyfriend!!!

the rule of thumbs is to borrow 2 to 21/2 years or your annual gross salary, that's like 72000. so you shouldn't be borrowing more than 150k. you mortgage should be less than 28% of your gross income, while your total debt should be less than 36% of your gross income. That guy is not trustworthy if he is advising you to takeout more money than you should. If you have no saving after you pay the down payment, it is pretty dangerous.

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7 years ago i was prescribed a narcotic pain medication for severe migrains. at the time i was in my last year of nursing school (lpn certification). i was awarded almost a full scholarship to the lpn program, purely based on my grade point average. i graduated top of my class, and was given 3 awards for various achievements at my graduation ceremony. i had always dreamed of becoming a nurse, and it was finally coming true. i got a job working in a nursing home/long term care facility 7am-3pm, i loved working with the elderly, and was proud to be a nurse. as i continued taking these pain meds over the years following the original prescription, i realized i had become physically addicted to them. when i didn't have them, i felt physically ill. my tolerance had increased, and i started taking more than prescribed. so, i would run out of them before it was time to renew my prescription. when this would happen, i would scramble, and try to find another doctor to write a prescription for me. before i knew it, i had 3 different doctors prescribing them to me. over this period of time, my husband was laid off from his job, and we struggled to pay our mortgage, on top of every other bill we had. this caused a major strain in our relationship. i found myself taking more and more of my medication to numb the pain of our struggles. then to top it off i found out my husband had cheated on me 3 times over our 7 year marriage. my life was crumbling around me. we eventually foreclosed on our house, and separated. needless to say, i went into a deep depression. i just took more and more of these pills to try to forget it all. during all of this my hours at the nursing home, got switched to the 11pm-7am overnight shift. once again i found myself out of my medication. that same night at work, i was required to waste a narcotic. which should be done in the presence of two nurses and signed off together. but on this shift, there were only two of us on the unit, and the other nurse was busy, so i went to waste this drug by myself. but when i went to do it, i was feeling horrible withdrawl at the time, and i knew this medication (to be wasted and thrown away), would make me feel 100% better. so, i decided to take the medication, and still document that it had been wasted.. in the days following, i guess i realized how easy it was. so i began to deliberately create scenarios in which narcotics needed to be wasted, or somehow miss counted. now as i look back on this situation, it felt like i was on auto pilot. almost a dream like state. i couldn't even remember how many times this had happened. well, i eventually got confronted by the director of nursing. they had been watching me all along, and knew everything. of course i tried to deny it, but it was obvious that i had done this. i was fired immediately. i was arrested and charged with 11 felony counts of theft of a controlled substance. i was also reported to the board of nursing, and they suspended my license for 5 years. luckily the judge gave me the option of completing drug diversion, and if done successfully, they would drop all criminal charges. when all of this happened, i notified my physicians about my addiction, and finally detoxed off all medications. i have since turned my life around, and have been completely clean since. no drugs, no drinking, nothing at all. i completed the program, and started to attend weekly therapy and 12 step meetings. i have one year remaining in my suspension. i go in front of the nursing board in november 2011. i would like to be reinstated, and try working in a drug rehab of some kind. so, in conclusion of this long dramatic story, i want to ask if any one else has experienced a similar situation? and if so, did they get their license reinstated? when going in front of the board, do i need a lawyer? and any other advise you can offer. thanks for listening.

If you have your current doctors/treatment providers available to testify before the board of nursing and you feel comfortable recounting what led up to your addiction and diversion, you could probably appear before the board by yourself. However, be prepared to explain how you intend to avoid falling into a situation again where you are facing multiple stressors in your life and you resort to drugs to numb the pain. If you don't feel comfortable appearing before the board by yourself, you should consult with an attorney in your area that has experience with health regulatory matters. If you are not aware of any such attorneys, most state regulatory boards now have their disciplinary actions posted online. These actions include facts that resulted in discipline, and the type of discipline taken. They may also include attorneys who were involved in the hearings. Look at some of the more recent orders, see how the board has responded to situations such as yours, whether attorneys seem to make a difference, and which attorneys appear before the board frequently/appear to obtain good results for their clients. Best of luck.

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My partner and i have been together for over 5 years and he makes about $1,500 more a month than i do, but we split the mortgage and bills right down the middle. i generally do all of the house work, laundry, and shopping. i also generally have to pay for all the groceries and maintenance home items out of my own pocket. over the last year, i've had some sport injuries not covered by my insurance. which has put an additional economic drain on my funds. recently my gym membership expired and i needed an additional $30 to renew and when i asked him for the money he said i better wait until pay day and then proceeded for the next couple of days to give me advise about handling money better. i'm so frustrated because i feel as i'm so low on his list of values. the day after i asked him for $30 he went out with friends for lunch and had wings and pizza for dinner. i don't need a lot to be happy, but if he can go out buy $100 running shoes or spend a weekend on the east coast i feel that he should have no hesitation on giving or loaning me the $30 so i can go to the gym.

""""My partner and I have been together for over 5 years""" I am assuming you are a woman & you 2 are not married, correct ? If true, why should he value you ? you are: extra income, house cleaner, sex partner, all without any commitment

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From nbc's andy merten and nbc/nj's aswini anburajan a day after calling for greater transparency on wall street, obama focused on middle-class tax relief while speaking today to an intimate gathering of about 100 guests in a hotel conference room in dc. beginning the speech by telling the story of his father-in-law, who was able to support his family despite the burdens of overt racism and the obstacle of suffering from multiple sclerosis, obama spoke of a “basic social compact” that says, “if you work hard, your work will be rewarded.” he continued by lamenting, “that social compact is starting to crumble and erode... this isn’t the invisible hand of the market at work. it’s the successful work of special interests.” the illinois senator’s plan to “relieve the burden of the middle class” includes four points: 1) an income tax cut of $500 per person (or $1,000 per working family) for 150 million americans; 2) a universal mortgage interest credit of 10% for homeowners who make under $50,000 a year; 3) the elimination of income tax for retirees making less than $50,000 a year; and 4) simplifying the process of filing a tax return. how would obama pay for these tax cuts? obama plans to eliminate the carried interest loopholes that benefits hedge funds and adjust the top dividends and capital gains rate between 20% and 28%. the campaign also claims that aggressively seeking out international tax shelters, challenging existing loopholes, and requiring countries that harbor tax havens to be open about who is investing in them would allow the irs to reap the $85 billion in lost revenue back. another question that remains unanswered by the obama tax plan is the alternative minimum tax (amt), which penalizes many middle-class taxpayers. congress has traditionally expanded the exemptions under the amt on a year to year basis, with only 3.5 million americans qualifying to pay the tax last year. if congress doesn't act to renew the exemption this year, the amt would affect 23 to 24 million americans, according to the urban institute. reporters today badgered obama's senior economic policy adviser on the amt question, but were told that this proposal was done without regard to that tax. but if the goal of an obama policy proposal is to simplify the tax code, leaving the amt untouched could prove to be problematic.

No arguments here. The Bush tax cuts helped fuel the massive deficit we're saddled with now. Not doing something drastic at this point is simply NOT an option.