Mortgage Recomendations...

[Deleted member 37751]

I'm just in the process of re-mortgaging and wanted to know if any forum members have any recomendations?

Thanks

 

[renault12ts]

The cheapest you can find.

Interest rates are likely to stay down for a while yet, so a fixed rate may not be the way to go. But find out what's available.

 

[developer]

Use a whole market IFA (Independant Financial Adviser) for the widest choice - they receive a commission from the mortgage company and mine have never charged me directly for their service.

Some IFA's are company specific, hence a more limited product portfolio.

These days, product fees can higher and redemption penalties greater, but your IFA will know all this.

Interest only will reduce your monthly payments, but not reduce the capital element of the loan.

 

[MicB]

Life time tracker, or better still a Current Account Mortgage if they are still available......that way you never get any rude surprises and you do not need to suffer the, time, hassle and cost of repeatedly remortgaging.......

Mic

 

[developer]

Life time tracker, or better still a Current Account Mortgage if they are still available......that way you never get any rude surprises and you do not need to suffer the, time, hassle and cost of repeatedly remortgaging.......

Mic

I use remortgaging as a way to enjoy sometimes significant monthly savings, even after netting off the set up costs. I consider it the same as changing energy suppliers to achieve the best deal.

Let me rephrase that - I used to use remortgaging etc. before the current lending restrictions took place - it's much harder now.

 

[wemorgan]

If you're self employed like me then you might want to try NatWest. I recently found them very helpful. I took their Offset Flexible mortgage. No restrictions on overpayments and automatic payment holidays as long as sufficient credit had been built up.

 

[paneraiseeker]

All depends on how much your going to borrow against your property's value to know what will be the best deal....

 

[Deleted member 37751]

If I'm being honest, it's been a nightmare because I'm self-employed.

My current mortgage lenders are pissing me right off with their attitude and tactics. All I wanted was a straight forward application but they've messed me about something rotten.

 

[developer]

If I'm being honest, it's been a nightmare because I'm self-employed.

My current mortgage lenders are pissing me right off with their attitude and tactics. All I wanted was a straight forward application but they've messed me about something rotten.

I'm afraid the days of self cert are all but over Lee.

This is where a good IFA will help - it's his job.

 

[MicB]

I use remortgaging as a way to enjoy sometimes significant monthly savings, even after netting off the set up costs. I consider it the same as changing energy suppliers to achieve the best deal.

Let me rephrase that - I used to use remortgaging etc. before the current lending restrictions took place - it's much harder now.

I pay 2.24%.......why would I want to remortgage?

Mic

 

[effbee584]

I'm just in the process of re-mortgaging and wanted to know if any forum members have any recomendations?

Thanks

As already stated, use an Independent Financial Adviser, who can also advise on Mortgages. Not all do, but since they are Independent, they will not be tied to one lender. There are also Mortgage Brokers, who may be tied to one company or not, its a minefield. A good one may charge you a fee and also receive a payment from the company when the mortgage completes. IMO there is not a 'best' mortgage for you, its a fast moving marketplace. What's right this week may not be next week.
You could check the Financial Services Authority (FSA) website for approved mortgage brokers in your area; www.fsa.gov.co.uk.

Or you could go it alone!

 

[developer]

I pay 2.24%.......why would I want to remortgage?

Mic

Excellent- I pay 1% over LIBOR (currently 0.83%) on 3 properties, but they are old loans (approaching discharge) and I can't match those terms these days on BTL loans.

 

[kth286]

I pay 2.24%.......why would I want to remortgage?

Mic

As much as that.

I have a flexible lifetime tracker with a rate of 1% over bank base rate which is a payment rate of 1.5% at present bank rates.

I can underpay, overpay, take payment holidays etc etc, all at nil extra costs.

I was an independent mortgage broker until the last couple of years when the troubles broke out with the banks.

I was directly registered and regulated by the FSA (very rare for small operators), but all the fees were starting to become bigger than the income generated, hence a request to be deregulated and give up my licence.

(We even have to be vetted when we give up, with any complaints etc looked into).

I am a cautious person so there was no problem there.

 

[paneraiseeker]

If I'm being honest, it's been a nightmare because I'm self-employed.

My current mortgage lenders are pissing me right off with their attitude and tactics. All I wanted was a straight forward application but they've messed me about something rotten.

Always use a IFA. Years ago when i was self employed i asked Abbey National for a mortgage, the most they would lend was £60k. I then used a financial adviser who got me £120k, who with........ Abbey National.

 

[MicB]

As much as that.

I have a flexible lifetime tracker with a rate of 1% over bank base rate which is a payment rate of 1.5% at present bank rates.

I can underpay, overpay, take payment holidays etc etc, all at nil extra costs.

I was an independent mortgage broker until the last couple of years when the troubles broke out with the banks.

I was directly registered and regulated by the FSA (very rare for small operators), but all the fees were starting to become bigger than the income generated, hence a request to be deregulated and give up my licence.

(We even have to be vetted when we give up, with any complaints etc looked into).

I am a cautious person so there was no problem there.

Immediately before the ''crash'' I secured a life time tracker for my younger daughter (not for myself sadly) of 0.39% over BoE base rate. She is under instructions from me not to let it go.

Mic

 

[snoop51]

Immediately before the ''crash'' I secured a life time tracker for my younger daughter (not for myself sadly) of 0.39% over BoE base rate. She is under instructions from me not to let it go.

Mic

In Nov 08 I took out a lifetime tracker with Woolwich (Barclays) +0.18% over BoEBR. I've been overpaying like a loon ever since. Every year they've tried dropping it down to minimum payments, every year I've rung them and told thenm to leave the payments alone.

 

[kth286]

Immediately before the ''crash'' I secured a life time tracker for my younger daughter (not for myself sadly) of 0.39% over BoE base rate. She is under instructions from me not to let it go.

Mic

Absolutely.

I trust it's got a portability option in case she wants to move.

Any top required should not affect the continuation of the existing arrangement.

The top up may be on different terms however.

 

[raymont]

IFAs.

Go to an IFA by all means, but don’t go to one who is paid by receiving commission from the mortgage company. This means he’s more interested in getting the best commission for himself rather than the best deal for you.

You should pay for advice.

You also need to establish what happens to the commission he receives from the mortgage company. The commission needs to be transparent. Does he get it? Do you get it? Does it get split in some way?

 

[effbee584]

IFAs.

Go to an IFA by all means, but don’t go to one who is paid by receiving commission from the mortgage company. This means he’s more interested in getting the best commission for himself rather than the best deal for you.

You should pay for advice.

You also need to establish what happens to the commission he receives from the mortgage company. The commission needs to be transparent. Does he get it? Do you get it? Does it get split in some way?

Most fees/commision paid to IFA's are similar for the same type of mortgage from most companies, so not much room for bias. If you don't like the thought of an adviser being paid a fee from the company, even though it has to be declared to you, the solution is easy, you pay the full cost of the advice and follow-on work through a client agreement. I have not advised on mortgages for many years, simply because they are too much trouble, I don't want the work. I wouldn't take one on for less than £600 up front, with say £200 refunded if completion fails due to my error. If it fails due to poor disclosure from the applicant, I keep all the fee! Advising on a mortgage is time consuming and these days needs specific computer software to analyse suitable offers. Add in all the onerous 'client management' required by the FSA etc and it becomes quite big deal. If a fee/commission is paid by the company, why should any of it go to the applicant? The IFA maintains a business, perhaps premises and staff, pays significant fees to the FSA and for PI Insurance, charges levied by
the FSCS and more.
As I said in an earlier post, you can always go it alone.

 

[kth286]

not allowed to take an upfront fee (FSA regs).