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Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Tue Jul 04, 06 1:56 pm Post subject: Mortgage
Yeh, the old "death-pledge". I've recently come out of a fixed-rate part of my mortgage and the cost's gone up just a tad - in fact, I'd rather spend a night in a lift with Tahir and a pack of butter than stick with it. So, over to the masses; any recommendations? I'm thinking of an offset one 'cause they look good.

tahir

Joined: 28 Oct 2004
Posts: 45723
Location: Essex

Posted: Tue Jul 04, 06 2:00 pm Post subject: Re: Mortgage

Northern_Lad wrote:

I'm thinking of an offset one 'cause they look good.

Jordan apparently looks good to some people...

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Tue Jul 04, 06 2:02 pm Post subject:
YOu might want to have a look around here: https://www.moneyextra.com/ Decide what your priorities are: Lowest monthly payment = jam today Lowest total charge over 5 or 7 years = jam tomorrow etc

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Tue Jul 04, 06 2:10 pm Post subject:

Behemoth wrote:

YOu might want to have a look around here:

https://www.moneyextra.com/

Decide what your priorities are:

Lowest monthly payment = jam today
Lowest total charge over 5 or 7 years = jam tomorrow

etc

Agree with that - have a really clear picture of what you want to be able to do, how important the different options are for you, then narrow it down from there.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Tue Jul 04, 06 2:14 pm Post subject:
Do you need the euphamistacally called "Cash Back" (really a long term loan) to make home improvements etc?

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Tue Jul 04, 06 2:15 pm Post subject:

By offset I assume you will have some savings. It's also worth looking at plain flexible mortgages as they may be cheaper and work just as well if you know what you're doing. Some may need a bit of self control as they can give you an authorised amount of extra money - often £1,000s.

It would be worth looking at some of the money sites to see what the best deals are at the moment. The last thing I read suggested that now might not be the best time to get a fixed rate as the markets have already priced in a couple of rate rises, so a discount might be better.

What sort of 'deeds admin' fee do you have to pay? These have risen a fair bit in the last couple of years and are often a few hundred pounds. I think the FSA have taken an interest recently so if you think the charges are too much it would be worth asking your current bank/building society to justify them.

bernie-woman

Joined: 28 Oct 2004
Posts: 7824
Location: shropshire

Posted: Tue Jul 04, 06 3:06 pm Post subject:
We are about to re-mortgage and have used moneyextra as a way of comparing but we found it useful to write down exactly what we wanted froma mortgage - i.e no tie in period, no redemption fee, no penalty for making lump sum payments etc...

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Tue Jul 04, 06 3:20 pm Post subject:

bernie wrote:

We are about to re-mortgage and have used moneyextra as a way of comparing but we found it useful to write down exactly what we wanted froma mortgage - i.e no tie in period, no redemption fee, no penalty for making lump sum payments etc...

Yeh, there are a lot of options. The last two times I've got a mortgage I've sat down with someone and they've had access to a system that gives you everything and then you start filtering out all the conditions you don't want. Don't really want to pay £400 for the service when I can do it myself though.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Tue Jul 04, 06 3:23 pm Post subject:
Could I be so bold as to recomend this: https://www.ybs.co.uk/ turns off computer and goes home quitely

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Tue Jul 04, 06 3:27 pm Post subject:

Behemoth wrote:

Could I be so bold as to recomend this: https://www.ybs.co.uk/

turns off computer and goes home quitely

You may. I even tried to find the site earlier, going to www.yorkshirebs.co.uk with most unexpected results.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Tue Jul 04, 06 3:41 pm Post subject:

Northern_Lad wrote:

Behemoth wrote:

Could I be so bold as to recomend this: https://www.ybs.co.uk/

turns off computer and goes home quitely

You may. I even tried to find the site earlier, going to www.yorkshirebs.co.uk with most unexpected results.

How very odd

Jonnyboy

Joined: 29 Oct 2004
Posts: 23956
Location: under some rain.

Posted: Tue Jul 04, 06 3:47 pm Post subject:
Go to one of your banks mortgage advisors, they will only recommend their products but based on your answers they will let you know what type of product would suit your circumstances - fixed rate, tracker, discounted, over payments etc. Use that information to compare rates on your most useful types of mortgage and you should be sorted.

bernie-woman

Joined: 28 Oct 2004
Posts: 7824
Location: shropshire

Posted: Tue Jul 04, 06 4:09 pm Post subject:

Northern_Lad wrote:

Don't really want to pay £400 for the service when I can do it myself though.

Who charges £400.00??

mrutty

Joined: 28 Oct 2004
Posts: 1578

Posted: Tue Jul 04, 06 5:15 pm Post subject:
Most 'independant' advisors used to even though they got paid commission. Now they have to show all the fees payable to them. Some times worth going to one as they have some schemes/offers not open to Joe Public.

Cathryn

Joined: 16 Jul 2005
Posts: 19862
Location: Ceredigion

Posted: Tue Jul 04, 06 7:04 pm Post subject:
Just a small suggestion - the Principality hasn't demutualised yet. Haven't checekd out their mortgage rates though.

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