If you are offered a rate below 6% then bite their hands off - unless its a fixed rate.
The mortgage market currently so silly its untrue. As a broker I get sent details of mortgage changes on a daily basis - today I've rec'd details from one lender offering a 3yr tracker at 2.25% above base (7.25%) with a 1% fee - even though their Standard Variable Rate is only 7%.........with no fee. For this you need 20% equity and a loan of at least £500,000. Therefore a £5k fee for a 3 yr product which above the SVR......unheard of 6 months ago and if anyone signs up for it they should be sectioned.
[cite]Posted By: WhenIwasLittleBoy[/cite]You wont get anying below 6% Best would be 6.25% if u get that, take a fixed rate for 2 years
rates must have jumped a hell of a lot in the past few weeks then, good job I remortgaged when I did. when I was looking around there were loads around under 5.5%, although the fees were pretty steep, in the end stayed with good old Nationwide on another 5yr fix
[cite]Posted By: WhenIwasLittleBoy[/cite]abbey is the best at the moment,
[cite]Posted By: WhenIwasLittleBoy[/cite]You wont get anying below 6% Best would be 6.25% if u get that, take a fixed rate for 2 years
Don't think anyone should/ can give advice like this without knowing someone's situation.
The mortgage market, i run a mortgage brokerage, is mad out there, ratewise, but there really no change in availability unless you have credit problems or want a 100%.
To me, what this means is that taking advice has never been so important...
[cite]Posted By: WhenIwasLittleBoy[/cite]You wont get anying below 6% Best would be 6.25% if u get that, take a fixed rate for 2 years
rates must have jumped a hell of a lot in the past few weeks then, good job I remortgaged when I did. when I was looking around there were loads around under 5.5%, although the fees were pretty steep, in the end stayed with good old Nationwide on another 5yr fix
Thankfully we did exactly the same with Natwest... 5 year fixed, at 5.5% about 18 months ago.
Mines a nil rate linked to a VCR with a double helping of zilch ,f**k all nix,buggerall,zero,naught !!
Wonder what ever happened to all those "mortgage advisors" that sold millions of Endowments that cost us a fourtune ? probably working for HM Gov Treasurey now ?
PS Dont for get investments can go down as well as up !
PSS but we dont care as we will make money anyway !!
that last bit would be in the very very very very very small print in the Manx language.
[cite]Posted By: pete_tong1[/cite]Can anyone justify the large cost of arrangement fees.
The arrangement fees went through the roof after a judgement was made saying exit fees above a couple of hundred were "illegal" (in the same way as all the bank charges stuff). They're just getting the money off you up front.
actually I found with Northern Rock it was a way of making the headline rate cheaper, i.e. you pay up front and get a better rate, the maths added up that if you didn't have the arrangement fee you pay more in your rate, geddit?
A few years ago I came into a bit money, not much but a once in a life time amount. A financial adviser asked what my intentions were. I told her that I intended to lump it off my mortgage. She gave me her advice, where to invest and what to do and when to do. Also she told me that although my idea looked sound on the surface; all I was doing was making myself "bricks and mortar" rich and giving myself a feel good state of mind. I would in all probability make more through investments.
My father also gave me a bit of advice; a mortgage is a debt and banks/ building societies make money from them, work towards being debt free and life is gets a lot easier. I remortgaged with the Nationwide, I took action against The Woolwich for miss-selling an endowment policy it took 2 years to resolve but I won, the settlement and lump sum came off my mortgage I also made over payments.
That was all 4 years ago, maybe the financial adviser was correct and I have wasted an opportunity. My advice would be to take control of a mortgage and pay as much off each month as you can afford. I think people should view mortgages as they would credit cards debts, better off without them.
Or another way 3 months of anyones mortgage buys a bloody nice holiday.
[cite]Posted By: WhenIwasLittleBoy[/cite]abbey is the best at the moment,
[cite]Posted By: WhenIwasLittleBoy[/cite]You wont get anying below 6% Best would be 6.25% if u get that, take a fixed rate for 2 years
Don't think anyone should/ can give advice like this without knowing someone's situation.
The mortgage market, i run a mortgage brokerage, is mad out there, ratewise, but there really no change in availability unless you have credit problems or want a 100%.
To me, what this means is that taking advice has never been so important...
Comments
The mortgage market currently so silly its untrue. As a broker I get sent details of mortgage changes on a daily basis - today I've rec'd details from one lender offering a 3yr tracker at 2.25% above base (7.25%) with a 1% fee - even though their Standard Variable Rate is only 7%.........with no fee. For this you need 20% equity and a loan of at least £500,000. Therefore a £5k fee for a 3 yr product which above the SVR......unheard of 6 months ago and if anyone signs up for it they should be sectioned.
Mortgage ha , i laugh in its face !
rates must have jumped a hell of a lot in the past few weeks then, good job I remortgaged when I did. when I was looking around there were loads around under 5.5%, although the fees were pretty steep, in the end stayed with good old Nationwide on another 5yr fix
Don't think anyone should/ can give advice like this without knowing someone's situation.
The mortgage market, i run a mortgage brokerage, is mad out there, ratewise, but there really no change in availability unless you have credit problems or want a 100%.
To me, what this means is that taking advice has never been so important...
Thankfully we did exactly the same with Natwest... 5 year fixed, at 5.5% about 18 months ago.
Wonder what ever happened to all those "mortgage advisors" that sold millions of Endowments that cost us a fourtune ? probably working for HM Gov Treasurey now ?
PS Dont for get investments can go down as well as up !
PSS but we dont care as we will make money anyway !!
that last bit would be in the very very very very very small print in the Manx language.
Can you apply for that over the phone or do you have to go through a broker?
A financial adviser asked what my intentions were. I told her that I intended to lump it off my mortgage. She gave me her advice, where to invest and what to do and when to do. Also she told me that although my idea looked sound on the surface; all I was doing was making myself "bricks and mortar" rich and giving myself a feel good state of mind. I would in all probability make more through investments.
My father also gave me a bit of advice; a mortgage is a debt and banks/ building societies make money from them, work towards being debt free and life is gets a lot easier. I remortgaged with the Nationwide, I took action against The Woolwich for miss-selling an endowment policy it took 2 years to resolve but I won, the settlement and lump sum came off my mortgage I also made over payments.
That was all 4 years ago, maybe the financial adviser was correct and I have wasted an opportunity.
My advice would be to take control of a mortgage and pay as much off each month as you can afford. I think people should view mortgages as they would credit cards debts, better off without them.
Or another way 3 months of anyones mortgage buys a bloody nice holiday.
Great pitch mate!