Have you tried shopping around yourself? It's hardly rocket science if you have a decent deposit or just want to swap deals and your finances are fairly well managed.
Just signed up with an HSBC tracker mortgage, fee free, as much over payments as you like, free to get out of with a rate of base rate plus 2.09% for the length of the mortgage.
Pretty sure rates will bumble along at the bottom for at least another year and if they do go up, it won't be by much. If you're uncertain, then get a fixed rate for up to five years - Nationwide are doing the best deals at the moment for those.
HSBC, great tracker rates and NO penalties for over payments or repaying in full. Some no-fee available, others pay a fee for a better rate. Also I've never had any problems with them, very efficient.
"Arranging regulated mortgage contracts" is a different type of regulated activity from those often carried out by IFAs; it has a whole set of separate rules under the FSA's Handbook. IFAs sometimes just specialise in advice on investments not on where to get a loan. I understand there isn't much money in mortgage broking these days: too few suppliers, too few products. Some have gone bust, pulled out of the business when they were required to get FSA authorisation or switched to just being an appointed representative*. It was all just too onerous for them. Unbelievably, there have been a few cases of people doing unauthorised mortgage broking. So whoever you use, check with the FSA register to make sure they are authorised.
* For example a search of the FSA register reveals that the aforementioned Vista Finance is an appointed representative of another firm (that firm seems to harvest the whole market which is good but some ARs might have restricted access to products). You need to know what you are getting that's all - it seems that LargeAddick is acting in this capacity for HSBC :-) I wonder what his commission is?)
sorry, only just seen the thread as i've been busy today sorting out last minute ISA investments before Fridays deadline - why is it some people must leave everything until the last minute !!!!
anyway - as corrcectly stated on here, you don't actually need an IFA when it come sto arranging a mortgage..........any old tom, dick & harry can do it !! Mortgage Brokers are two a penny and most get paid a fee by the lender they recommend - although the likes of HSBC & First Direct will not deal with a broker and so you must go direct. A few lenders also do dual pricing - they have different rates if you go direct to those offered via a broker (better if you go direct)
I therefore usually opertae thus - if I recommend alender than pays me a fee then all fine & dandy, Howver, if the best deal for you is via a non-paying lender I will either charge you a finders fee or tell you to do it yourself. I would say my "expertise" is advising whether you should go for a fixed,tracker,lifetime or offset loan and which is best for YOUR needs.....not your mate's or Large's, but YOURS !!
Morning. Need some advice ref: Paying off a mortgage. Anyone got any advice: Are you better off paying the last couple of years in one hit or just paying it normally ? Do you get charged if you pay it off early ? many Thanks.
That's a "read the small print" job I'm afraid MOG. It'll depend what type of mortgage you've got - when I was on a fixed rate mortgage only limited overpayments were allowed, but when it reverted to the standard rate you could overpay as much as you like. Even if there is an early redemption fee, if it's less than the interest you'll be paying over the period then it's still worth it, but without knowing the exact details, we can't say.
I assume that all of those of you on here that are offering mortgage advice are regulated by the FSA and are covered by the FSCS and have carried aout a full fact find before recommending HSBC's tracker mortgage?
I suspect that those regulated Mortgage Brokers that are struggling to make a decent living would all be really pleased to hear that members of CL are able to recommend a tracker mortgage to someone that they have never met and on the basis being asked if they know an IFA!
I assume that all of those of you on here that are offering mortgage advice are regulated by the FSA and are covered by the FSCS and have carried aout a full fact find before recommending HSBC's tracker mortgage?
I suspect that those regulated Mortgage Brokers that are struggling to make a decent living would all be really pleased to hear that members of CL are able to recommend a tracker mortgage to someone that they have never met and on the basis being asked if they know an IFA!
My independant advice from April 2012 still stands. Was it wrong? Would it have put smudge into financial difficulties? Would not HSBC carry out a 'full fact find' prior to making a mortgage offer?
It was a good deal and (if it's still available) still is.
Why not help a fellow Addick who asks for advice? And not charge a fee :-)
Morning. Need some advice ref: Paying off a mortgage. Anyone got any advice: Are you better off paying the last couple of years in one hit or just paying it normally ? Do you get charged if you pay it off early ? many Thanks.
If your interest rate is less than 3% then why bother paying it off earlyit ...........in 5 yrs time you may need a lump sum and if you then need to borrow the rtaes may be higher than your current rate.
for example - I had a client whose mortgage rate was just 0.89% but he kept overpaying and even paid off £20k in one go - a year later he needed some money and got a further advance from the same lender at their SVR.........some 3.99% !!!
I assume that all of those of you on here that are offering mortgage advice are regulated by the FSA and are covered by the FSCS and have carried aout a full fact find before recommending HSBC's tracker mortgage?
I suspect that those regulated Mortgage Brokers that are struggling to make a decent living would all be really pleased to hear that members of CL are able to recommend a tracker mortgage to someone that they have never met and on the basis being asked if they know an IFA!
Unless they are doing it by way of business (that is getting a fee for their advice) they don't need to worry. There won't be forensic investigators from the FSA knocking on their front doors asking politely to be let in and taking away their computers.
Comments
Just signed up with an HSBC tracker mortgage, fee free, as much over payments as you like, free to get out of with a rate of base rate plus 2.09% for the length of the mortgage.
Pretty sure rates will bumble along at the bottom for at least another year and if they do go up, it won't be by much. If you're uncertain, then get a fixed rate for up to five years - Nationwide are doing the best deals at the moment for those.
IFAs sometimes just specialise in advice on investments not on where to get a loan.
I understand there isn't much money in mortgage broking these days: too few suppliers, too few products. Some have gone bust, pulled out of the business when they were required to get FSA authorisation or switched to just being an appointed representative*. It was all just too onerous for them.
Unbelievably, there have been a few cases of people doing unauthorised mortgage broking. So whoever you use, check with the FSA register to make sure they are authorised.
* For example a search of the FSA register reveals that the aforementioned Vista Finance is an appointed representative of another firm (that firm seems to harvest the whole market which is good but some ARs might have restricted access to products). You need to know what you are getting that's all - it seems that LargeAddick is acting in this capacity for HSBC :-) I wonder what his commission is?)
anyway - as corrcectly stated on here, you don't actually need an IFA when it come sto arranging a mortgage..........any old tom, dick & harry can do it !! Mortgage Brokers are two a penny and most get paid a fee by the lender they recommend - although the likes of HSBC & First Direct will not deal with a broker and so you must go direct. A few lenders also do dual pricing - they have different rates if you go direct to those offered via a broker (better if you go direct)
I therefore usually opertae thus - if I recommend alender than pays me a fee then all fine & dandy, Howver, if the best deal for you is via a non-paying lender I will either charge you a finders fee or tell you to do it yourself. I would say my "expertise" is advising whether you should go for a fixed,tracker,lifetime or offset loan and which is best for YOUR needs.....not your mate's or Large's, but YOURS !!
I thank you
Need some advice ref: Paying off a mortgage.
Anyone got any advice: Are you better off paying the last couple of years in one hit or just paying it normally ?
Do you get charged if you pay it off early ?
many Thanks.
I suspect that those regulated Mortgage Brokers that are struggling to make a decent living would all be really pleased to hear that members of CL are able to recommend a tracker mortgage to someone that they have never met and on the basis being asked if they know an IFA!
It was a good deal and (if it's still available) still is.
Why not help a fellow Addick who asks for advice? And not charge a fee :-)
Any better advice welcome
If you can get a tracker below 2.5% then go for that instead. Interest rates are not likely to rise for a good few years yet so no real need to fix.
btw - I AM a regulated mortgage broker !!
If your interest rate is less than 3% then why bother paying it off earlyit ...........in 5 yrs time you may need a lump sum and if you then need to borrow the rtaes may be higher than your current rate.
for example - I had a client whose mortgage rate was just 0.89% but he kept overpaying and even paid off £20k in one go - a year later he needed some money and got a further advance from the same lender at their SVR.........some 3.99% !!!
Will go a see what The Halifax are offering, but at least I can now seem to