Moving the mortgage
Discussion
Bit of a random one here! I've had my house for 5 years and I'm looking around online for a new mortgage deal. Has anybody done this? Seeing as I'm coming to the end of my fixed deal and will have no further clauses, what's my best plan of attack? And how long do I need to get a new deal for? 20 years (which is how long I will have left or the full 25 years again?)
Never done anything like this before, so all advice would be welcome!
Never done anything like this before, so all advice would be welcome!
You could look for another fixed term deal or go with some of the base rate trackers.
I went for an ofset, made more sense to me as the payments are the same, I just finish paying sooner as there is less interest to pay.
Best thing is see an independant adviser who can go through a mountain of providers and route out the best one for you.
It is a minefield, best left to those with the knowledge. Well it was for me anyway
Oh, the adviser has to let you know what commission he/she'll get payed from your new lender.
And yes I know it's 04:30... you lucky ppl in bed, I'm in a bloody cold office working
>> Edited by keng on Sunday 20th November 04:36
I went for an ofset, made more sense to me as the payments are the same, I just finish paying sooner as there is less interest to pay.
Best thing is see an independant adviser who can go through a mountain of providers and route out the best one for you.
It is a minefield, best left to those with the knowledge. Well it was for me anyway
Oh, the adviser has to let you know what commission he/she'll get payed from your new lender.
And yes I know it's 04:30... you lucky ppl in bed, I'm in a bloody cold office working
>> Edited by keng on Sunday 20th November 04:36
Its worth having a word with your existing lender too as there seems to be more effort going into customer retention (at last).
The rates around at the mo are still pretty good, and I personally cant see them getting a lot cheaper before things start going in the other direction.
Dont panic anyway, its not going to do you any harm to get automatically switched onto the lenders standard variable rate whilst you make your mind up!
Personally, I have just gone for a 5 year fixed rate deal with Nationwide. I also went to another independent advisor who basically confirmed that this was a market leading deal right now and that they couldnt beat it without going to an obscure company and with a large set-up fee.
The rates around at the mo are still pretty good, and I personally cant see them getting a lot cheaper before things start going in the other direction.
Dont panic anyway, its not going to do you any harm to get automatically switched onto the lenders standard variable rate whilst you make your mind up!
Personally, I have just gone for a 5 year fixed rate deal with Nationwide. I also went to another independent advisor who basically confirmed that this was a market leading deal right now and that they couldnt beat it without going to an obscure company and with a large set-up fee.
theboyfold said:Well, then. Get yourself to a specialist who is recommended to you as reliable and spend teh effort telling them what you want.
Never done anything like this before, so all advice would be welcome!
Yes, as someone has already pointed out, this may cost you ........but:
The cost is relatively small in relation to your loan and repayment cost
Leaving it to someone who knows what they are do, is authorised and regulated in the UK, and carries appropriate PI cover in case something goes wrong gives you some comfort
Also, an expert should know all there is to know, so you don't have to worry about where you are on the learning curve - or getting any nasty surprises at the 11th hour!
You never know - they may save you a shed load of money (over the long term)
And you don't have to take their advice if, after all, you really don't like it.
If you want a recommendation, e-mail me through my profile (I guess from your profile you're in Berkshire)
Edited to add:
mybrainhurts said:What he said!!! Surely you can do something better with your time and insomnia?
Have you seen the time....?
>> Edited by beano500 on Sunday 20th November 07:49
First thing is - if you're not on a re[ayment mortgage, cahnge to one. Rates are at an all-time low, so whilst it might be expensive aat the moment, it will pay you in the long run.
I use an independent advisor in Nottingham, and it is a lot easier than trawling the adverts yourself!
I use an independent advisor in Nottingham, and it is a lot easier than trawling the adverts yourself!
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