Discussion
Hi guys,I,m thinking of looking to get a better deal on my repayment mortgage.Currently with RBS,s svr of 4.5%ish and think I,m being screwed.Whats the best deals out there for a property worth £350k and outstanding debt of £75k.About 20yrs left to run.Bit of a minefield out there don,t fancy paying any fees either.A friend of mine has just done it and managed to get £12k cash as well.Would,nt mind some of that too.Pisses me of that RBS has left me on their SVR for 10yrs without contacting me to improve my rate.b
ds.Any pointers guys.Thanks
ds.Any pointers guys.Thanksghamer said:
Hi guys,I,m thinking of looking to get a better deal on my repayment mortgage.Currently with RBS,s svr of 4.5%ish and think I,m being screwed.Whats the best deals out there for a property worth £350k and outstanding debt of £75k.About 20yrs left to run.Bit of a minefield out there don,t fancy paying any fees either.A friend of mine has just done it and managed to get £12k cash as well.Would,nt mind some of that too.Pisses me of that RBS has left me on their SVR for 10yrs without contacting me to improve my rate.bds.Any pointers guys.Thanks
I can help if you want to drop me a PM ds.Any pointers guys.Thanks
Yep, some people think that they're somehow paying our proc fee's from their own pockets, and that if they go directly to a bank they will do it for free....
Not to mention the many fk ups I've come across from people thinking they know as much as an IFA... still, it keeps us in business having to fix their/the banks cock ups.
Not to mention the many f
k ups I've come across from people thinking they know as much as an IFA... still, it keeps us in business having to fix their/the banks cock ups.I am an accountant. I am not a broker. I have no axe to grind here.
I have just used te services of a broker for my mortgage requirements, which were a very tricky porting of a very low rate mortgage, additional borrowing, and some other issues.
He did nothing short of a fantastic job, and there is no way I could have arranged the mortgages he arranged. He has a brilliant knowledge of the market, access to online tools not available to me, knowledge of the borrowing criteria etc etc. o, and to make his job trickier, I am nearly 60.
Best of all, his £800 commission for months of work was paid by the lender. I got the same deal I would have had anyway.
So go to one of the specialists, and trust him - he or she will do a good job for you. He needs satisfied customers, as a lot of his work comes from referrals from people like you.
You wouldn't have your Lamborghini serviced by your plumber, would you.
I have just used te services of a broker for my mortgage requirements, which were a very tricky porting of a very low rate mortgage, additional borrowing, and some other issues.
He did nothing short of a fantastic job, and there is no way I could have arranged the mortgages he arranged. He has a brilliant knowledge of the market, access to online tools not available to me, knowledge of the borrowing criteria etc etc. o, and to make his job trickier, I am nearly 60.
Best of all, his £800 commission for months of work was paid by the lender. I got the same deal I would have had anyway.
So go to one of the specialists, and trust him - he or she will do a good job for you. He needs satisfied customers, as a lot of his work comes from referrals from people like you.
You wouldn't have your Lamborghini serviced by your plumber, would you.
£75k on £350k should be a doddle to get a better deal than 4.5%
As above use you can try to do it yourself but all the banks will be interested in is saying yes to try to hook you in to switching to them so they can try and flog you overpriced insurance.
Use a broker, tell them what you need and get them to do the work for you. Even if they charge you a couple of hundred quid to do it ( a £75k mortgage wont pay much in commission and brokers arent a charity ) its worth it rather than having to spend hours talking to the banks all of which will have a hidden agenda.
As above use you can try to do it yourself but all the banks will be interested in is saying yes to try to hook you in to switching to them so they can try and flog you overpriced insurance.
Use a broker, tell them what you need and get them to do the work for you. Even if they charge you a couple of hundred quid to do it ( a £75k mortgage wont pay much in commission and brokers arent a charity ) its worth it rather than having to spend hours talking to the banks all of which will have a hidden agenda.
He will know exactly which products give the best rate, and with such a low loan to value, and so long as your income and credit record stack up, will have no problem placing you with the right deal. It is a bread and butter job for a good broker, and he shouldn't need to charge you a fee, his commission from the lender will pay enough for such an easy job.
You go away a really satisfied customer, and go around telling all your friends to go to him for a really good deal. Remember, unlike almost every other trade or profession, mortgage brokers don't get regular repeat business from the same customers (except from serial buy-to-letters), so are more than ever dependent on your referral for the next customer. He wants you to go away feeling you got a good deal and that he helped you get something that you wouldn't have got on your own.
You go away a really satisfied customer, and go around telling all your friends to go to him for a really good deal. Remember, unlike almost every other trade or profession, mortgage brokers don't get regular repeat business from the same customers (except from serial buy-to-letters), so are more than ever dependent on your referral for the next customer. He wants you to go away feeling you got a good deal and that he helped you get something that you wouldn't have got on your own.
.....+1 for Sarnie, gave me some great advice.ghamer said:
Yep,why is that somehow a strange figure.Anyway I,m collating some figures for Sarnie to look into for me.
It's possible that what he means is that your outstanding mortgage is so low vs house value why not consider an even shorter mortgage term, that way you will repay a lot less compound interest in total. Ask your advisor to illustrate the total amount payable over 10, 15 and 20 years.With your loan to value position you should be able to get the among the very best deals on the market.
When changing, you need to take in to account the full cost of doing this ie mortgage fees, conveyancing fees and exit fees etc in calculating the total cash savings benefit over the initial period when the rate is likely to be at it's most attractive.
swerni said:
Sorry, wasn't a dig at you.
With the amount of information so readily available on line, I would have though it would be going the same way as travel agents and insurance brokers. ie it works for a small niche of the market, but the vast majority are now capable of self service.
Unfortunately its not that simple. Despite the Low LTV you would be suprised at the amount of hoops you have to jump through to get a mortgage agreed - especially on some of the "best buy" deals - they are cheap because the banks will only want to attract absolutely gold class A1 applicants - if you have a low LTV but are self employed for example even if youve been self employed for years it will be more difficult to get through credit scoring. With the amount of information so readily available on line, I would have though it would be going the same way as travel agents and insurance brokers. ie it works for a small niche of the market, but the vast majority are now capable of self service.
A good broker will know what lenders will take what cases.
All banks will say yes in principle to low LTV deals - its when the actual underwriting process starts they will look for ways to kick the case out.
The other thing brokers will be clued up on but the banks wont tell you direct is service levels - First Direct and HSBC are well known for offering dirt cheap deals but then taking 2-3 months to actually complete on the case even if its straightforward.
I was a broker for most of the last 10 Years and gave it up last year because I was so sick of how awful and difficult the banks are to deal with - and I was good at it doing it day in day out ! I pity the public who try to do it themselves.
swerni said:
Sorry, wasn't a dig at you.
With the amount of information so readily available on line, I would have though it would be going the same way as travel agents and insurance brokers. ie it works for a small niche of the market, but the vast majority are now capable of self service.
Fortunately, you're incorrect.With the amount of information so readily available on line, I would have though it would be going the same way as travel agents and insurance brokers. ie it works for a small niche of the market, but the vast majority are now capable of self service.
There is of course lots of information online, but you cant replace the knowledge and experience of people that know the industry inside out. If you have fairly straight forward details then you can easily source yourself a mortgage, but how do you know it's the best for your circumstances? Because a comparison site tells you it is??? If so then people need to look into who owns/sponsors those sites and which lenders they include and those that don't........
I'm watching the rugby, so no calculator to hand, but perhaps one of the mortgage advisers would like to point out the total extra cost over 25 years of choosing a mortgage that costs the borrower half a per cent more than it needed to. Then some of the readers of this thread might be a little less casual about their mortgage selection process?
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