Re-mortgaging - few questions

[Dr Murdoch]

I'm just about to re-mortgage our property, switching from a variable to a 5 year fixed.

I'm not exactly savvy with money, so I'm unsure if I'm missing something.

The mortgage is £190k, £999 setting up fee and interest set at 3.09%. Does this sound good?

Reason for fixing is that I have two nippers aged 1 and 2, so are a few years away from school and Mrs Murdoch is only part time at the moment (due to the nippers not at school yet). If interests rates were to go up in the next 3-4 yeas it would make things tough.

[Sarnie]

Whats your LTV?

Who is it with?

[TheHound]

Sounds pretty good but of course depends on your LTV

[Dr Murdoch]

Of course, sorry...

Erm, the house is worth about 500k.

[Sarnie]

Dr Murdoch said:

Of course, sorry...

Erm, the house is worth about 500k.

Who is the rate with?

[TheHound]

Dr Murdoch said:

Of course, sorry...

Erm, the house is worth about 500k.

Does seem like a good rate for 5 years fixed (and in my opinion this is a very sensible thing to do at the moment), I suspect the variable rate after 5 years is pretty high to compensate the fixed rate.

[Terzo123]

Looks a good rate from what I've seen.

Pending a valuation of my house in about 8 hours time, I'm fixing for 5 years with a slightly higher rate of 3.19% but only a £100 set up fee.

I've paid the £100 so can take up this deal any time within the next 6 months.

It seems to change so quickly, days later they were advertising the same rate but with a £500 set up fee, and now it's 3.39% with a £100 set up fee.

Glad i got in when i did.

[Dr Murdoch]

I was waiting to find out who the lender was before replying.

Unfortunately my advisor failed to make a meeting with us last night (apparently my e-mail went to his junk items folder, but all previous e-mails from the same address didn't. He didn't think to call? I tried calling him but it went straight to voicemail...)

Anyway, I digress...

I'm now looking for another advisor in south west london (Kingston/Hampton Court) area who may be able to help.

Can anyone recommend someone local to me, as we would like to sit down and discuss rather than talk on the phone/sort via e-mail.

[Sarnie]

Dr Murdoch said:

I was waiting to find out who the lender was before replying.

Unfortunately my advisor failed to make a meeting with us last night (apparently my e-mail went to his junk items folder, but all previous e-mails from the same address didn't. He didn't think to call? I tried calling him but it went straight to voicemail...)

Anyway, I digress...

I'm now looking for another advisor in south west london (Kingston/Hampton Court) area who may be able to help.

Can anyone recommend someone local to me, as we would like to sit down and discuss rather than talk on the phone/sort via e-mail.

I can help with this. I'm not in London and it would be via phone/email but that has never been a problem with clients located all over the world, if that's any good to you, let me know

[Bigbox]

Dr Murdoch said:

I was waiting to find out who the lender was before replying.

Unfortunately my advisor failed to make a meeting with us last night (apparently my e-mail went to his junk items folder, but all previous e-mails from the same address didn't. He didn't think to call? I tried calling him but it went straight to voicemail...)

Anyway, I digress...

I'm now looking for another advisor in south west london (Kingston/Hampton Court) area who may be able to help.

Can anyone recommend someone local to me, as we would like to sit down and discuss rather than talk on the phone/sort via e-mail.

Why do you need an advisor? Sounds like you know what you want and with a small amount if online research why couldn't you complete yourself?
You have an excellent LTV so you should have access to the best rates available.

Apologies to the advisor offer above but in the OP's situation he's in a pretty strong position assuming there's no previous major issues on his credit history and he's in full time employment (apols if this is not the case)

[Sarnie]

Bigbox said:

Why do you need an advisor? Sounds like you know what you want and with a small amount if online research why couldn't you complete yourself?
You have an excellent LTV so you should have access to the best rates available.

Apologies to the advisor offer above but in the OP's situation he's in a pretty strong position assuming there's no previous major issues on his credit history and he's in full time employment (apols if this is not the case)

Because............how will he know whether any lender chosen will lend to his circumstances? How will he know if it's the best rate available? As a Broker we have access to Broker-only lenders that therefore do not come up on comparison sites, and also have access to exclusive products with a lot of highstreet lenders not available to the man on the street

[GTIR]

Why would a mortgage supplier hide it's best offers?

I can understand some good offers are not around for long but these get offered to existing customers and people who are excellent risks, like the op. Seeing as the majority of people looking for a mortgage wouldn't use a broker then why would the banks make their best rates available to them and not on their own websites or comparison sites?

My experience with banks is they don't like independent broker and prefer you to use the in house ones.

[Sarnie]

GTIR said:

Why would a mortgage supplier hide it's best offers?

I can understand some good offers are not around for long but these get offered to existing customers and people who are excellent risks, like the op. Seeing as the majority of people looking for a mortgage wouldn't use a broker then why would the banks make their best rates available to them and not on their own websites or comparison sites?

My experience with banks is they don't like independent broker and prefer you to use the in house ones.

Your experience is wrong then.

Why would a mortgage supplier hide their best offers? It's fairly simple. They provide exclusive rates to brokers, applicant applies via broker, broker carries out all due dilligence, document vetting, submission of the AIP, and administering of the application from start to finish.

The lender gets a fully packaged case, that they have had very little contact with as the Broker has done all of the work, rather than paying their staff to deal with the application.

Also, due to the fact that there is now no such thing as a non advised mortgage any more due to the new MMR regulations, lenders are actually leaning more and more towards intermediary business due to the cost involved of getting staff qualified and experienced to give advice. But I'm sure you knew that

[cossy400]

OP, PM Sarnie and I can assure you, you will be looked after, highly rated in mortgage world of PH.

When mines up I know who im contacting.

[GTIR]

Sarnie said:

GTIR said:

Why would a mortgage supplier hide it's best offers?

I can understand some good offers are not around for long but these get offered to existing customers and people who are excellent risks, like the op. Seeing as the majority of people looking for a mortgage wouldn't use a broker then why would the banks make their best rates available to them and not on their own websites or comparison sites?

My experience with banks is they don't like independent broker and prefer you to use the in house ones.

Your experience is wrong then.

How can my experience be wrong?
Are you calling me a liar?

[BoRED S2upid]

I don't think it's a case of them hiding the best offers more like making special offers available to brokers rather than the general public.

I was sceptic too and did my own research into the best rate only to find my advisor could beat it. Not sarnie I have a good mate who does the same.

[GTIR]

BoRED S2upid said:

I don't think it's a case of them hiding the best offers more like making special offers available to brokers rather than the general public.

I was sceptic too and did my own research into the best rate only to find my advisor could beat it. Not sarnie I have a good mate who does the same.

Can you pm his number?

I'm after a trustworthy broker myself.

[Sarnie]

GTIR said:

How can my experience be wrong?
Are you calling me a liar?

Did I call you a liar?

You said: "My experience with banks is they don't like independent broker and prefer you to use the in house ones"

I said that this was wrong, as explained in the rest of my post. Banks much prefer a broker to do all the leg work, taking responsibility for the advice (and is therefore on their PI insurance not theirs) and receive a nice, fully packaged application.

I'm not sure what your particular beef is but you seem to want to bad mouth mortgage brokers every time you post in this section, but yet you want the number for one? Seems strange?

Edited by Sarnie on Tuesday 22 July 12:49

[Sarnie]

BoRED S2upid said:

I don't think it's a case of them hiding the best offers more like making special offers available to brokers rather than the general public.

I was sceptic too and did my own research into the best rate only to find my advisor could beat it. Not sarnie I have a good mate who does the same.

Thank you for confirming.

There are plenty of exclusive broker only rates I could refer you to. I'll even give you example;

90% NTB £500k mortgage with Halifax here;

http://www.halifax.co.uk/mortgages/moving-home/

is 4.89% two year fixed with a £999 fee.

Halifax have an exclusive broker product that obviously doesn't show up here but is 4.49% with the same fee.

So for a £560k purchase with a 90% mortgage over 25 years;

4.89% Direct = £2,914pm
4.49% Broker = £2,798pm

£116pm difference x 24 months = £2,784 saved by using a Broker in this instance.

[GTIR]

Sarnie said:

GTIR said:

How can my experience be wrong?
Are you calling me a liar?

Did I call you a liar?

You said: "My experience with banks is they don't like independent broker and prefer you to use the in house ones"

I said that this was wrong, as explained in the rest of my post. Banks much prefer a broker to do all the leg work, taking responsibility for the advice (and is therefore on their PI insurance not theirs) and receive a nice, fully packaged application.

I'm not sure what your particular beef is but you seem to want to bad mouth mortgage brokers every time you post in this section, but yet you want the number for one? Seems strange?

Edited by Sarnie on Tuesday 22 July 12:49

My experience has been that as an existing customer they offered a better package than a broker could offer, even though said broker didn't seem to realise that.

Like I said. I want a trustworthy broker.

I don't have a "beef" with all brokers much the same as I don't dislike all estate agents. Or celebs.

Edited by GTIR on Tuesday 22 July 13:10