Mortgages with Sarnie

[Gary29]

V1nce Fox said:

what sort of rates are they offering you atm?

I can fix at 2.09% for 5 years, with no set up fee.

Can overpay 10% of the original mortgage amount per year without any charges, I think this is fairly standard across the board.

Under 2% if you only want to fix for 3 years.

And still less than 3% to fix for 10 years.

Edit: Sorry Sarnie, I'm not trying to hijack your thread, I would definitely seek professional advice if I was looking for a big mortgage, but my situation is peanuts compared to most on here.

Edited by Gary29 on Thursday 21st February 08:15

[rsbmw]

If you have 7-8 years left and want to clear in less, for gods sake don't fix for 10 years. All you achieve is a higher interest rate and guarantee you'll be paying exit fees (early redemption fee). Fixing for 5 years seems a sensible approach.

[V1nce Fox]

useful replies, thanks both..

it's tricky; if i fix at 5/6years that's me paying flat out so it might not stand up to stress testing financially. conversely, locking in longer buys slack but ties me in past a limit i might not need.

one of my considerations is that i'd very much like this to be the last mortgage i have to take out/prove income for.

[rsbmw]

You get a 5 year initial deal on a 7-10 year term, make your 10% overpayments and bobs your uncle. Can still drag the mortgage out longer if you want/need to.

[V1nce Fox]

rsbmw said:

You get a 5 year initial deal on a 7-10 year term, make your 10% overpayments and bobs your uncle. Can still drag the mortgage out longer if you want/need to.

that sounds promising.

So if i take out a new mortgage for 7ish years, locked in for five and finish paying the balance at the end of the fifth year I won't get penalised?

Again, apologies to Sarnie if this is a hijack, I'm a bit of an old duffer at mortgage stuff.

[JulianPH]

Right! Sorry if this ends up being a repetition. It wasn't when I first posted!

Firstly. Sarnie is an absolute star. Secondly, he is the best mortgage I have ever encountered (as an investment manager I have been asked this question many times).

Basically, listen to what Sarnie has to say (he is doing this for free) before you decide on any course of action. He really could (and already has) save PHers a fortune.

I can't recommend him highly enough.

Cheers

Julian

[PBDirector]

Also, now that the 600LT Spider is a thing, I think we should all do our duty and move (regardless of need) to facilitate his purchase.

[DHE]

Sarnie said:

Fiver is in the post!!

I thought you at least deliver it yourself!

[Sarnie]

PBDirector said:

Also, now that the 600LT Spider is a thing, I think we should all do our duty and move (regardless of need) to facilitate his purchase.

[Sarnie]

DHE said:

I thought you at least deliver it yourself!

You are a bit far for the Sunday morning run!!

[DHE]

Sarnie said:

DHE said:

I thought you at least deliver it yourself!

You are a bit far for the Sunday morning run!!

Just need to get up a bit earlier.....

[Sarnie]

JulianPH said:

Right! Sorry if this ends up being a repetition. It wasn't when I first posted!

Firstly. Sarnie is an absolute star. Secondly, he is the best mortgage I have ever encountered (as an investment manager I have been asked this question many times).

Basically, listen to what Sarnie has to say (he is doing this for free) before you decide on any course of action. He really could (and already has) save PHers a fortune.

I can't recommend him highly enough.

Cheers

Julian

Many thanks for the kind words Julian!

According to the post above, there is a 600LT Spider to buy, so if you could get on with those Villa plans, that would be great!!

[JulianPH]

Sarnie said:

Many thanks for the kind words Julian!

According to the post above, there is a 600LT Spider to buy, so if you could get on with those Villa plans, that would be great!!

No worries mate. I obviously meant you were the best mortgage broker, not mortgage!

I'll keep the news of the 600LT Spider away from my daughter, she loves them!

Villa plans may be back on, I keep talking myself into it and then back out of it again!!!

[padhinbed]

Another testimony for Sarnie. Sorted our mortgage out and it was painless and efficient.

[anonymous-user]

JulianPH said:

Sarnie said:

there is a 600LT Spider to buy, so if you could get on with those Villa plans, that would be great!!

Villa plans may be back on, I keep talking myself into it and then back out of it again!!!

I can't help getting a picture of Harry "loadsamoney" Enfield.....

[JulianPH]

rockin said:

JulianPH said:

Sarnie said:

there is a 600LT Spider to buy, so if you could get on with those Villa plans, that would be great!!

Villa plans may be back on, I keep talking myself into it and then back out of it again!!!

I can't help getting a picture of Harry "loadsamoney" Enfield.....

You cheeky sod!

[Gary29]

V1nce Fox said:

that sounds promising.

So if i take out a new mortgage for 7ish years, locked in for five and finish paying the balance at the end of the fifth year I won't get penalised?

Again, apologies to Sarnie if this is a hijack, I'm a bit of an old duffer at mortgage stuff.

Yes, speaking about Nationwide (I think the majority are the same) you can overpay up to 10% of the original mortgage amount per annum with no early repayment charge.

So say you remortgage for £70000, you can overpay by up to £7000 per year.

So your normal payments based on a 7 year term, would be around £900 per month (based on current interest rates), then you could overpay by £583 per month (7000/12) meaning you'd have paid off the entire debt in just under 5 years with no penalties.

Unless I am mistaken I believe that's how it works, happy to be corrected.

I use this handy little tool for doing quick calcs such as this, very basic, but it works:
https://www.moneysavingexpert.com/mortgages/mortga...

Edited by Gary29 on Monday 25th February 09:08

[Mark Benson]

Another satisfied Sarnie customer here.
From first contact with Liam to a firm offer was 3 weeks - exactly the mortgage we were after, at a good rate and super quick and helpful.

Completed today - highly recommended, thanks Liam.

[Sarnie]

Mark Benson said:

Another satisfied Sarnie customer here.
From first contact with Liam to a firm offer was 3 weeks - exactly the mortgage we were after, at a good rate and super quick and helpful.

Completed today - highly recommended, thanks Liam.

Many thanks for the kind words, much appreciated, glad you are happy now it's done and dusted!

[Yidwann]

Racking them up at the moment Liam!