mortgage advice
Discussion
I'd disagree about not using a broker irrespective of the ltv. I have to refinance my house in the next few months. I'm only borrowing 70 grand against a 600k value. But, the last time I tried to go it alone without a broker, the lender (Tesco bank) completely f
ked me about, asked insane questions about how much I spent on food and haircuts about 5 or 6 times, and generally fked me about and dragged the whole painful process out over 5 months.
I complained and got a few hundred quid back off them which squared the circle, however, I would never apply for a mortgage again without using a broker. Lenders like them because it adds another layer of recourse and another layer of scrutiny.
I use the mortgage genie and they don't charge me a fee, nor do London and country.
ked me about, asked insane questions about how much I spent on food and haircuts about 5 or 6 times, and generally fked me about and dragged the whole painful process out over 5 months. I complained and got a few hundred quid back off them which squared the circle, however, I would never apply for a mortgage again without using a broker. Lenders like them because it adds another layer of recourse and another layer of scrutiny.
I use the mortgage genie and they don't charge me a fee, nor do London and country.
I'm with nationwide.
I share a mortgage with my brother on a second property.
our deal ended, which was a 5yr fix.
we were left with 29 grand and 13 years.
popped in to see if anything could be done, was told yes but also told to pop online and basically do it myself.
So I did another 5 fix no fees and payments went up by £1 but I reduced the term by 2 years.
Well worth asking the question.
Sarnie will be along shortly.
he's far more clued up on such matters.
I share a mortgage with my brother on a second property.
our deal ended, which was a 5yr fix.
we were left with 29 grand and 13 years.
popped in to see if anything could be done, was told yes but also told to pop online and basically do it myself.
So I did another 5 fix no fees and payments went up by £1 but I reduced the term by 2 years.
Well worth asking the question.
Sarnie will be along shortly.
he's far more clued up on such matters.
cat with a hat said:
17 years remaining at 42k? That seems like a very long repayment term?
Any reason you'd not be able to more aggressively pay it off? By either shorting the term or overpaying?
Seems crazy to me unless monthly income is incredibly tight or funds are being put to much better use elsewhere.Any reason you'd not be able to more aggressively pay it off? By either shorting the term or overpaying?
Thanks for the helpful tips on how I'm doing life wrong, sorry if I'm derailing the thread a bit but if anyone up to speed on the market can point me to whether a smart bun would choose a 2 yr fix, 2 year variable, 5 yr fix or 5 year variable to hopefully pay the leastest I'd appreciate.
Teddy Lop said:
Thanks for the helpful tips on how I'm doing life wrong, sorry if I'm derailing the thread a bit but if anyone up to speed on the market can point me to whether a smart bun would choose a 2 yr fix, 2 year variable, 5 yr fix or 5 year variable to hopefully pay the leastest I'd appreciate.
Speak to Liam, aka Sarnie on here. He has helped many with mortgage advice.You might be able to find a lower rate deal, but keep your payments the same and knock a few years off it. You dont mention what interest rate you are paying now.
Double the payment and it will be gone 10 years sooner. If you can manage to afford to pay £50 a month more off it that will save you over 3 years in payments.
Have a play with the calculator here https://www.moneysavingexpert.com/mortgages/mortga...
Double the payment and it will be gone 10 years sooner. If you can manage to afford to pay £50 a month more off it that will save you over 3 years in payments.
Have a play with the calculator here https://www.moneysavingexpert.com/mortgages/mortga...
Teddy Lop said:
Thanks for the helpful tips on how I'm doing life wrong, sorry if I'm derailing the thread a bit but if anyone up to speed on the market can point me to whether a smart bun would choose a 2 yr fix, 2 year variable, 5 yr fix or 5 year variable to hopefully pay the leastest I'd appreciate.
For anyone to answer that they would need to know the rates of each mortgage type. And even then it comes down to personal preference. Gassing Station | Finance | Top of Page | What's New | My Stuff