MGenie Offset Exclusive(MG428): 4.69% Tracker - 18 months. Is it any good?

wrx_2 · 11 April 2006 at 9:05PM

as above has anyone had any dealings with this mortgage? I'm remortgaging 93K on a house valued at 185K and there are no fees what so ever even when coming to remortgage again in 18 months. Plus I'll get £200 commision so that brings the rate down to about 4.58%. Also does anyone know if I say I owe 100K will I get a cheque for 7K or do lenders hit you with another charge for borrowing more than you actually owe?

Matt

MortgageMamma · 11 April 2006 at 9:32PM

sounds like you need financial advice mate. what on earth are you using genie for? Do you really need that £200 back.

carryoncamping · 11 April 2006 at 9:54PM

MortgageMamma wrote:

what on earth are you using genie for? .

What's wrong with MortgageGenie besides competition to other mortgage specialists/brokers?

Their offer on the face of it seems very good, have they got a bad reputation? If so, why on earth would Martin Lewis recommend them?

MortgageMamma · 11 April 2006 at 9:55PM

Yes, but now the OP needs advice? he doesnt get that from mortgage genie, and trust me, over 75% of people like to see their mortgage brokers face to face, so a fad like mortgage genie is no threat to most brokers. Perhaps more of a threat to internet only ones like erm, remortgage uk, l &c etc

AndrewSmith · 12 April 2006 at 9:40AM

carryoncamping wrote:

What's wrong with MortgageGenie besides competition to other mortgage specialists/brokers?

Their offer on the face of it seems very good, have they got a bad reputation? If so, why on earth would Martin Lewis recommend them?

1) Mortgage Genie are no competition to Brokers as they do not provide any kind of advice or recommendation. They are simply an order taking company. To label them as specialist/brokers is in fact incorrect.

They offer no advice in any way, as such you have no indemnity protection against mis-sale or mis-advice. Something you do get from a Broker.

2) It is not their offer at all. It is simply a product you can subscribe to via them without any advice as to the suitability of the product being given.

Martin does not 'recommend' them as such, merely states that if you are 'mortgage savvy' you may consider using them as long as you already know what product and lender you want. The minute you ask them, for example 'is this the best rate for me' they cannot comment due to the limitations of the service provided through the non-advice route under the new FSA regulations of 11/2004

Andy

Froggitt · 12 April 2006 at 12:44PM

Looks like Im going to upset the resident "Whole of Market Mortgage Specialists" again. The OP is not after advice - he knows what he wants, he is just asking if anyone has had dealings with them, and how they handle the "overmortgage".

Sounds like youve researched the market and have come up with the deal that suits you.......take the £200 mate......be rude not to.

homer_j_3 · 12 April 2006 at 12:50PM

The normal process for all lenders is that if you want to borrow more than you owe, you will need to advise that you need to capital raise the 7k and what you need it for - home improvements/debt consolidation etc.

wrx_2 · 12 April 2006 at 8:00PM

Is there something wrong with mortgage genie? The last two times I have used a broker but after reading Martins advice I thought I go it alone. Is this really such a bad idea? It seems a very competetive rate (I go for total product cost over the term) with no fees and £200 cash back it works out a good deal, then there is no release fee either when I come to remortgage. Sureley it's not that hard going it alone?

AndrewSmith · 12 April 2006 at 8:17PM

wrx wrote:

Is there something wrong with mortgage genie? The last two times I have used a broker but after reading Martins advice I thought I go it alone. Is this really such a bad idea? It seems a very competetive rate (I go for total product cost over the term) with no fees and £200 cash back it works out a good deal, then there is no release fee either when I come to remortgage. Sureley it's not that hard going it alone?

Hi,

As my post states, and as Martin's article says If you are looking for no advice on what product to take or it's suitability, and are absolutely happy with the deal you have selected then there is no problem with going through someone like Mortgage Genie.

Just be aware that, as they offer mortgages on a non advice basis, you will have no indemnified protection against mis-sale, or any recourse if the product is not suitable.

Andy

homer_j_3 · 12 April 2006 at 8:18PM

I think its like buying cars:

Go buy private from an individual and you get zero portection but because the seller has almost no liability to you after the deal is done.

Go and buy same vehicle from a franchised dealer and they will have checked the car done any work to make sure its a worthy vehicle and then offer comeback should you find the vehicle to be not as described after the sale.

You are effectively buying from private individual in the above example where a broker is the franchised version. If you know your way around mortgages then you should be fine if you are happy with it.

KTF · 12 April 2006 at 10:26PM

Does anyone know who is behind the 4.69% deal? It must be one of the main lenders?

MGenie Offset Exclusive(MG428): 4.69% Tracker - 18 months. Is it any good?

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