mortgage trouble

james27red

hi guys i am new to this forum but i need advice as i feel that i am starting to sink and need help

i am in the process of renewing my mortgage for the 4th time. to keep payments low i have always taken out 25 year policys, mainly because at some stage i was going to inherit a lump sum so i could pay the mortgage off, this has not happened.

i have lost 9 years this way, my mortgage is currently with c and g on their tracker rate i have 23 years left on this mortgage

i needed advice and got recommended to AWD home finance who sent a nice salesman round who currently is setting up a 23 year motgage plan up for me and my wife, but even though he says he is on our side and not the banks i know he is actually on his side, so i don't want to get sucked in by him plus i don't want to get sucked in by a bank.

overall i would like to take a new mortgage out for 20 years for sum of 83500 but don't know who to listen to or who just wants to look after me and not other interests..... i am loosing sleep about this please help

_Andy_

I don't quite understand - you want a mortgage for 20 years but have agreed to one for 23 years from someone you don't to trust?

james27red

sorry what i meant is that my mortgage is up for renewl with c and g it has 23 years left on it, but because i have swopped mortgages 3 times i've always started a mortgage on 25 years,

so really i have had a mortgage for 9 years but because i have been doing this i have 23 years left on this mortgage but it is up for renwel. so for my new mortgage i want to feel like i have caught up a little and take a new policy out for 20 years

hope this kinds of makes sense

_Andy_

Yes which is why I don't understand why you've agreed a 23 year term on the new mortgage.

depurnell

**CAUTION**

AWD charge very high advice fees!!

Are you sure that moving away from C&G is the best option??

depurnell

Cut and paste from AWD Home Finance Website:

The fee for our service is typically 1.95% of the loan amount. The precise amount will depend on your circumstances.

I saw a client yesterday who is with the C&G and although I will not getting anything for it I recommended that they stayed with C&G.

I did manage however to save them money on their mortgage protection!!

Ian_Griffiths_Halifax

depurnell, if you are a Mortgage Adviser you should add the Mortgage Adviser signature to your posts. See this thread http://forums.moneysavingexpert.com/showthread.html?t=325378

Ian_Griffiths_Halifax

james27red, have you looked at the monthly payments for a 20 year Repayment Mortgage? If you have and they are affordable, then go for it.

Relying on any form of non-guaranteed Lump Sum to pay the mortgage off in the future is always going to be a risk. Pensions, ISA's, Shares, Endowments, Pension Lump Sums, Stamp Collections, Oil Paintings, Inheritances, all are reliant on a future value which is out of your control.

If you can change to Repayment or at least part Repayment/Part Interest Only, at least you will be making some inroads in to paying off the debt. If the Lump Sum comes in the future it's a bonus or at least not as important for the repayment of the mortgage.