Mortgage Woes

feisty1

Try Speaking To An Adviser Rather Than A Public Forum

May Suit Yr Needs Better

Eric_Pisch

dimbo61 wrote: »

Right Eric lets get this right
You are on a fixed rate deal with the Halifax Yes
You have 6 months to go on this deal Yes
It would cost you alot of money to leave a good fixed rate deal early !
so sit tight and in 3 months time see what is on the market.
Start with the Halifax and see what deals they have for existing customers
If you want find a whole of market broker ( ask friends/family) so see what he/she can find for you.
Do your homework ie how much can you afford each month
Do you want a tracker/fixed and length of time
how long are you going to stay in this property.
Income, age, and lots of other things to take into account so sitting down with a broker to gather all the facts might be a good idea.
Deals are changing all the time and no one can guess the market in 3 months time. GOOD LUCK

It expires Dec/Jan

My plan was to go to Halifax to see what they can offer, but I also need a base line of whats out there and a basic understanding of them, and after this thread I am a little bit better off.

I don't plan to move for the next 10 years, the mortgage is only 40% of the current property's value. Our incomes cover it easy but having lived through the last recession I know how quickly you can loose your job so I am working on the principle of one of us loosing our job over the next 2 years on the law of averages.

I guess what I am after like everyone is the lowest cost product but one that will protect against a huge rise.

As you say very difficult to guess where the markets are going to go, but the more information I get the more informed I will be when I talk to a broker.

Txs Eric

Eric_Pisch

herbiesjp wrote: »

The trackers do not automatically turn into fixed rates.

Some lenders allow you the option to swith from a tracker that you are on, onto a fixed rate.

You would only do this, if rates were starting to go upwards and you were starting to get close to your budget limit each month

So you would in effect be taking out a new mortgage and I assume that would mean new fees etc? Hence not really a separate mortgage type just a flexible provider.

Interesting, txs.

As a side note I do find trusting brokers difficult, a family member moved there pension fund after they company shut down and took a brokers advice, He gave terrible advice but options that maximised his payments, after 5 years the pension was worth substantially less and he had skipped the country with a large amount of cash having done this to alot of people.

feisty1

Quote but the more information I get the more informed I will be when I talk to a broker.Quote

I accept u want to understand, however do u do the same amout of research when u employ a joiner, electrician etc Do u ask lots of unqualified people first????? Ask yr friends/family to recommend an adviser they have used in the past & have been happy with..... if it is a case of trust

Quote: I know how quickly you can loose your job Quote
make sure u have the appropriate protection if redundancy occurs, this should help u sleep at night!

feisty1

Also sorry forgot

IMPORTANT......If u go to HALIFAX u will be only be offered a halifax mortgage, nothinng to compare it to, see an independent adviser

Eric_Pisch

feisty1 wrote: »

Also sorry forgot

IMPORTANT......If u go to HALIFAX u will be only be offered a halifax mortgage, nothinng to compare it to, see an independent adviser

I understand this.

Eric_Pisch

feisty1 wrote: »

Quote but the more information I get the more informed I will be when I talk to a broker.Quote

I accept u want to understand, however do u do the same amout of research when u employ a joiner, electrician etc Do u ask lots of unqualified people first????? Ask yr friends/family to recommend an adviser they have used in the past & have been happy with..... if it is a case of trust

Quote: I know how quickly you can loose your job Quote
make sure u have the appropriate protection if redundancy occurs, this should help u sleep at night!

Actually I do, I like to have a basic understanding of what I am talking about if I am spending money, I was a surveyor for 15 years so understand all building trades, I have been in the IT industry for 10 years and I used to repair my own cars (engines and bodywork) so in most scenarios in life I am covered.

However when we got our mortgage It was a rushed decision, I did no research and just believed the advisor, In this case he did not rip us off but he also did not get us the best deal.

I don't know anyone who knows an advisor I am afraid.

As I said I am not after xxx is the best product, just basic concepts etc, I know and understand this is a forum, but I also know that there are knowledgeable people out there, as I said I just want to get the general gist of things so when I do see a broker I am better prepared.

As to how to find a broker that can be trusted.... thats a different thread.