fixed rate coming to an end 28 Feb 09

spirit

good morning,

I have a couple of questions. My current fixed rate (4.97%) - with Nationwide ends as above. I used a whole of market broker 2 years ago in true MS form and was pleased with their service.

Should I use these same brokers again perhaps or contact Nationwide myself to see what they might offer me next year? Presumably as i'm already with them I won't have to pay any arrangement fees and will have to factor this possible charge in if the broker finds me a deal? what i mean is that if say Nationwide and A N Other lender offer me pretty much the same deal that I might be better off staying where I am?

Am I looking too early in fact and should I wait a bit longer?

My last question; is there somewhere where i can find published rates of lenders fixed rate deals without having to input my details each time please? It would make it much quicker to narrow down possible deals, that is if I should look myself instead of or as well as a broker?

thank you

Christina

opinions4u

1. Familiarise yourself with the market now - but don't take any action (it will probably change). Start being proactive towards the end of December / beginning of January.

2. Make 2 or 3 calls to lenders yourself (including Nationwide) and if you are happy with previous service given see your broker again after doing your own research and making your own calls. Ask the broker if they charge you a fee or earn via a commission from lenders.

3. Using price comparison sites like https://www.moneysupermarket.com (there are others too) can help you get a feel for the market. A broker may just be able to better tailor something to your circumstances though.

herbiesjp

HI Chris

First port of call will always be your current lender to see what they offer you.

Then you will compare those against the rest of the market, eiterh doing your own research or going via a broker.

If you stay with Nationwide you will not pay any legal fees or valuation fees, however you may have an arrangement fee to pay depending on which deal you choose to go for. YOu are also right in saying that if you have two similar deals you will be better off staying with your current lender.


And now is exactly the right time to be looking. As for inputting details, you'll give a broker your details just the once and they will be able to find deals very quickly. Sites like moneysupermarket et al, you will have to do it every time, in order to look for new up to date details

payless

Speak to Nw and a broker - esop if happy with last time.

If dealing with broker make sure you know if he is also looking at direct deals ( although in fairness you will likely have to pay a fee for that)

Comparison sites - whilst aimed at consumers I do wonder - just done a dummy comparison on a popular site ( for 2 yr discounts / trackers) for a slightly below average case size and the figures certainly don't add up right -implies a particular deal is cheapest ( fees and interest) and whilst the rate is the cheapest the massive arrangement fee would make it hard to justify

+ many sitesd exist to sell your details on

spirit

The broker has just left me a voicemail message saying she recommends a Northern Rock deal. she's e-mailed the details to my work addy so don't know the rate yet. She said that despite what I may have heard, NR is govt backed so is safe and that deals are being withdrawn so i need to get a move on.

My feeling is that a) i have also heard recently that NR are the quickest to repossess. Also that ok deals might or might not be being withdrawn but others may yet come up?

the overall impression i have is that i'm being scared into accepting this deal which I don't like.

what's your view on this please?

i've yet to speak to my current lender so will do that tomorrow.

herbiesjp

If you dont like it or feel pressured then don't go for it

NR are back in the hunt for business, and have rates that are pretty competitive.

However I've been getting emails from lenders (very slowly mind you) advising of fixed rates going down albeit slightly.

You do have time on your hands, so if you do want to wait a few weeks, then it might hold you in good stead; especially as the BoE is expected to cut rates again - although no guarantees.

That might start to improve lending confidence and therefore trigger more deals in the mortgage market, but no one can say for certain

You could also ask the broker what other deals there were and why they discounted them

spirit

still haven't got her e-mail though!

herbiesjp

You might want to get a second opinion from another broker