For Everyone Thinking Of Redeeming A Fixed Rate Mortgage

feisty1 · 9 November 2008 at 12:40AM

blottedcopybook........this is a general discussion forum not for advice....people on here give opinion & it is v v dangerous if u consider this advice.....advisors give advice, that is their profession, this is only given once a complete fact find regarding yr circumstances has been completed, as a mortgage is the biggest financial commitment a person will most likely make surely people want the best advice..........broken electrics get the electrician, need a mortage, let's go DIY!!

feisty1 · 9 November 2008 at 12:45AM

minimike2.........u must have had calls form clients already "i want one of those 3% trackers".........then when the base rate increases & payments start increasing they will be shouting mis sold.....I dont do execution only so the only people i will be arranging trackers for are those whose affordability stacks up.........the others can go & arrange them themselves thru the information only service in the banks!!.......oh happy days

wacker293 · 9 November 2008 at 12:46AM

on my mortgage agreement it says erc carges are payable on this mortgage unti april 2010.

then it says cash example if you pay your mortgage in full.

01 mar 2010 28 - feb 2011 £3121

surely if im remortgaging with someone else at the end of my fixed april 2010 that means i have no option to pay the £3121.

So the way i look at i might as well get the house i want now and pay the 3k cos im going to have to anyway.

feisty1 · 9 November 2008 at 12:54AM

i cant understand the amount, what was yr original deal? erc's after a fixed rate with NR is normally the HWC's as i mentioned and that is normally 1k

minimike2 · 9 November 2008 at 11:42AM

Indeed.....had two emails last night from clients who I have arranged, but not completed on, 10 and 15 year fixed rates for asking me to look to change the deals......obviosuly both clients not suitable for trackers, else I wouldnt have recommended long term fixed deals. I managed to talk them round on this occasion, but Im waiting for more calls next week about pipeline cases.