Fixed mortgage? Ditch & switch to a low rate deal.

FairyElephant_2

arkie wrote: »

DONT ditch the fixed .... you will be adding to your mortgage, do not be misled by somebody who is not qualified ( ie Martin ) look at what reclaiming bank charges has done ( loss of free banking).
Us brokers have commented on this misleading article and Martin has not replied ...are you there Martin, the broker industry waits....

Without getting into the difference between 'offering advice' and 'providing information'........ WHY do people keep mentioning 'THE END OF FREE BANKING'? (usually when trying to blame Martin for mentioning something of which they disapprove I've noticed!).

I, and basically everyone I know with whom I have discussed this, STILL HAVE FREE BANKING, as long as we are in credit.
Although the fees have changed somewhat over the years, my bank accounts (I have several) are all on the same premise that they have been for as long as I have had bank accounts (some 20+ years): Stay in credit = no charges. Agreed overdraft = agreed % charge. Unauthorised overdraft = one-off fees and higher % charges (also as informed in T&C's).

Welshlassie

Leighthal wrote: »

I fixed at 5.98% for 10 years(on 66k) with Nationwide back in October 2007.I'm also wondering if I can fix lower and save even with a penalty.
Your link does'nt work BTW.

Leigh

Thanks now corrected.

We fixed at 6.39% in Feb 08, so hoping we can save in Feb 09.

MSE_Martin

dunstonh wrote: »

Why? You know that for 5 years exactly what your mortgage payments are going to be. With Martin's proposal you may make a small monetary gain right now but in years to come when rates rise again, you could be worse off.

do you want certainty or gain now and pain later?

I must admit dunstonh I'm rather surprised at this from you. If you actually read what I wrote about five year fixed rates in the note at the top you'll see this is exactly the point I made.

Joe_Bloggs

@MSE Martin
I am not Dunstonh
I see no note at the top.
Did you mean virtual nationalisation when you said 'political kick'
J_B.
Hyperbole is a technique that can get you noticed if not appreciated !

Markyt

If I was considering this, I'd also want to know what fees the new deal was charging - it might just tip the balance between it being worth it or not.

Welshlassie

Markyt wrote: »

If I was considering this, I'd also want to know what fees the new deal was charging - it might just tip the balance between it being worth it or not.

This is something I have been considering for a few weeks, I have been using this to give me a comparison as to whether it would be financially viable and worthwhile.

I haven't found the right deal yet, but in Jan when I come to the anniversary of the deal I will be looking again as bit more closely.

That's why I like the site I posted above as it compares mortgages based on your ERC and any fees on the new mortgage.

MSE_Martin

Joe_Bloggs wrote: »

@MSE Martin
I am not Dunstonh
I see no note at the top.
Did you mean virtual nationalisation when you said 'political kick'
J_B.
Hyperbole is a technique that can get you noticed if not appreciated !

No I meant political kick. The nationalisation is why it can kick some banks. The push to drop SVRs in line with base rates was done at a seperate meeting.

As for the note at the top... it says

Fix length. Those on short-term deals are most likely to gain. With longer, five or 10 year fixes, it's a balance of rate security vs short term savings.

Charlton_King

I know this is not totally related, Martin, but I have already posted a thread urging you to consider using your position to name and shame those lenders which are busy pocketing the BoE cut at mortgage payers expense.

As the picture becomes clearer by mid-Dec as to who the main culprits are, will you please give some thought to this?

There are millions of us out here hurting while the executive junketing and distinctly unearned bonuses still roll on in certain parts.

minimike2

FYI everybody My posts are now being sensored.

Martin, you accuse my post of being abusive. Quite frankly, it was not, it was the hard facts of the matter and the truth hurts.

I have provided help and assistance to you in the past, as recently as the re-write of the article a few months ago (something that has quite quickly been forgotten it seems), and I have always stood up and made sure that your good efforts are pointed out, but now you dont like what I have to say, you simply delete it because you dont like it.

Does my opinion not count any more then?

You wonder why you get the people who are "anti MSE" and "anti ML"........I dont think you need to look any further than your actions tonight.

No doubt you will also delete this post, but *I* will not hide behind PMs like you have done.

To quote you "your rather agreessive post has been deleted from the feedback thread as it was in an inapprorpirate place and off topic." The post was not agressive, it was fact. The post was not in an inappropriate place, it was relevant to the original post, and is was NOT off topic - it related to the very subject of the post.

"May i also suggest you have the courtesy to read what I actually wrote about fixed rates, before making a comment"

May I suggest you re-read the initial feedback I gave you when you asked for it, especially the past about even just posting that article will mean people will do it, without taking advice and end up costing themselves thousands.

When I make mistakes, I admit I am wrong. Why cant you? I will argue the point as long as you want to argue it with me, until I am blue in the face. Failing that if you want to get the last word, you can ban me from the forum. Simple as.

I have no problem with articles in the best interests of the audience, but this latest addition is timed wrong. I did say it may be approprite at some point in the future, but not now.

Mithos

Charlton_King wrote: »

I know this is not totally related, Martin, but I have already posted a thread urging you to consider using your position to name and shame those lenders which are busy pocketing the BoE cut at mortgage payers expense.

As the picture becomes clearer by mid-Dec as to who the main culprits are, will you please give some thought to this?

There are millions of us out here hurting while the executive junketing and distinctly unearned bonuses still roll on in certain parts.

If only to balance the argument a little ;-)

- Banks/BS have to bail out as a collective group, part of all the lost monies being protected by the FSA/FSCS over the next few years, that huge amount of money needs to come from somewhere.
- With it being so close to the end of the year, if banks/BS show a loss it could be the beginning of the end for them in 2009. Surely we don't want things to get even worse?
- I often read comments about these reckless scum sucking cowboys riding off into the sunset with bags of money, but not really any proper facts to back it up. If you have any links, other than to the Daily Mail or The Sun, I'd be keen to have a read :-)