Any mortgage brokers online

arkie

Hello Martin are you there !!!! we are waiting for your replies to all questions !!!!!!

seikothrill

arkie wrote: »

Hello Martin are you there !!!! we are waiting for your replies to all questions !!!!!!

I am also waiting for a reponse from ML as it would appear this thread is the first where I have seen people revolt against ML.

ML - please explain how it would be to my advantage to redeem my fixed rate product now when it has a £10275 early repayment penalty and also taking into account the additional costs of new product?

Yes the new mortgage may reduce monthly outgoing but what about the additional borrowing of approx £11000 (once fees included) and the additonal amount of loan interest on the 11 years I have left remaining.

Short term gain for long term pain.

I would also need to increase protection which is an additional cost

silvercar

seikothrill wrote: »

I am also waiting for a reponse from ML as it would appear this thread is the first where I have seen people revolt against ML.
Its not. Threads on this board have complained before. Also read the savings board for complaints about Martin recommending savings in cold countries. It is an anonymous open forum, there are thousands of users, you will always get some complaints.
ML - please explain how it would be to my advantage to redeem my fixed rate product now when it has a £10275 early repayment penalty and also taking into account the additional costs of new product?I'm sure Martin was saying you should look to see if you should ditch the fix, not that everyone with a fix should ditch it.

Yes the new mortgage may reduce monthly outgoing but what about the additional borrowing of approx £11000 (once fees included) and the additonal amount of loan interest on the 11 years I have left remaining.Clearly it won't work for you; for othere it might.

Short term gain for long term pain.

I would also need to increase protection which is an additional cost

I think you should read the article carefully rather than jump to conclusions.

seikothrill

silvercar wrote: »

I think you should read the article carefully rather than jump to conclusions.

Silvercar - may be I have misinterpreted something and I will re-read the article tonight.

The one issue I have is that it surely is not in anyone's best interest to increase borrowing as the cost of interest payment over the remaining term will also increase.

As I said I will re-read article

magnum_pi

seikothrill, you've not misinterpreted anything and the points you raise are valid.

If I advised anyone to switch mid term and incur erc's I would have my compliance department all over me like a rash. Seeing as the lowest rate products now tend to have hefty arrangement fees, it would be very rare that anyone would benefit from switching mid term.

By the way Martin, have all those people who took your advice to deposit their money in Icesave managed to recover any of it back yet?

Aaagh

If it wasn't for ML then ALOT of people would not have saved what they have. He isn't advising people to get out of their fixed rates. He is saying look into it, see a mortgage broker, and find out whether you might be better off.

Although, I do agree that people do take what he says as gospel. I have fixed with British Gas, because the e-mails came through saying FIX, FIX, FIX, and now I'm regretting it. But you win some, lose some. He should be, and I'm sure he is, very careful how he words things, but I am very grateful for all the tips he and others through this site have passed on. I am much better off now, no credit cards or loans, and can see that I may be mortgage-free 10 years + than I thought I would be.

caracal_77

Aaagh wrote: »

If it wasn't for ML then ALOT of people would not have saved what they have. He isn't advising people to get out of their fixed rates. He is saying look into it, see a mortgage broker, and find out whether you might be better off.

Although, I do agree that people do take what he says as gospel. I have fixed with British Gas, because the e-mails came through saying FIX, FIX, FIX, and now I'm regretting it. But you win some, lose some. He should be, and I'm sure he is, very careful how he words things, but I am very grateful for all the tips he and others through this site have passed on. I am much better off now, no credit cards or loans, and can see that I may be mortgage-free 10 years + than I thought I would be.

Agree with everything you wrote Aaagh. I also fixed my energy and regret it now, but most tips I'm getting here (from ML and others) are spot on. At the end of the day it's up to you what to do with the information you're getting here, although I realize that what ML say has a bigger impact.;)

payless

My concern is that whilst this may work for a few people - figures can be massaged to make it look worthwhile when it isn't ( ie debt is increasing but payments lower )..

whether the negatives are either overlooked by the consumer ( head in sand ... my payments are cheaper so it must be right) or the broker ... many of whom are good, but there are others that have and will exploit the " swap and your payments are now only...... "

The good guys do the work- for free and advise against it .. the bad guys likely recommend it and charge for the service !

MSE_Martin

Hi folks

Thanks for the notes above. I see yet again some knocking feedback from a limited agenda'd group.

Actually I did very much respond to this. I even slightly changed what was written to add clarity - if you look at what was actually sent as opposed to what's at the top of this, you will see the difference.

Yet I stopped looking at the point the email was already sent. The discussion was in the email, the vast majority of the feedback came after the time that was sent.

I also need to say that just because there is feedback doesn't mean i need to agree with it.

I think some people seem to be reading a different thing to what I wrote.

1. I have been asked by HUGE numbers of people who have fixed at high rates - should they ditch their fix. This is an issue people are worried about
2. To simply say NO or not respond, is not doing the responsible thing. No is not correct, to explain the issue and show people when it is unlikely to save them money is the right thing to do.
3. I presented a checklist, that list actually wipes the vast majority of people OUT, and was written quite deliberately to ensure most people realise ditching a fix is unlikely to save them money even though it may look on the surface like it does.
4. Some people are reading this as a recommendation to ditch your fix. Please can you tell me where it says that. What it asks is should you ditch your fix? And runs through when you shouldn't.
5. For those people for whom it looks like there's a chance it may save them money the call is for them to go to a mortgage broker to get the numbers done to see whether it does or doesn't work out once fees are included.

The problem with much of the feedback I've read above is it seems to take a blanket view, and almost all of the points made are included in what I wrote. I struggle to see the problem barring those who simply say "don't say it", frankly I don't agree with that, the question is being asked across the nation.

Sadly many will go and ditch their rate and try and do it themselves. My aim is to show people a. it isn't that simple. b. most people aren't in a position to save money doing so and c. if it looks like you may save, go and get the detailed numbers done for you.

For those who warn they'll go to someone who will then try and churn them for the sake of the commission; frankly had I said that, I would've been pilloried by the mortgage brokers on here.

This isn't aimed at all the feedback above, just those who seem to have responded without reading what was actually written.

Martin

olly300

Aaagh wrote: »

Although, I do agree that people do take what he says as gospel. I have fixed with British Gas, because the e-mails came through saying FIX, FIX, FIX, and now I'm regretting it. But you win some, lose some. He should be, and I'm sure he is, very careful how he words things, but I am very grateful for all the tips he and others through this site have passed on. I am much better off now, no credit cards or loans, and can see that I may be mortgage-free 10 years + than I thought I would be.

You and others should learn to read the emails properly.

All the emails do state that things do not suit everyone.