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urgent help required pls!
Comments
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MortgageMamma wrote:Wellsie
A ten year fixed can disadvantage you severely if rates actually DROP.
get some professional advice.
Absolutely MM!I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
haven't rates been rock bottom for a while now anyway?
to be honest i'll leave that kinda thing 2moro and decide what kind of term to go for, intially we just want to know that they WILL actually help us and lend us the money given the things im worried about (the other family loan etc)0 -
Wellsie, this is where the value is in speaking to a broker, they will reassure you and take the worry away, a broker could even get a mortgage promise for you over the phone. If you find a fee's free broker you have nothing to lose. All you have to do is pick up the phone and make that call. I'm confident if you do this, you will never want to arrange your own mortgage again!
HTH and Good Luck!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I agree with Ian W. about fixing for 10 years. Obviously there are no guarantees what will happen with interest rates, but the fact that the mortgage lender is prepared to fix it for 10 years then it makes me think that there is no anticipation of big hikes in interest rates BUT as I say no-one actually knows that!wellsie82 wrote:ian, fair point in a way regarding the 10 year thing but when we're entering into a 25 year mortgage ten years isn't much, surely interest rates will only rise from here? i mean if in 5 years time the rate is 6/7% then we'd be kicking ourselves, the only time we're going to benefit from a 5 year is if we need to get out of it or if the rates dont increase
we just like the idea of the security more than anything else
thanks for the bit on the tax side of things, been told it could push us into the higher rate of tax but wasn't sure how it worked0 -
wellsie,
While there are a lot of opinions about whether you should fix for 5/10 years, the real point is you and your partner must choose a product that suits you and does what you want it to do, not what others think you may want.
Clearly there are no guarentees about interest rates and they could go up (you win) or they go down (you lose) but the real point is that you are aware of these risks and are happy to accept them.
The key is to committ yourself to a deal with your eyes open and if its what you and your partner want then it is right for you.0
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