Update after Mortgage consultant has been

mummytwinton

he told us to add everything together ie.

Mortgage
car loan
car loan for car we are thinking aboout getting next year
holiday we have this year & next year

going from 67k mortgage with virgin one + 20K on 0% cc for 12 months
3500 left on car loan for 2 years
altogether he made it 115k with their fees ect??????what the hell.


he told us Alliance & Leicester had the best mortgage 2 years at 4.4%

Ian_W

Did he park his horse on your drive? I only ask cos he sounds like a right cowboy!!
Borrowing for holidays and cars on a mortgage are not a good idea if you can avoid it. You pay back over 25yrs and they cost you double their face value. What happens with the next car and the year afters holiday - when you're still paying through the nose for the previous ones?
The only saving grace I can see is that he's recommended a very good mortgage rate with A&L. It's a base rate tracker and the details are at:
https://www.alliance-leicester.co.uk/mortgages/index.asp?page=2year-baserate-tracker&mortgageset=2&buyertype=remg&ct=discountrates
So you could apply online direct and get the same rate. A&L will be paying him an introducer fee of £4-600 so coupled with the £1700+ he's charging you it wouldn't be a bad few hours work by any standards!!
If you want to change I'd see a fee free, whole of market broker who will do a remortgage who will do the same work just for the introducer fee from A&L without adding to your mortgage. Good idea is to read up on the mortgage section of the site, Martins done a remortgage guide which is easy to follow.

HTH & BoL.

AndrewSmith

Have to agree with you Ian, holidays and cars on a mortgage?
MMMM top of the class for shoddy advice

tomstickland

Mortgage should be to pay for a house not holidays and cars. That's my take on it anyway.

MortgageMamma

Dump the geezer, you can get the same advice for free without the pressure of being told to chuck every bit of money you could possibly need onto your mortgage!

payless

even if adding to mortgage ( not normally a good idea - maybe worthwhile if you take the low rate, but overpay so its cleared in same time as you would have taken any car loan ) why borrow it now ??- a number of lenders would allow drawdown later

Also he's fees ( which I believe most have already pointed out are not the cheapest in the marketplace) and I guess legal costs all being added ( my guess he's recommending a solicitor, - possibly one thats pays them ) - rather than looking at a different new that includes free legals - not done the sums , as not got all the facts , but their are similiar rates with no separate val/legals)