mortgage - bank or broker?

stanmoresaver

paula_j wrote:

What do you mean Stan?
I felt comfartable with him ,OMG im warried now!
Is it a crap morgage?

Not at all- if you felt comfartable with him- why ask here?

He is the professional- Trust him!

paula_j_2

I asked here because i havent the slightes clue about mortgages, everyone has been a great help!
Does the mortgage sound ok?
Ive no one around my who can help me
Im worried im being given a crap deal now!

MortgageMamma

No the product itself is ok, but why not ask your advisor WHY he has recommended that to you and let him do some talking. I'm sure he can give you a better explanation for his recommendation than anyone on the boards.

Joe_Bloggs

@Paula j
You might consider a guarantor mortgage. In this a guarantor backs you up until you can prove you can support yourself and earn more as part of a career progression and spend/save within your means in a financially beneficial manner. This could reduce the interest rate, if you are being offered garbage, by whoever you trust.

Why not check what you could have been offered with an other trustworthy financial adviser. I'm sure advisers are experienced in dealing with healty competition with each other to provide the best deal for their clients.
J_B. (Pull pin and throw.)

paula_j_2

The thing is I wouldnt know what im talking about though.
Like what would i ask him, he said it was a good deal going by my wages, i dont know if it it or isnt?
I really haven a clue!

MortgageMamma

its not a bad deal. northern rock do have big salary multiples but you could have gone with royal bank of scotland, co op bank, standard life to name but a few/ You don't have to ask your advisor any big technical questions. just ask casually why he recommended it to you. you could ask to see the sourcing results whihc is a list of other lenders offering the similar products and the monthly costs. Failing that, if you really arnt sure about the product, then why not check out what else you could have had with another advisor off the boards.

Joe_Bloggs

My feeling is that paula J does not have a guardian , godparent etc to help with gravely serious financial matters and can't ask pertinent questions of an adviser. Is there anyone who could act for paula j as an advisor of value within a deal and the legal consequences of it ?
@ Paula j you are going to have to convince a solicitor that you understand what you are getting into. It is ok to say you don't understand the terms and conditions and consequences.
J_B.

herbiesjp

Joe_Bloggs wrote:

My feeling is that paula J does not have a guardian , godparent etc to help with gravely serious financial matters and can't ask pertinent questions of an adviser. Is there anyone who could act for paula j as an advisor of value within a deal and the legal consequences of it ?
@ Paula j you are going to have to convince a solicitor that you understand what you are getting into. It is ok to say you don't understand the terms and conditions and consequences.
J_B.

I'm sure any of the advisers on here would help paula J out - all she has to do is send a pm to who she wants and I am sure she will get a friendly helpful response

MortgageMamma

Paula my feeling is that you need a very experienced advisor who will explain everything to you without the jargon. It seems your advisor you are using now is not taking the time to advise, and that he just wants to sell. I would recommend you draw up a list of questions that you have, and speak to an advisor to get them all answered. A good advisor will let you know everything you need to know to make an educated and informed decision.

MM