Obtaining Mortgage Projections and Figures

powerwin

If I was going to get a fixed rate mortgage, can I approach mortgage companies and ask them to give me a detailed projection of costs, like a spreadsheet, which includes all their charges?

In general, are mortgage companies willing to provide full statements of projected costs without you having to commit yourself to anything?

What is the best way to obtain these projections? Obviously I would like to compare as many as possible, so would they respond to e-mails or would writing to them be better?

Thanks

VIGILANT22

If you want comparisons you see a whole of market mortgage adviser...Before any quotes can be issued they must follow a compliant process which involves completing a fact find....Lenders dont respond to emails & letters....mortgage costs are not put on spreadsheets...the document (quote) is known as a KFI key features illustration...

Wutang_2

powerwin wrote: »

If I was going to get a fixed rate mortgage, can I approach mortgage companies and ask them to give me a detailed projection of costs, like a spreadsheet, which includes all their charges?

You could but it would cause huge problems - potentially ending in a human sacrifice.

Careful Powerwin

_Andy_

Wutang wrote: »

You could but it would cause huge problems - potentially ending in a human sacrifice.

Careful Powerwin

LOL
One of your best ever Wu - nice one

powerwin

VIGILANT22 wrote: »

If you want comparisons you see a whole of market mortgage adviser...Before any quotes can be issued they must follow a compliant process which involves completing a fact find....Lenders dont respond to emails & letters....mortgage costs are not put on spreadsheets...the document (quote) is known as a KFI key features illustration...

1) If I went to see a whole of market mortgage adviser about a fixed rate mortgage, would they be able to give me a statement which should me every single payment I would ever have to make, including all charges made by the lender? Seeing that it's a fixed rate mortgage, these amounts must be known quantities.

2) If I approached lenders myself, what would the earliest stage of the mortgage application process be whereby I could obtain a full statement of payments necessary and their charges? Would this be available at the Mortgage Application in Principle stage?

3) Would lenders be prepared to give me a full statement of payments and charges necessary before running a credit check on me?

4) Really, I am just after the best method to get full disclosure out of a lender on all costs, i.e. payments and charges, that are involved in a fixed rate mortgage, so that I can establish who is really the cheapest. If anyone has any good suggestions for the best way to achieve this, then please let me know.

Thanks

VIGILANT22

1....The KFI shows all charges...if you wanted a 25yr mortgage and a fixed rate for 3yrs...the fixed would be at the rate offered, the remaing 22yrs would be at the svr

2 yes

3. yes

4. cheapest isn't always the best...too many people chase rates and overlook features etc......

inca_2

You can't predict the total payments/interest etc though because you are likely to go onto SVR/change rates etc at some point and nobody can tell you what you will be paying at that point. You will get an indicative monthly payment on your KFI of what you would be paying per month at today's SVR and the effect of a 1% increase but not of other variations. Also, the big bad T&C vultures will swoop down and take any advisor away to a secret place of exile if they dare to deviate from the standard documents usually provided! *cue dramatic music*

inca_2

Also, check the APR in addition to the payment rate for comparison of a more 'true' cost if you're wanting to weigh up fees etc. As said above, cheapest outlay per month isn't always best, it could come with a massively high fee that you wouldn't necessarily make back, just as paying the lowest or no fee isn't always the best option dependant on size of mortgage etc.

Conrad

You'll be able to get such quotes from lenders. Fairly meaningless though as they build in certain assumptions about future rates and so on.

A clean and quality applicant does not need a broker and direct deals are unavailable to brokers anyway.