Remortgage Time - Can I get the following?

Moncs_2

My tie in for my exsisting mortgage runs out at the end of October.
I currently have approx £56,000 left on my mortgage on a £140,000 property.

I am looking for a mortgage which has the following and was wondering if anyone knew of a company who has a mortgage which would suit?

2 or 5 year Fixed Rate No tie in period beyond the fixed rate term No charge for overpayments No charges/fees for borrowing more onto the mortgage during the term Payment Holidays (not essential) Ideally no setup fees as well.

Is there such a mortgage out there????

MortgageMamma

Yes you can get it. sounds like you need a flexible mortgage. whats your income and credit score like?

Moncs_2

MortgageMamma wrote:

Yes you can get it. sounds like you need a flexible mortgage. whats your income and credit score like?

Income is just over £25k, never had any problems getting credit, so I imagine my score is exellent

MortgageMamma

Well so long as you don't have masses of outstanding credit I see no reason why a good mainsteam lender offering flexible mortgages would not accept you.

Are you planning to DIY this mortgage or are you going to take professional advice and place your mortgage through a broker?

Moncs_2

MortgageMamma wrote:

Well so long as you don't have masses of outstanding credit I see no reason why a good mainsteam lender offering flexible mortgages would not accept you.

Are you planning to DIY this mortgage or are you going to take professional advice and place your mortgage through a broker?

No outstanding debt at all.

I'm not to sure regarding your second quote, I was planning to visit my exsisting lender (Halifax) to see what they could offer, then visit another few high street places. What would you suggest?

MortgageMamma

Well, being a broker myself its obvious what I would suggest!

There are a lot of benefits of approaching a whole of market broker, one being that they are more accountable for the products they recommend than a bank advisor, as they have access to all the mortgage products on the UK market. Which basically assures you you will get the best mortgage available that suits your circumstances.

Going around all the banks and building societies is time consuming and each one of them will runa credit check on your before their decision to lend. This can impact negatively on your credit rating. A broker would not do a credit check until he had found the product and you had confirmed you wished to proceed with it.

Another issue is that if you take your mortgage directly from a lender you have no recourse in the event of a misale or series of events that leave you out of pocket, by using a broker you have the right to make a claim in these instances.

In short, by using a broker you are likely to get a better deal as you have cast your net wider, you are dealing with an expert who deals with morgages every day and knows individual lenders strengths and weaknesses, and you are insured against a mis sale.

A common misconception by people who have never used a broker before is that they wont get as good a mortgage if someone is being paid commission for it. This is not true and a lot of lenders offer brokers exclusive products that are even better than what you can get directly from their branch. This is because they value brokers as we get them so much business through the door and do most of the processing work for them. If you think about it logically if you went into your bank the person who sold (not advised) you the mortgage in there would be paid a basic plus commission too.

If you don't have to pay the broker anything, i.e. he or she is fee's free and works for commission then you can only gain

Moncs_2

SO am I correct in saying if a visited a mortgage broker then there is no cost for his/her advise?

HelpWhereIcan

Moncs wrote:

SO am I correct in saying if a visited a mortgage broker then there is no cost for his/her advise?

Not with a fee free broker. Even with many fee charging brokers, you may find that an initial consultation is free.

Even though I do not agree with the ethics of it (or the need to do it if the broker is fee free), Martin's article

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816,

outlines a process you may choose to follow.

The arguments for using a broker are many and varied, but I am sure you will be able to find one of the many threads where they are discussed somewhere.

Hope this helps