ALWAYS REMORGE WITH NEW LENDERS

Mortgage_Master

My way is to Have:

1) No tie-Ins, Set up fees, redemption penalties as a kick off. period. Lenders hate finding such deals
(especially brokers) Part of the extra being
Theyr'e commision- with words and titles to "flannel" you. In an ideal scenario Your only fee should be the interest you pay on the amount you borrow.

??? How do you work that out? Why would brokers hate finding you such a deal? Rubbish!!!

The only thing for certain is that you should always shop around! But then that applies to everything not just mortgages. You have to way up the pros and cons to each deal as it relates to your individual circumstances.

Woby_Tide

2) If youre worried over interest rates, fix things years for a year. No big worry. Then, then !!!!!! off. Show no loyalty. It is not in most cases its never returned.

Out of curiousity do any lenders offer fixes without redemption penalties that don't at least go to end of fix rate, or if they remove redemption they charge upfront arrangement?(I'm sure there will be one with a fix about 8% or something uncompetitive but is there any lender out ther who do offer a reasonable fix without(excessive) fees or redemption?

System

so youre saying mr mortgage xclusive, that an independent mortgage broker wants to find you a fully flexible morgage offer, with no redemption and tie ins, with no fix period, no solicitor fees, offer you no insurance included and therest of the bull...with, say, C&G, just so he can send you on your sweet way. ..hahahaahaha

Please!!!

He'll want you to give him a finders fee. Or he may pull out hidden fees (within the deal that in some way pocket his company)

Please Give me and my intelligence a break ;D

Mortgage_Master

Woby,

Yes but not many. There's rarely more than a handfull of schemes at any one time that offer a fixed rate with no ties at all.

At this present time I think the only one is a 5.99% fixed for 5 years, but as you say it's got some front end fees. £499 arrangement fee + Val. L&H

Danny,

If that's what you're looking for Danny then YES that's what I'm telling you! A broker will receive on average about 0.3% commission of the size of your mortgage. Fixed, discounted, tied, no ties etc... makes NO difference.

System

Ive mentioned Alliance Leicester. They do Intenet deals that repay you all set-up costs upon completion. You loose this moneyif they fail you however.

They are fixed for 2 years, but the'ye fees are much lower (setting up) than most. So too are theyre rates. around 4%. be careful on the 4.39% rate, Has setup fees attached. Check they're site out.

I mite add that its getting worse for us, banks and societies (the guys you give all your interest to) are behaving more and more like brokers at the same time.(fees for solicitors, insurance, unemployment protection... arent they oh so kind...its everywhere)

whilst pretending to offer you low rates. Oh well.

jellyhead

pedantry is a virtue, is it not? i object to being called a pedantic, when the correct term would be pedant ::)

Joe_Bloggs

I never said you were anyhing. I will say now that
you are not in any shape or form pedantic but a true pedant worthy of the title.
J_B.

jellyhead

why thank you, i think :-)

DiggingOut

Oh, please. Woby_Tide, J_B wasn't calling you an over-educated nitpicker. He was calling me one. Of course, he ain't knowing nothing about my education, but I paid someone to post so it looks like I are educated. I ain't really.

And really, Paps-in-Aberdeen gave me the title of site pedant, and I'm not ready to relinquish it to jellyhead just because Paps-in-Manchester has come along.

And by the way I don't see anything attacking about my posts here, and yes, I do agree that in most cases remortgaging with a new lender is better, and yes I do agree as I said that no tie-in is a positive thing.

But most of the best deals do include a tie-in, so while in most cases a new lender is best, in most cases a deal with a tie-in is better than the deals lenders will give you without a tie-in. On that point, I mostly disagree.

But you are welcome to your opinion, and if you find better deals with no tie-ins, by all means take one up first so you don't miss out in the rush, and then post them here so others can benefit as well.

Or better yet, become a mortgage broker and make a little money for yourself while helping all of us who don't have the time and knowledge to chase down such deals.

Tim_L

I think Dannyinmanchester (the very appropriately self proclaimed "Number Two" of the site, in danger perhaps becoming flushed with his own success) is in danger of becoming a cult figure. Never before have I heard the bleeding obvious being stated with quite such overbearing pomposity (and such dredfil spilling two bout). Except perhaps in some of his delightful threads of yesterday about ... well that was never clear, but it certainly was a giggle.

So, it's a good idea to shop around when remortgaging, instead of staying with the same company, and overhangs and redemption penalties are not necessarily a good idea... BRILLIANT - the scales have fallen from my eyes at last, I shall henceforth no longer simply empty my wallet into the pockets of the industry, poor sheep that I am.... And mortgage brokers take a cut of the deals they find - scandalous, whoever would have thought it?

Now I might possibly quibble that there are decent brokers around, Mortgageman (L&C) being one, who offer good advice, and that in particular circumstances, many of the deals on offer that are non-optimum for one person may well suit another. In some cases it's a good deal to stay with the same company (as I did on my last remortgage, because it was the best deal on offer by quite distance). But never let the facts get in the way of a good superiority complex, eh Danny? We are not worthy to walk in your shadow oh great one.

Please now enlighten us about the way that credit cards charge lods of intirest if you doant pay them of, so go fur a 0 percant dile.... I think we should be told.