Interest free mortgages

kenshaz

self admission in other threads

jamesd

It's Martin's current advice, or close to it. Playing brokers off against each other:

"All the national brokers above only charge upon completion of the mortgage, so as it's always good practice to seek more than one opinion why not try a few. Yet once you’re sure what you want, it is possible to simply complete via London & Country if you want broker help or Mortgage Genie for cashback."

"In the Chat Forum’s Mortgage Board some mortgage brokers voluntarily answer questions ... there is no reason not to process your mortgage via them (always ask them the questions first). However, as always the golden rule is always seek more than one opinion before deciding."

homer_j_3

I am going to start another thread here because I am conscious of the OP's post becomeing trashed with this debate. I will come back and add link once done.

kenshaz

jamesd wrote:

It's Martin's current advice, or close to it. Playing brokers off against each other:

"All the national brokers above only charge upon completion of the mortgage, so as it's always good practice to seek more than one opinion why not try a few. Yet once you’re sure what you want, it is possible to simply complete via London & Country if you want broker help or Mortgage Genie for cashback."

"In the Chat Forum’s Mortgage Board some mortgage brokers voluntarily answer questions ... there is no reason not to process your mortgage via them (always ask them the questions first). However, as always the golden rule is always seek more than one opinion before deciding."

Hooray the cavalry has arrived

homer_j_3

please lets take this here http://forums.moneysavingexpert.com/showthread.html?p=3007292#post3007292 and leave this thread from further argument/debate.

AndrewSmith

Alexmc12 wrote:

I wonder whether anyone can advise me.
I live in a £200,000 house. I have a £104,000 mortgage + £26,000 of other debt (credit cards (all at 0%) and a loan). I also own a property outright in France, that I intend moving to in about 10 years time. I currently struggle to make ends meet - with almost £1,500 a month outgoings on my mortgage and other debts.
What would anyone's advice be about the following proposition?:
I switch to an interest only mortgage, clumping all my debts together
(£130,000) and pay only £540 per month in interest payments (assuming interest at 5%) for the next 10 years - sell my UK house - pay off the £130,000, leaving me £70,000, +/- any appreciation, to take away with me.
Is this possible to do? Even without having to set up an investment to run alongside?
Admittedly I would basically be paying rent on the property to my mortgage lender for 10 years, but the quality of life I can achieve by increasing my monthly disposable income by nearly £1,000 seems too tempting to me.
Tell me what you think...
Alex

It is possible to do, without too much trouble I may add.

However the suitability or propriety of such a strategy may be questionable. You must consider the effects of adding shorter term 0% finance onto a long term secured borrowing such as a mortgage and the increased cost of such action in the long run.

Also you are then paying absolutely nothing off the balance of the debt by going interest only.

The decision is, of course, yours to make however make sure you consider all other possible avenues prior to securing such debts to a mortgage.

Andy

tomstickland

kenshaz wrote:

So you have had a look at pages 208 and 209 and decided that it is a joke,well,but the damage has been done what a surprise.I cannot respond in the manner that other post's do ,I just abide by the forum rules

Yes, page 208 details methods for removing unhygeinic surface markings and page 209 deals with "the customer is always right (unless they think clear with embedded barbed wire is actually quite cool)".

BTW I am abiding by the ABTSIVRPIFWLCP (association of british toilet seat inspector voluntary rules for posting on internerd fora with literally challanged postees) rules. Page 3123.

Being serious: no broker is going to support wasting their time as a method of getting the best advice. Leave it to people's own imagination as to whether this is a worthwhile method or not. I visited 3 brokers before sorting my own mortgage. One was a blatant salesman and I didn't have any problem with using his time. The first was very helpful, but he wasn't all of market. I effectively wasted some of his time (and he was a MSE fan too!).

MortgageMamma

kenshaz wrote:

self admission in other threads

I have admitted nothing of the sort in other threads. I simply said yes I have gained a small amount of business in the past from this site. So has AndrewSmith, and other brokers, so why are you not launching your scathing attacks on them also?

I do not come on this site to "pedal my wares" and try induce people to instruct me as their broker. Only a very sad and desperate individual would need to do that as opposed to the other marketing methods that are readily available to us.

Once again Kenshaz you are corrupting a thread on this forum and turning it into a battleground so I am not going to lower myself to reply to you any further. Feel free to post the last word, as its becoming very apparent to people reading threads you have contributed to that you actually have some sort of obsessive compulsion to attack all the time (Military instincts again?)

Back to helping the OP. Your best option would be to ask friends and family/colleagues if they have used any brokers previously and been happy with the service. Failing that try and look for a firm of financial advisers/brokers in your area that are truly whole of market and fee's free. To establish this you need to ask them if there are any mortgage companies that they DO NOT have access to. Please feel free to ask anymore questions and we will try to help you as best as possible on this thread.

Kind regards

MM

kenshaz

homer_j wrote:

At the end of the day Kenshaz you have told a member of the public to do something that could be very detrimental to that person and you are more focused on SHOUTING at the people on here and hiding behind a book.

Martin is not a qualified mortgage adviser but is a very savvy financially minded person and it will have been impossible for him to consider every angle of what he has written. He has my greatest respect for what he has done on this site and in trying to educate the consumer.

I am sure that this would have been an oversight or a consequence that he may not have realised at the time when he wrote that book all I can say is that due to arm chair mortgage advisers, my job can be made increasingly difficult because people disrespect my qualifications and experience because they feel they know better.

I would have had the biggest respect for you had you just said "sorry, I got it wrong here guys and apologies to the OP for potentially screwing you without knowing" but you only confirmed my first impression of you as being someone who is too proud to admit when they are wrong.

Please, please do not give anybody advice like this again as they may not really thank you once they realise what effect you have had!

How dare you use his site and then critisise advice that has helped thousands,why are you correct,shop around is the basis of the ethics of this site ,and do not forget ,it is here for the consumer not brokers.
He is impartial can you say the same
How many quotes do you get for building work?

kenshaz

tomstickland wrote:

Yes, page 208 details methods for removing unhygeinic surface markings and page 209 deals with "the customer is always right (unless they think clear with embedded barbed wire is actually quite cool)".

BTW I am abiding by the ABTSIVRPIFWLCP (association of british toilet seat inspector voluntary rules for posting on internerd fora with literally challanged postees) rules. Page 3123.

Being serious: no broker is going to support wasting their time as a method of getting the best advice. Leave it to people's own imagination as to whether this is a worthwhile method or not. I visited 3 brokers before sorting my own mortgage. One was a blatant salesman and I didn't have any problem with using his time. The first was very helpful, but he wasn't all of market. I effectively wasted some of his time (and he was a MSE fan too!).

not worthy of a response