Mortgage, where do I start ?

woods_J

We have decided to move after paying off our currant mortgage which we had for 2o + years and starting again is so scarey.

We were with the Halifax and we have been to talk to them BUT gosh, there is so much info out there where do we start ?

Halifax gave us a figure on £100,000 around £700+ per month. This was based on a discount 2 year rate. I think she used this to pull us in. My husband was excited at this low amount. I could see what she was doing, getting us to come back when we were ready to put the house on the market and need a new mortgage.

So, can anyone help with this minefield out there ?

Thanks... June

herbiesjp

Hi June

Welcome to the board

It is difficult to say, as no one here has the same information that Hlaifax has, on which to source a mortgage for you.

Also, you do not say what term the mortgage is over and what type i.e repayemnt mortgage?

I would strongly recommend having a word with a fee free whole of market adviser, and let them do the research for you and see if they can beat the offer put to you by Halifax

HTH

woods_J

We want a short term mortgage, 15 years.

It would be a repayment mortgage, also I want to be allowed to 'over pay' when I have extra money.

Can I ask what a 'free whole of market adviser' is.

Did I tell you I was clueless !

Thanks June

herbiesjp

a fee free whole of market adviser - is a broker who can look at all the lenders on the market (I know this is open to interpretation by some people, but trying to make it easy for the OP) for you to see which would best suit your needs based on your current circumstances

Being fee free means that they get paid by the lender, and that you do not have to pay them a fee

You would tell them what you are looking for based on the purchase price etc, and they would then come back with a list of lenders and options. You would then narrow these down based on further requirements i.e. overpayments, daily interest, low set up fees etc until you find the one you are happy with

HTH