Need to find a Broker fast - Help!

weird_bird

I am due to give birth in a few weeks time, our fixed rate mortgage deal as far as I understood, didn't run out till May as we had taken a 2 year Fixed Rate and we moved on May 1st so thought I had a few months after babies arrival to look at a new re-mortgage. I would be about to go back to work etc etc

It turns out I was wrong, the deal runs out in Jan as that was when the offer was made, my previous mortgage (same sort of deal) didnt work like this and I thought 2 years = 2 years.

Already wasn't happy with the way our broker behaved, now am really not happy as he did not explain this at all and I would not have taken a deal for 1.5 years with the charge that went with it :mad:

So how do I find a new broker and quickly, I have until 24th Nov to decline or accept the offer our current lender has offered us of 4.99% for 2 years with £1095 worth of Fee's to go with it and have no idea whether it is good or not.

I could give birth any day and really dont want this hanging over me when I am too busy with a newborn to think straight.

Also I really need to know what money we will be paying out as maternity leave isnt generous and I may now not be able to take the time off I was planing to.

The whole thing is stressing me out to the max and I just dont know what to do.

Rick62

Depending on your circumstances there are better deals, maybe 0.25% cheaper with a smaller fee. On a remortgage you can usually get free valuation and legals and any arrangement fee you can add to the loan so you won't need to pay out any cash.

Tracker deals are usually for a stated period, eg 2 years, but Fixed rates are usually to a particular date, so as you have found out you should always check the actual end date.

You want a broker whole is 'whole of market' and preferable 'fees free', there are some website links, such as brokerfinder.co.uk that have listings of brokers. When you find a broker speak to them and see if you are comfortable with them, any good broker should take the time to discuss the options clearly.

Vickicb

Weird_bird, where are you based?

herbiesjp

weird_bird wrote:

I am due to give birth in a few weeks time, our fixed rate mortgage deal as far as I understood, didn't run out till May as we had taken a 2 year Fixed Rate and we moved on May 1st so thought I had a few months after babies arrival to look at a new re-mortgage. I would be about to go back to work etc etc

It turns out I was wrong, the deal runs out in Jan as that was when the offer was made, my previous mortgage (same sort of deal) didnt work like this and I thought 2 years = 2 years.

Already wasn't happy with the way our broker behaved, now am really not happy as he did not explain this at all and I would not have taken a deal for 1.5 years with the charge that went with it :mad:

So how do I find a new broker and quickly, I have until 24th Nov to decline or accept the offer our current lender has offered us of 4.99% for 2 years with £1095 worth of Fee's to go with it and have no idea whether it is good or not.

I could give birth any day and really dont want this hanging over me when I am too busy with a newborn to think straight.

Also I really need to know what money we will be paying out as maternity leave isnt generous and I may now not be able to take the time off I was planing to.

The whole thing is stressing me out to the max and I just dont know what to do.

First things first... good luck with the impending arrival:j . My daughter arrived just over two years ago and changed our lives and its been absolutely brilliant:j . Enjoy this time as it is really special.


As for the mortgage:

Fixed/Tracker/Discounted/Capped rate deals all come in two formats (taking your two year example):

1) Fixed for two years from the day your mortgage completes (not when it is offered)
2) Fixed expiry date - so there are some "2 year deals" currently expiring at 02/02/2009 - as you can see it is not 2 years. How much or how little you have left will reaLLY depend on how quickly the mortgage can complete. For purchases there may be things that hold up the whole process i.e. long chain, and therefore eat into your fixed rate time. With a re-mortgage, you should be fine as they are normally quick to set up, and will only complete on the day you request to avoid any penalties


The fees seem very high especially for staying with the same lender - what are the fees for you to leave the lender (normally a closing fee/deed release fee etc.)

There are plenty of deals that will pay legal fees and valuation fees (some will even have no arrangement/booking fees) - so yuo will need to look at the figures to see whether a low rate with high fees is better for you than a higher rate with low fees.

Can a friend or family recommend anyone?

HTH

weird_bird

Vickicb wrote:

Weird_bird, where are you based?

I am based in Staines

weird_bird

herbiesjp wrote:

As for the mortgage:

Fixed/Tracker/Discounted/Capped rate deals all come in two formats (taking your two year example):

1) Fixed for two years from the day your mortgage completes (not when it is offered)
2) Fixed expiry date - so there are some "2 year deals" currently expiring at 02/02/2009 - as you can see it is not 2 years. How much or how little you have left will reaLLY depend on how quickly the mortgage can complete. For purchases there may be things that hold up the whole process i.e. long chain, and therefore eat into your fixed rate time. With a re-mortgage, you should be fine as they are normally quick to set up, and will only complete on the day you request to avoid any penalties

Unfortunately our previous broker gave us every impression that we where signing up to the first which was what we had had previously. I wouldnt have agreed to the 2nd.

herbiesjp wrote:

The fees seem very high especially for staying with the same lender - what are the fees for you to leave the lender (normally a closing fee/deed release fee etc.)

Fees to leave are £1000

herbiesjp wrote:

There are plenty of deals that will pay legal fees and valuation fees (some will even have no arrangement/booking fees) - so yuo will need to look at the figures to see whether a low rate with high fees is better for you than a higher rate with low fees.

How do I find these deals?

herbiesjp wrote:

Can a friend or family recommend anyone?

HTH

Don't know anyone else who has used a broker for there mortgage

and yes ty, it has a bit, my gut instinct was that this wasnt a particularly great deal for us, and that by putting a time limit of 2 weeks we would be under pressure to accept before we had looked around.