Mortgage deals on this site

canon_fanatic

Be careful not to use the mortgage figures on here as gospel as to whether you can afford a buy to let property. When I input my figures, including the expected rental, I was pleased to think I could afford the property I wanted. However, talking to subsequent financial advisors, I found that my deposit would have to increase by £20,000, or put the rental up from £750 to £920, which meant I had to pull out of the deal. The explanation from both advisors was that the calculation site is not sophisticated enough to give accurate figures.

Wh05apk

What mortgage figures are you referring to?

BoGoF

If you're referring to the calculators I don't think anyone would take them as gospel. They are a rough guide that's all.

Even the banks own calculators come with a disclaimer.

Senior_Paper_Monitor

As you have learnt and effectively reported here - automated search engines and calculators do not and cannot give advice, just some information which may or may not be applicable ...

I am in the process of introducing search engines for both mortgages and some forms of insurance onto our (mortgage/insurance adviser) website, this is the explanation and warning that is placed in front of the visitor before he/she can use the site:

XXXXX is based on the same technology and databases that over 70% of mortgage professionals use to identify products for their clients - XXXXX currently displays the current mortgage products from over 70 lenders and specialist mortgage packagers.

XXXXX offers you the ability to vary up to approximately 17 types of criteria in selecting the best matched products - when I utilise the full systems in preparing advice for you I have the availability of approximately 66 criteria and far more accurate options within some of those than can be offered by XXXXX.

This, combined with a detailed knowledge of individual lender’s criteria and policy enables me to ensure that any mortgage recommended is both suitable for you and that you are likely to be acceptable to the lender.

Because XXXXX provides you with a list of mortgages which may be available to you does not mean that you are necessarily eligible for or able to obtain any or all mortgages within that list - XXXXX does not give advice or recommendation, just information.

I strongly believe that current on-line technology (including XXXXX) does not replace the benefits of receiving one to one personal advice from an experienced adviser in making your final decision on major decisions such as mortgages, insurance and other financial issues.

Please feel free to utilise XXXXX to identify the sort of mortgage products that we can investigate on your behalf and that may be availabe to you by clicking 'here' or on ‘SEARCH’ above.

canon_fanatic

I know they are only a rough guide, but to be honest, they are misleading. According to the financial advisers it is because they base their results on the discounted percentage (eg: 3.19%) as opposed to the standard rate (4.99%). The mortgage companies only use the standard rate, even on a one year deal where the rate is discounted. It seems a simple thing to put right.

Wh05apk

I think you have highlighted the danger of forums in general, and particularly this one, people tend to believe what they hear on forums, and it is not always the truth.

Anything I say on my website is subject to strict FSA approval, and has to be accurate and not misleading, forums, newspapers etc do not have to comply with any rules, and as such people with no qualifications are able to give what people take as advice without any comeback.

By all means use these forums, but do not base anything you do on what you read or see on hear, please get professional advice from a suitably qualified professional, where you at least get some comeback.

As a final warning, most of the posts on here are said with the best of intentions, but some of them can best be described as total [EMAIL="!!!!"]!!!![/EMAIL]!

Burridge60

canon_fanatic wrote: »

....I know they are only a rough guide, but to be honest, they are misleading.

What do you expect?

If it was not for media hype this forum would not exist.

pinch of salt and speak to real world people.