self cert remortgage, better offer needed

naturegirl_2

My 3 year variable mortgage is just coming to the end. I was with Abbey who have given me two offeres. 19years 1 month £66.900 mortgage
Repayment 3years fixed rate 6.10% with £225 fees. £495.11 monthly
or Tracker (whole of life but with no early penalties) £75 fee
1% above bank rate £490.01 per month.
Does anyone know of any better rates? and with less or no fees to pay?
thanks

UK007BullDog

As you are requiring a self cert mortgage I would go and see a broker. There are too many variables and maybe you might not need to self certify depending on your circumstances.

naturegirl_2

how can I find a broker

UK007BullDog

In your yellow pages. Stick with the small local ads and ask if they are fees free, independent, whole of market.

Guy_Montag

How can a mortgage advisor make money if they are fees free? Presumably they get paid by the mortgage provider when the client signs up. Will the advice not be better if you pay them yourself?

Are there any advantages going with a non-whole of market advisor, if not why do they exist?

UK007BullDog

That has been discussed here and the horse flogged to death, and is also in Martins Guide partially correctly explained (in my opinion).

Whole of market means the broker has access to all mortgages, however some brokers are not truly whole of market as they are with a network and work off a panel of lenders which will represent the whole market in the UK.

So really you also need to ask the broker if he is part of a network and if he is if he can go off panel. So you really would want an independent broker who is registered directly with the FSA and not via a network.

And don't ask why this is. Only the FSA know why they did that. (And I don't think they understand this either as it is confusing for Joe Bloggs and also for advisers :mad: )

tawnyowls

If you've had a self-cert mortgage for 3 years, then presumably you have 3 years' accounts? If so, you should be in a very similar situation to someone who's employed, and most of the mortgage providers will consider you. A self-cert mortgage is usually only necessary for people with less than 3 (and sometimes only 2) years' accounts, and they tend to be expensive, as they reflect the higher risk.

naturegirl_2

It depends on what you class as accounts! I have a bundle of papers with figures on which tally up to what I've earned, spent, have left. Then a friend helps me fill the in the tax returns.

MortgageMamma

As bulldog rightly says, when it comes to self cert dont mess about, get a broker to do it for you. Too many variables. Also, the broker could make you savings on other things, and you will get fully indemnified advice, something not afforded to you by approaching lenders direct.

MM

naturegirl_2

Thanks I've made a list of local brokers and will be calling them tomorrow. I've also been approached by a broker on this site. How can I verify his identity. I checked FSA and his status was inactive? what next

naturegirl_2

Thanks I've made a list of local brokers and will be calling them tomorrow.