Swapping Mortgages

slimshady_2

Our 2 years fixed rate is almost up with Nationwide. We have a 84100.00 mortgage and our fixed rate is 4.49%. This is currently costing us approx £482.00 a month. Please can you give me any suggestions of who we may change to and how much it would cost us?
Thks

hairy_cornflake_2

Sorry Slim - you have not given enough info to be specific.

How much is your house worth now?
What is the remaining term of your mortgage?
Are you looking for another fixed rate? if so, how long?
Do you want a completely fees free remortgage or are you happy to pay for costs if you can obtain a more competative rate?

I assume you have adequate income and no past / current issues with credit?

send another post ....

payless

natwide are one of the lenders that will offer their leading new business rates to existing customers ( albeit also with same fee)

whilst not always the best course- certianly one to investigate

slimshady_2

Sorry I am new to all this!
House now worth around 103k
There will be 23 years remaining on mortgage
Yes another fixed rate for another 2 years if poss
Would depend on fees but wud look at with and without fees
no we have no bad history
Slimshady x

hairy_cornflake_2

hello again slim ....

based on the information you have supplied I suggest if you dont mind paying a booking fee (about £400) look at the Nationwide or First Active

If you dont want to pay any fees I suggest you look at the Natwest 2 year deal

or

If you want the best rate but dont mind paying the fees then look at Alliance and Leicester or the Portman

I am sorry if I upset other mortgage brokers by naming the lenders but I dont know how to help you if I dont!!

Slim I will just clarify that deals are changing all the time, so what I have stated today may not be available next week, on the flipside of course there may be better deals next week - the only way really to ensure you get the best possible advice at the right time would be to seek advice from an independent mortgage broker - good luck

shaymenRup

Don't know if I'm a bit previous - but I've just signed upto Mansfield B/S 2% off SVR (currently 6.73%) for 3 years - FEE FREE. You are tied in for just the three years.

Couldn't find anything to touch it (and I searched everywhere)

Only thing with it was I know they were inundated and the deal may have ended.

No it hasn't - http://www.mansfieldbs.co.uk/mortgage.asp

It is only available for remortgages though - sorry just read that bit.

PS
If you get a friend to sign up as well within 3 months they send you a cheque for 300GBP and they won't deal with brokers!!

hairy_cornflake_2

Hi Shaymenrup

I agree its a good deal, but its not a fixed rate.

payless

hairy_cornflake wrote:

hello again slim ....

based on the information you have supplied I suggest if you dont mind paying a booking fee (about £400) look at the Nationwide or First Active

If you dont want to pay any fees I suggest you look at the Natwest 2 year deal

or

If you want the best rate but dont mind paying the fees then look at Alliance and Leicester or the Portman

I am sorry if I upset other mortgage brokers by naming the lenders but I dont know how to help you if I dont!!

Slim I will just clarify that deals are changing all the time, so what I have stated today may not be available next week, on the flipside of course there may be better deals next week - the only way really to ensure you get the best possible advice at the right time would be to seek advice from an independent mortgage broker - good luck

I don't get upset , and can see that you are just trying to help .. and whilst I certainly don't disagree much with your research on 2 yr fixed rates ( the comments did not include a couple of direct products that are alkso competitive ) - suppose my concern would be on a compliance side for the site ( as I am sure you are happy to worry about your own compliance yourself )

The listing of certain lenders ( without provision of a full comparison ) with possible suitable products mentioned by someone who also is highlighting that they are an adviser ( instead of a layperson saying - I've heard so and so is good) may be taken as a formal recommendation, or a financial promotion for a regulated product - which may have compliance issues.

I appreciate this may limit the advice given - which is a shame , but it avoids
1. The site having an issue of promoting a regulated product
2. Avoids a band of brokers coming in and saying-

a. I think XXX is better,
( for example there are lower rates with remtg fee assistance than those mentioned- from direct only sources - not saying they would be suitable- thats my point ) .
or
b. come to them and get extra sweeteners to the deal

In cases like this - suggesting they speak to an adviser ( as you also did) is great

OR

Suggesting if looking to compare own products - to use one of the comparison sites ( even FSA have one) - then they could transact via that site, direct or even approach broker
(better armed having an informed mind - or possibly even ask for "no advice" - and may obtain rebated commission)

These are may own views- I am not a moderator

hairy_cornflake_2

Payless - whilst I appear not to have upset you, I appear to have touched a nerve for which I am sorry.

I did think initially that I should not mention lenders names for the reasons you have given, but YOU had mentioned the NATWIDE in the previous note, so therfore felt it would be ok to do so.

My pointers to slimshady were simply that - pointers.

If you felt a comparison site was better - why did you not say so earlier?

I agree that these forums should not be used for brokers such as you and I to argue who has the better rate etc - we clearly dont know enough about the people who ask for advice to do that - your comments about sweetners was interesting though as I noticed on the MSE link to your page that you offer an extra £20.00 if people take a paymentshield policy out via yourself

These are my own views - I also am not a moderator

payless

Payless - whilst I appear not to have upset you, I appear to have touched a nerve for which I am sorry.

No- just I've been around here for a while ( original post count on the mtg board must be in the thousands) and I feel I owe it to the site to help protect it .

we have seen many brokers post in the past , some like yourself offer valid advice , others less so and are just obvious adverts

I did think initially that I should not mention lenders names for the reasons you have given, but YOU had mentioned the NATWIDE in the previous note, so therfore felt it would be ok to do so.

I mentioned Natwide- soley on basis that the client was already with them and as such should not assume they had to move lenders to get a better deal. Note I added "whilst not always the best course- certianly one to investigate"

I have suggested the Mods get a compliance view on the point of mentioning lenders - so its the site's decision - and not mine - only a suggestion

If you felt a comparison site was better - why did you not say so earlier?

I often do, or refer to Martin's articles which do- sometimes it gets repeatative . I did actually once link the FSA tables in my signature ( after obtaining FSA authorisation - but a few fellow users commented on its lack of usability )

I agree that these forums should not be used for brokers such as you and I to argue who has the better rate etc - we clearly dont know enough about the people who ask for advice to do that

Agreed

- your comments about sweetners was interesting though as I noticed on the MSE link to your page that you offer an extra £20.00 if people take a paymentshield policy out via yourself

but I don't mention it on this board ( thanks for advert ) so its only seen by people who decide themselves to look at my site. - this link being the link page to obtain IDD's and other regulatory information.

Regulars will know that for some time I have offered MSE users a small rebate on most business classes - I never advertised the fact, just told people if / when they approached- as I would prefer people to use me for my services, not just for the chance of a rebate .I feel I can mention it here as Martin later added the fact to one of his main articles. http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816,

My signature was approved by Mods ( in fact originally suggested by Martin)
but I do not post requests for people to PM or contact me as some brokers do.

hairy_cornflake_2

doesn't you signature state "my site with MSE offers"

what are people supposed to think? - if thats not advertising, what is?

I still think I have touched a nerve .... but I would like to congratulate you on posting just over 1,100 replies - not quite thousands ... but you are getting there