Mortgage with far away Building society

dan_cup

Hi, sorry if this a daft question but looking to remortgage as my current 2 year tracker is up.

Ive been looking at deals and one good one is with Monmothshire BS.

However a couple of older guys at work are saying they would stay with the 'big' places or local B societys.

Just wondering what you people think of this. Should I look for best deal or the safer option?

They say you dont know where your money or mortgage is but is a building society that risky?

_Andy_

Risky how? They're lending you the money not the other way round!

dwsjarcmcd

Have to agree with Andy, don't see the risk and think your friends at work are talking tosh, TBH!

dan_cup

_Andy_ wrote: »

Risky how? They're lending you the money not the other way round!

dwsjarcmcd wrote: »

Have to agree with Andy, don't see the risk and think your friends at work are talking tosh, TBH!

I couldnt really see their points either with the risk hence wanted to ask you guys. I think they were meaning, what if you cant make the payments, who would you see? cant pop into local branch..

I think they are quiet conservatice as they are in thier 50s and the type to see someone face to face, not over the net/phone.

No offense to anyone in their fifties I might add!

Senior_Paper_Monitor

Even if you can go into the branch you are normally dealing with 'a girlie' with a computer.

there is no personal service, friendly bank manager or loyalty any more.

Makes absolutely no difference.



..... and I'm in my fifties (no offense taken - unlike when some spotty face youth suggests 'pc's for over 50s' when I am looking for a volume on advanced HTML coding !!)

one_hot_minute

Go with best deal. They'll be regulated and authorised by the FSA and you will receive a more personal service than you would with a large chain surely?

dan_cup

Senior_Paper_Monitor wrote: »

Even if you can go into the branch you are normally dealing with 'a girlie' with a computer.

there is no personal service, friendly bank manager or loyalty any more.

Makes absolutely no difference.



..... and I'm in my fifties (no offense taken - unlike when some spotty face youth suggests 'pc's for over 50s' when I am looking for a volume on advanced HTML coding !!)

thanks for that, glad I didnt offend you...:beer:

one_hot_minute wrote: »

Go with best deal. They'll be regulated and authorised by the FSA and you will receive a more personal service than you would with a large chain surely?

That was my feeling too, my finanical advisor I went to see by-passed this monmothshire one becasue he 'hadnt dealt with them before' and I feel subtley pushed me towards the ING deal which was 'cleaning up at the moment'.

I checked the BS out for myslelf and thier 3 year fix is the same rate as ING 2 year fix and the 2 year fix lower. Not sure why he didnt suggest it, commission maybe?

pinkteapot

Isn't that Shrek's building society?

Red_Cat

I live in East Anglia and took a mortgage out with the Coventry BS who don't have a branch anywhere near me.

The distance has not been a problem at all. I use their call centre if I have queries ane internet banking for overpayments.

You might want to check Monmouthshire's phone support hours.

Joe_Bloggs

Always check out the SVR rates at the end of the fix. Be advised that some smaller lenders will securitize your debt to another institution with higher SVR. If you are not in a position to remortgage away then it will be an increased drain on finances. This might be seen as a trap to some but it is all above board in the financial world.

J_B

dan_cup

So in this case Monmouth SVR is 4.99 and ING is 3.65.

I would plan to remortgage again when rate ends or is that silly to assume that would be a given?