which mortgage? halifax rip off?

cv65user

sammyjammy wrote: »

Have a read of this, its supposed to be very useful http://www.moneysavingexpert.com/mortgages/mortgage-guide

thanks you so much , i just had a good read on it . it answers most questions I needed to ask .

So I am going to see HSBC tongiht , So I shall get one thats fixed for 5 years? and lowest rate possible . I am wanting over 18 years.

cv65user

just been told to get a mortgage from a building society as better rates it looks . i do have a nationwide account.

kingstreet

In selecting a mortgage lender and product, you need to weigh up;-

- the rate
- the fees payable
- the follow-on rate
- the early repayment penalties.

Once you blend them together in the way which meets your needs in order of priority, you'll have YOUR best deal.

ILW

Please do not use terms such as "rip off" until you know what you are talking about.

R_P_W

Don't over commit yourself on the term...the longer the term the more you pay back over time in interest, but if you were originally looking at a 34 year term I'm assuming you are in your twenties still?

Why don't you look at a typical 25 year term and overpay what you can afford to pay it off quicker and save yourself some interest....if your circumstances change (like you only had one income) it will make the payment easier to manage. It is tempting to go for a shorter term, but you are then commited to it. Overpaying on a slightly longer term would give you some flexibility.

Sounds like you are in a really good position with your parents helping out with the £100k so you should have access to the best deals available.

Whether you fix long or short term or go for a tracker is obviously a personal choice depending on your attitude to risk and personal circumstances. If you can get a good fix and the premium isnt much more than that of a tracker, then i guess makes sense to go for it - only thing to consider is if you are likely to move within that period - as you will end up with an early repayment charge (typically 3-4% of balance).

bankhater_1965

ILW wrote: »

Please do not use terms such as "rip off" until you know what you are talking about.

all financail institutions serving the public are classed as rip offs , either fixing rates or fees

bankhater_1965

R_P_W wrote: »

Don't over commit yourself on the term...the longer the term the more you pay back over time in interest, but if you were originally looking at a 34 year term I'm assuming you are in your twenties still?

Why don't you look at a typical 25 year term and overpay what you can afford to pay it off quicker and save yourself some interest....if your circumstances change (like you only had one income) it will make the payment easier to manage. It is tempting to go for a shorter term, but you are then commited to it. Overpaying on a slightly longer term would give you some flexibility.

Sounds like you are in a really good position with your parents helping out with the £100k so you should have access to the best deals available.

Whether you fix long or short term or go for a tracker is obviously a personal choice depending on your attitude to risk and personal circumstances. If you can get a good fix and the premium isnt much more than that of a tracker, then i guess makes sense to go for it - only thing to consider is if you are likely to move within that period - as you will end up with an early repayment charge (typically 3-4% of balance).

out of interest on a 34 year term mortgage, does anyone no the total amount payable ?

ILW

bankhater_1965 wrote: »

all financail institutions serving the public are classed as rip offs , either fixing rates or fees

Rubbish...

R_P_W

yeah the OP says wat it would cost over 34 years in his original post

bankhater_1965

ILW wrote: »

Rubbish...

please justify your RUBBISH comment !
your comment is utter carbage the libor rate scandel and the THE TEST CASE aswell as THE OFFICE OF FAIR TRADING ruling as to fees charged are enough to rate them all as rip offs