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To bother with IFA or not?
tabath
Posts: 497 Forumite
Hi some advice please. At the moment my mortgage is a current account one with HSBC. At the time we took it out both of us were working and had savings of about £20k
. Anyway I now have not been in work for 18 months (just part time stuff) but will be working full time as from July. The savings have now gone so it obviously isn't worth us staying with the current account mortgage so I am looking to move it.
Our house is worth at least £172000 and we are looking to remortage for £110000 over 20 years.
I want to be able to make overpayments, want interest calculated monthly and no tied products. I am considering a lifetime tracker mortage from Britannia at the moment as #i have had an account with them for over 25 years so will also get some member discount benefits on the mortgage.
My question is should I also seek advice from an IFA , will other products be able to compete with Britannias mortgage since I get extra discounts through being a member?
Thanks in advance.
. Anyway I now have not been in work for 18 months (just part time stuff) but will be working full time as from July. The savings have now gone so it obviously isn't worth us staying with the current account mortgage so I am looking to move it.
Our house is worth at least £172000 and we are looking to remortage for £110000 over 20 years.
I want to be able to make overpayments, want interest calculated monthly and no tied products. I am considering a lifetime tracker mortage from Britannia at the moment as #i have had an account with them for over 25 years so will also get some member discount benefits on the mortgage.
My question is should I also seek advice from an IFA , will other products be able to compete with Britannias mortgage since I get extra discounts through being a member?
Thanks in advance.
Starting MB- looking for Raf offers.
Amazon Club Sellers member 0015 come and join us make some space and get hold of some cash, we're on the Ebay and other auctions, Car Boot and Jumble Sales Board
Amazon Club Sellers member 0015 come and join us make some space and get hold of some cash, we're on the Ebay and other auctions, Car Boot and Jumble Sales Board
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Comments
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You don't state your incomes and I assume that you have no savings.
What plans have you made if interest rates increase?
Would you be able to pay the increase?
There are fixed rates available with an overpayment facility, without penalties to around 10% of the loan amount.
Would you want to overpay by more than £11,000 per year?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Between us we will be on an income of around 65K , we have about £6000 on credit cards and no loans or other types of debt. The £6000 is on 0% for the next 9 months by when I would like to have paid it off.
Basically we are managing on my wifes salary at the moment so when I start my new job in July most of my wage will go to paying off the Credit cards and on overpaying on the mortgage so yes I could see us overpaying by £11K per year. I would consider a fixed rate but not if there are penalties after the fix finishes. There is no way we could pay all the mortgage off in the time of the fix anyways(2 to 5 years) so would not be concerned if there were penalties for early repayment during the period of the fix.Starting MB- looking for Raf offers.
Amazon Club Sellers member 0015 come and join us make some space and get hold of some cash, we're on the Ebay and other auctions, Car Boot and Jumble Sales Board0 -
You should find out what deal Britannia will offer you first
I would then consult a fee free whole of market adviser to see what other deals you could get from the rest of the market
What you are looking for seems straightforward, you just need to find the right deal for you based on your requirementsI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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