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Going against mortgage advisor advice
Comments
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I guess your friend has just done his/her 'insistent customer' session - he/she will understand it (and the change in regulations) a little better one he/she has some experience.
This a tiny mole hill being turned into a spectacular mountainHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
1. The bank will offer you information only not advice.
2. If they give you a route you don't like you need to make sure you are qualified to make the alternate decision.
3. Clearly the best thing is to obtain 'advice and recommendation' from a broker so that you don't shoot yourself in the foot.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
when does the current mortgage go penalty free, full term and follow on rate.
you need to establish the cost of the alternatives.
don't forget to add the penalty to the new debt when calculating0 -
About 3.5 years until penalty free. 26 years left on mortgage. I will take advice from the bank when we have an offer on our house but not keen on adding the ERC to a new mortgage as we already want to borrow x3.5 our joint income and don't want to (or be able to) go higher than that.0
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I don't get why it's complicated.
Power up excel, put in months in row 1 going out 25 years
Put in the title of different payments you will have to make in column 1.
Put what the payment will be in month.
Copy and Paste for different options.
Contrast and compare.
Which is MOST expensive now, which has the highest monthly out lay, which will cost you the most over 25 years, what happens if the interest goes up 1, 2, 5, 10 %
Most people are more qualified to assess the options and the risks then they think. All it takes is the figures, and a few =Sum(B2:BX) type formula.0 -
BristolExile wrote: »About 3.5 years until penalty free. 26 years left on mortgage. I will take advice from the bank when we have an offer on our house but not keen on adding the ERC to a new mortgage as we already want to borrow x3.5 our joint income and don't want to (or be able to) go higher than that.
You don't get the choice
it is add to the mortgage or borrow less
no need for excel simple mortgage calculator do the job0 -
I did what Prophet of Doom recommends above. Put everything into a spreadsheet and worked out what was best for me. I wanted the lowest monthly payments. I went to my bank, spoke with there advisor and having seen that I had done my homework he simply stated on the application form that 'no advice offered'.
Easy.0
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