How To Find A Whole Of Market Broker

GunJack

Guys - I need to find the above, but other than "take their word for it" in any advertising bumf, what do I need to look for to ensure a true whole of market view on what I need.

I'm relocating and need to look at second mortgage options as I want to take my existing mortgage(£110k) with me, but need an extra £48k-ish on a reasonable fixed rate and don't know if current lender (HSBC) will do it as total borrowing will be just under 4X joint income.

Any help appreciated....

herbiesjp

You need to ask HSBC first, to see how they will treat your existing mortgage deal and what they could offer you as a top up.

Once you have that information you should then look to discuss with a whole of market adviser and see what is on offer. It could well be the case that you should stay with HSBC until the penalties on your current deal expire, so any extra top up would with HSBC would need to be on a scheme with no penalties in order to alllow you to move the total mortgage amount all onto the same deal at some point in the future (either with HSBC or a new lender)

HTH

GunJack

Thanx herbie. I am seeing the bank tomorrow, but I was asking about "how to" in case mr HSBC do say no to the extra. They have confirmed my main mortgage is portable, and we will be taking that with us anyway, the only issue is the top-up....

any further advice welcomed

herbiesjp

The top up would have to be with HSBC

No other high street lenders would top up on top of the HSBC deal as they would all want first charge on the property.

You could look at other secured lenders for the top up on a second charge basis, but HSBC should again come top of the list before looking at these options

HTH

GunJack

thanks again H. Fingers crossed for nice mr HSBC tomorrow

herbiesjp

No worries at all

Come back and let us know if mr nice HSBC is offering you what you need :beer:

GunJack

herbie - nasty man from HSBC, he say NO !

so, now what ?????????

Think I need to start a new thread.......

herbiesjp

GunJack wrote: »

herbie - nasty man from HSBC, he say NO !

so, now what ?????????

Think I need to start a new thread.......

Do you have any penalties to leave HSBC?

There should be plenty of lenders that could do this for you

DO you have any other debts in the background?

GunJack

herbie - thanks for taking an interest !!

yes, 6k

ok, like who as a guide ??

yes, but moving to cheaper area with 5k p.a. payrise and unsecured debt will be halved or more with the move.

any thoughts ??


p.s. have also put this on a new thread (with a nice green arrow!!)

herbiesjp

Do the figures posted take into account the £6k penalty?

Do the income figures posted include the £5k pay rise?

How much is the unsecured debt and how much do you pay each month on it currently? Break it down between personal loans and credit card debts

GunJack

Herbie,

yes, figures include 6k redemption

yes, income includes 5k rise

cc debt circa £31k, to be reduced to circa £15k (currently costing 720 per month, to reduce to 350 per month). Total income will be 2700 p.m, outgoings inc all utilities, mortgage, cc's, basically everything would be circa 1800 p.m. allowing 1000 p.m. for the new mortgage.

any help ??