How To Find A Whole Of Market Broker

herbiesjp

Thats a lot of cc debt!

Good to see you reducing it, but it will still impact quite a lot on your affordability.

The other "complication" is the fact that over 90% most lender will charge a Higher Lending Charge, so you will need to look carefully at which deals will be most cost effective for you

Based on this I'd suggest talking to a whole of market adviser in more detail -either face to face or over the phone (as it looks like you need to move quickly), to see what deals you could look at and whether they fit into the budget you have set yourself

GunJack

herbie - I know, we've got in a bit deep

HOWEVER !!! - been to see the broker who works out of our estate agent, and we can go with Northern Rock, just based on my £36k income, with a 15 yr fixed rate of 6.3%,£1039 per month (better than combination of HSBC and FP we pay now ) overpayments permitted and portable. Sounds like a good result to me......whatd'ya think ???

p.s. NO HLC, and only 495 arrangement fee !!

herbiesjp

It depends on what you are looking for

Personally I think 15 years is too long to fix for, maybe 10 years at a push - however if it meets your needs then go for it

There are other lenders that will agree this for you on lower rates, so hopefully this will have been discussed with you

GunJack

herbie - thanks for the advice. Virtually all the others had v.high HLC and reservation fees, much more than my relocation package would cover, e.g. Skipton BS wanted c.£2600 HLC !! along with £1000 reservation fee. We like security of payments, and probably won't have to move again, so it ticked pretty much all our boxes.

herbiesjp

No worries at all

Like I said there are other schemes out there, with no HLC and similar arrangement fees, but not tying you in for as long as 15 years


However I am not in a position to say one way or the other, seeing as the other adviser has done all the research based on all your up to date information, whilst I'm using snippets of information

Good luck

luckyfool

GunJack wrote: »

herbie - I know, we've got in a bit deep

HOWEVER !!! - been to see the broker who works out of our estate agent, and we can go with Northern Rock, just based on my £36k income, with a 15 yr fixed rate of 6.3%,£1039 per month (better than combination of HSBC and FP we pay now ) overpayments permitted and portable. Sounds like a good result to me......whatd'ya think ???

p.s. NO HLC, and only 495 arrangement fee !!

Bear in mind that Northern Rock do also offer higher fee lower rate versions of this product if you do want a 15 yr fixed rate, at 995 and 1995 fee levels. Even a small reduction in the rate can make a big difference in the amount of interest payable over such a period and depending on the size of your mortgage you may be better off looking at a higher fee version.

GunJack

herbie & lucky - thanks guys for your input. All things considered, this will be the best deal for us, as we should be able to crack on with overpayments in a couple of years. That'll more than compensate for the slightly higher (by about .04% if i remember rightly) rate immediately. Once again, thanks for the advice and input.

GunJack

herbie & lucky - even better news !!! last night tea-time we got agreement in principle from NR, based on my old lower salary !!!

looks like we're all systems go !!!!!

luckyfool

Glad to hear it.

GunJack

herbie & lucky - thanks again guys for the info/advice/support, it's much appreciated.