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Mortgage Advisor provides competitive deal
w00519772
Posts: 1,297 Forumite
I spoke to a mortgage advisor today and he provided me a list of five year fixed mortgages. The best one was Post Office, which I am already aware of. It says: 'Post Office Mortgages. (Direct
Only)'. Does Direct only mean not through an intermediary?
I have found the mortgage he was referring to on the post office website. Do I have to pay his £600 fee if I choose Post Office now (even though I was aware of the deal beforehand). I basically rang him and said send me your best quotes. There was a ten minute conversation.
Only)'. Does Direct only mean not through an intermediary?
I have found the mortgage he was referring to on the post office website. Do I have to pay his £600 fee if I choose Post Office now (even though I was aware of the deal beforehand). I basically rang him and said send me your best quotes. There was a ten minute conversation.
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Comments
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Post Office (a brand name of Bank Of Ireland - do a search and be VERY careful!) does not accept business from intermediaries.
If that is the best deal and you think the risk is worth it, go direct and cut out the broker.
You only pay a broker if you sign an agreement.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Post Office (a brand name of Bank Of Ireland - do a search and be VERY careful!) does not accept business from intermediaries.
If that is the best deal and you think the risk is worth it, go direct and cut out the broker.
You only pay a broker if you sign an agreement.
Thanks for that. Can you elaborate on what you mean by: "risk"?0 -
What happens if the lenders raises its standard variable rate and your circumstances have changed and you can't "escape" when the initial product expires?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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As per Kingstreets comment above I have looked at the Bank of Irelands rates (going direct). They seem to be much higher at about five percent (same deal with post office is much lower). How can this be?
I got the rates of this website: http://personalbanking.bankofireland.com/borrow/mortgages/first-time-buyers-package/ (expand the section titled: rates).0 -
Post Office is a marketing brand and nothing more.
Get a Post Office mortgage key facts illustration and see what the reversion or "follow-on" rate of your mortgage will be, as that's what you are stuck with if you can't remortgage away in future perhaps due to a change of circumstances.
Compare that with Nationwide (for example), where the rate may be higher, but has an SVR (follow-on rate) of 3.99% and is committed to offering deals at least as good to its existing borrowers as it does new ones.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Post Office reversion rate appears to be BoE base rate + 3.99%, so that's a minimum of 4.49% based on today's base rate.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Santanders APR is 4.74, Post Office is 4.49 and HSBC is 3.94 (they are the three banks I have approached for affordability checks - no credit check).
Therefore the Post Office sits in the middle. Do you think that 4.49% is a very uncompetitive rate?0 -
also, are you able to answer my other question i.e. Why are the deals with the bank of Ireland direct more expensive than the post office?0
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