Mortgage Advise

DavB93

Hi everyone,

I was just wondering if there was a website or directory were it lists all the free whole of market mortgage advisors, I'm after some advice and wanted to have a chat with someone.
Any help would be much appreciated, I'm situated in the North East of England.

MortgageMamma

DavB93 wrote: »

Hi everyone,

I was just wondering if there was a website or directory were it lists all the free whole of market mortgage advisors, I'm after some advice and wanted to have a chat with someone.
Any help would be much appreciated, I'm situated in the North East of England.

yes you can look on yell.com for one in your local area, or try www.findapro.co.uk, www.unbiased.co.uk, - some websites will sell your details onto the highest bidding mortgage adviser, one such website is moneysupermartket.com

You could also try asking friends and family who they use

kenshaz

Why not post your questions here,then when you go to see a broker you will be armed with information.

DavB93

kenshaz wrote: »

Why not post your questions here,then when you go to see a broker you will be armed with information.

Ok thanks, well where do I start. I'm currently with Accord on a LIBOR 3 MONTH which is linked the american interest rate, we've been on this for 3 years come November to start off with it was great as we were paying 3% or so but at the moment we are paying 7.35% as it's LIBOR 3 MONTH plus 1.99. It gets fixed for 3 months then reviewed, I'm currently paying £883 a month on a £120,000 mortgage and still have 2 years left to run on the deal. The early redemption figure is around 5% so around £6000 which is alot.
I've checked some deals over here and including getting the extra for the early redemption figure I'd save around £130 a month(Yorkshire Building Society Fixed til 2011 at 5.19%).
So with my calculations 130 x 24 = £3120 I'd save but still lose around £3000 as I've had to get the extra on the mortgage, the question is really should I bite the bullet and pay the early redemption figure or hold out for the 2 years. We are currently fine financially and still save money and have money left after all bills have been paid for, obviously it would be nice to have the extra cash.
Just wondering what people's thoughts are my sitiuation.

MortgageMamma

My thoughts are, when you took the mortgage with Accord had you had some adverse credit, and, if so, has it now been resolved?

kenshaz

Why not PM mortgagemamma with the same information that you sent to me,I am not qualified to give you the type of advice that you require .I am happy to discuss my personal experiences as a consumer.

MortgageMamma

HELLO Kenshaz how are you?

kenshaz

MortgageMamma wrote: »

HELLO Kenshaz how are you?

Really good,life is a bowl of cherries.

MortgageMamma

good I'm pleased for you - but cherries are sour. Life is a box of chocolates

dwsjarcmcd

MortgageMamma wrote: »

My thoughts are, when you took the mortgage with Accord had you had some adverse credit, and, if so, has it now been resolved?

No he wouldn't have. When Accord sold this product they didn't deal in sub prime, only prime based on YBS criteria.

Unfortunately this is a product that proves the old adage, if an offers to good to be true, it probably is!

MortgageMamma

thanks. always worth asking the question when LIBOR involved as these days its what the majority of sub primes are based upon. My initial thoughts are for the OP to stay where they are unless they really are desperate for a bit of slack cash wise there is no point wasting 3k