to use a mortgage advisor or not to use one

mumof3beauts

Hi everyone we are hoping to move home. we have a 5% deposit saved total income in our house is £73800.00. We owe 88000 on our mortgage, however, the mortgage we have is one of those stupid Northern rock 35 year ones taken out over 10 years ago and my husband took out a loan with it at the time (he wasn't with me then) which still has 15000 on it. our total debt included that stupid loan is 49000. Do you think we would get a mortgage? I've looked at the individual banking sites, the halifax is a good one for the calculator as it lets me put in monthly outgoings and still says we could borrow the amount we need, I have not filled in the agreement in principle yet). that Mortgage is 3.9%. when I use MSE it shows mortgages that are 2.69% but from banks I have never heard of so i am not sire if that would be wise either ?

has anyone applied for mortgages without using a mortgage advisor? was it easy? we are basically swapping homes with our parents, they want to down size we want to up size.

thank you

dunstonh

has anyone applied for mortgages without using a mortgage advisor?

yes they have.

was it easy?

Sometimes it is. Sometimes it isnt. It all depends on the individual and their circumstances and their knowledge and whether they want to DIY or not or let someone else take care of it.

There is no right or wrong here.

Yawn

I went with a mortgage adviser - given the massive financial commitment it seemed to offer peace of mind to have one. Compared to the amount of debt involved they are not particularly expensive either. When she made a recommendation I did compare it to the best buys on MSE just to reassure myself I wasn't mis-sold anything. (Maybe I'm paranoid?)

If you do go with an adviser, make sure they have access to the widest possible number of deals. Otherwise, what is the point?

amnblog

mumof3beauts wrote: »

Hi everyone we are hoping to move home. we have a 5% deposit saved total income in our house is £73800.00. We owe 88000 on our mortgage, however, the mortgage we have is one of those stupid Northern rock 35 year ones taken out over 10 years ago and my husband took out a loan with it at the time (he wasn't with me then) which still has 15000 on it. our total debt included that stupid loan is 49000. Do you think we would get a mortgage? I've looked at the individual banking sites, the halifax is a good one for the calculator as it lets me put in monthly outgoings and still says we could borrow the amount we need, I have not filled in the agreement in principle yet). that Mortgage is 3.9%. when I use MSE it shows mortgages that are 2.69% but from banks I have never heard of so i am not sire if that would be wise either ?

has anyone applied for mortgages without using a mortgage advisor? was it easy? we are basically swapping homes with our parents, they want to down size we want to up size.

thank you

6 factors in your message above that suggest to me you should be using a Professional.

AnotherJoe

mumof3beauts wrote: »

Hi everyone we are hoping to move home. we have a 5% deposit
How much is that in money since there is no clue what its 5% of?

saved total income in our house is £73800.00.
Do you mean "equity" eg the difference between your mortgage and what the house is worth?

We owe 88000 on our mortgage, however, the mortgage we have is one of those stupid Northern rock 35 year ones taken out over 10 years ago and my husband took out a loan with it at the time (he wasn't with me then) which still has 15000 on it.

So you have two loans, one a joint mortgage and one that is just your husband.

our total debt included that stupid loan is 49000.

Hang on a mo, so that is debt excluding the mortgage, since that is £88000 by itself. Where is the other £34,000 borrowed from and why is that OK whilst £15000 isnt? Its nearly 2x more than the "stupid loan" !!

Do you think we would get a mortgage?

Goodness knows since its not clear how much you actually owe (is is £88k + £15k or £88k + £49k or something else?) And anyway, you dont say whats your income is, or how much you want to borrow !!! Both of which are vital to know If its £250k a year income, borrow £25k, no problem, £25k a year income, borrow £250k, maybe not.

I've looked at the individual banking sites, the halifax is a good one for the calculator as it lets me put in monthly outgoings and still says we could borrow the amount we need, I have not filled in the agreement in principle yet). that Mortgage is 3.9%. when I use MSE it shows mortgages that are 2.69% but from banks I have never heard of so i am not sire if that would be wise either ?

has anyone applied for mortgages without using a mortgage advisor?
Of course they have
was it easy?

Well that would differ on a spectrum from dead easy to didnt get one.

we are basically swapping homes with our parents, they want to down size we want to up size.

thank you

yep, all very non standard, go and see a broker.

ap1985

With your scenario I would definitely recommend using a broker...