Getting myself a broker

tazzababe100

No. I asked specifically what the fees where. He asked about the other broker and then said they were a little cheaper. He is phoning me tomorrow to find out if I want to proceed. Obviously I'm not doing anything without a breakdown of fees on his part.

Neutrinno

tazzababe100 wrote: »

No. I asked specifically what the fees where. He asked about the other broker and then said they were a little cheaper. He is phoning me tomorrow to find out if I want to proceed. Obviously I'm not doing anything without a breakdown of fees on his part.

Did you have any luck with this broker in the end Tazza? I'm curious if he informed you of his fees when you spoke again..

AnotherJoe

tazzababe100 wrote: »

Yes having SVR below 3.6% I know it may sound daft but I panic that after a fixed period if I can't get a good deal for whatever reason then I know I can afford it if it was below 3.6.

You aren't thinking straight. SVR stands for Standard Variable Rate. You don't know what it will have varied to by the time your (say) five year fix ends.

There's no guarantee that whoever has a low SVR now will have one in five years. so currently on your plan you could needlessly pick a lender now with a higher fixed rate but lower SVR over one with a lower fixed rate and find in five years time the position has reversed and you were pointlessly paying more than you needed to for all those years.

What you'd do, like 99% of folks, is move to another fixed or tracker rate when the fix ends, not go onto SVR. And you'd expect / hope that those rates would be below 3.6.

I'd be somewhat concerned that 3.7% would be unaffordable for you because that implies you are close to the limits of affordability now . Do you contemplate an increase in pay over the next few years?