Mortgage - no fee products?

MarkyMarkD

payless wrote:

Sort of .. They have a range of products that don't have an arrangement fee (normally £695 on most products) But even these come with valuation fees to pay ( their scale includes a fairly hefty £250 admin charge) and legals to pay.

they do then offer assistance towards these fees - but this comes with a 42m tie!

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Perhaps i'll stick with your first 5 words

So, Payless, just out of interest ... why do mortgage advisers sell these NR products when the 42 month tie in on "help with fees" is so obviously just a con with an excessive tie-in? I can't imagine any customer who is best served by taking these deals. (And I emphasise, I mean the "HWF" deals, not NR products in general).

payless

MarkyMarkD wrote:

So, Payless, just out of interest ... why do mortgage advisers sell these NR products when the 42 month tie in on "help with fees" is so obviously just a con with an excessive tie-in? I can't imagine any customer who is best served by taking these deals. (And I emphasise, I mean the "HWF" deals, not NR products in general).

Can't answer for the industry , only for myself......

for products with a normal tie over 42m,suppouse its not that bad ( if the rate is right) as whilst the fees are comparatively high (but part offset by HWF) and the penalty is high ( due to the HFW tie) some rates are competitive and a number of flex features ( although on full consideraion of each case, I often find other products to recommend in favour)

Below 42m tie products hope it's explained clearly!

- they regularly offer a " special" flat amount extra bonus commission on top of the industry norm %, so on small motgages the total comm does appear high ( not saying that any adviser would be swayed by that)

Hobo_2

payless wrote:

FAir enough .. friends ?

By the way .. look at http://forums.moneysavingexpert.com/showthread.html?t=21569 for over 4months ago - read the first post

"most EXELLENT" keep up the good work Payless.

P.S. H`mm wonder if loafer hit the referal board with his voucher?

lisyloo

Britannia are currently offering a 2 year tracker for 4.75%.
The only fees are "disbursements" which I have been told are £50 - £100.
No tie-in.
Seems good, except you need to move fast and get in by 31/5.

I am going for this one (no connection).

MarkyMarkD

4.75% is a great rate for a "fee free" 2 year product. But I note that, for some reason, it's "remortgage only".