Pay penalty to renew mortgage or leave it?

AnotherJoe

JustAnotherSaver wrote: »

The company i go with now seem to be promoting this St James Place on their website. It was never there before. I contacted them last year i think it was regards retirement planning & they started talking about this St James Place but when i read up about it online the feedback was quite negative - mostly concerning the costs.

St James Place is well known as being one of the most expensive financial firms out there. Be very wary, they are a super slick sales and marketing organization who talk a good story and will seem very credible to people who dont have a lot of experience with pensions/investments.

JustAnotherSaver

AnotherJoe wrote: »

St James Place is well known as being one of the most expensive financial firms out there. Be very wary, they are a super slick sales and marketing organization who talk a good story and will seem very credible to people who dont have a lot of experience with pensions/investments.

That's basically what i was told when i looked in to it online. This is why i decided against going through the IFA for the pensions and risked going solo.



I'm just wondering if they have anything to do with mortgages too?

AnotherJoe

JustAnotherSaver wrote: »

That's basically what i was told when i looked in to it online. This is why i decided against going through the IFA for the pensions and risked going solo.
I'm just wondering if they have anything to do with mortgages too?

No idea but if they are very expensive for everything else it would seem miraculous if they were really cheap for mortgages !
I would guess they don't simply because it would be much harder to disguise the true price of a mortgage than a pension or investments plus there won't be the same sort of margins on a mortgage as on pensions and investments. But it could be like entering the gravitational attraction zone of a black hole by taking one out with them, no doubt they would begin a softening up process for other products so best to set warp factor 9 and steer well clear.

JustAnotherSaver

sparkey1 wrote: »

The Bank of England will not raise interest rates before Brexit.

https://www.bbc.co.uk/news/business-45043776


And then the article in the OP.


Have i misunderstood something then? Are the links here different to what you guys were saying wouldn't happen?

JustAnotherSaver

Anyone? .

sparkey1

Last November when inflation hit 3.1%, they put the rate up 0.25%. Inflation dropped to 2.4% in April and has stayed there since.

So IMHO the base rate rise is an indication that their inflation reports (that we cant see) are showing a rise. Interest rates increases have the effect of reducing the money supply, forcing prices down etc. However they are a very blunt instrument

Other than that, this rise doesn't make a slot of sense. If Brexit is going to be the armageddon, its nonsensical to raise interest rates. We want the economy to be booming. Its growing at 0.2%, where as the US is growing at 4% at the moment. The High Street has had its worst year in 12 years, and mortgage approvals are around 62K per month, so pretty low.