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Mortage Advisor or Not

ralphy1967
ralphy1967 Posts: 33 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
My mortgage term is up very soon and I will be moving out of my home in a years time. I wont be buying anywhere else so my current provider has offered me a 4% mortgage with no fees. I have been in touch with an independent mortgage advisor who can get me a mortgage for 1.8% with no fees with the provider but he charges £299.
How do I workout which is the best deal for me?
Because its for 12mth is it worth me involving an advisor?

Any advice would be greatly appreciated

Marty

Comments

  • ACG
    ACG Posts: 24,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you have a £50k mortgage, probably not. If you have a £500k Mortgage - probably.

    Have a look at a mortgage calculator online, maybe an amortizaztion calculator to help you see what the balance will be in 12 months.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ralphy1967
    ralphy1967 Posts: 33 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Had a chat with the M.A. and he says finically for me there is not much difference and said I should probably stick with my current provider as I don't really need to do anything as opposed to changing.

    Respect his honesty
  • SouthLondonUser
    SouthLondonUser Posts: 1,445 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    Use this Excel function to compare the cost of two mortgages:
    https://support.office.com/en-gb/article/cumipmt-function-61067bb0-9016-427d-b95b-1a752af0e606


    Remember the cost of a mortgage is interest + fees; the principal is not a cost, it's money you are repaying to yourself.


    What do you mean it is for 12 months?
  • MovingForwards
    MovingForwards Posts: 17,178 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    https://forums.moneysavingexpert.com/discussion/6001257/mortgage-advice-please

    Here is his post from the other day for full info.
    Mortgage started 2020, aiming to clear 31/12/2029.
This discussion has been closed.
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