Going Insane!

Keyser_Soze_5

..okay, maybe a tad dramatic.

But point is I really would appreciate any feedback or pointers as to who out there in MoneyGrabbinLand is doing a semi decent deal for someone remortgaging.

Am With A&L currently, and was gunna switch deals with them as it seemed a good one...and low and behold I find the 'think you're overpaying, think again' clause...as they will charge 6 months interest if we overpay...gggrrrr!

I want a flexible mortgage with no penalties for overpaying or paying in lump sums.

I'm going round and round in circles trawling every website I can find, reading the magazines and ploding the high street.

Somebody help me! lol


cheers ppl.

Mortgageman

Two good articles:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1045408862,15903,

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1057706429,74292,

You're really better off speaking to an independent adviser - as far as I am aware none of the mortgage professionals will be happy to give product specific advice on this board.

Keyser_Soze_5

Cheers MM.

When we got our mortgage we went through an IFA..it seems we will be making a return visit. It will probably be easier on my blood pressure if we get someone else involved lol....as this one is beyond me.

Mortgageman

Make sure you don't pay a fee

Keyser_Soze_5

*makes note*

cheers fella

Mortgageman

200,000 mortgage which implied he originally got about £640

It's within the realms of credibility - is maybe a bit high for an "average" figure (I'd 0.30%, this works out at 0.32%).

I came acroos an offer from a broker the other day ( I did not make a note of who it was ) who offered no fee and 25% of his commission as cash back.

I know Payless does this and he is certainly worth contacting (of course, I can't speak for him regarding how busy he is etc.)

There are a couple of larger IFA's that will rebate the comission - but not if they give you advice....

payless

Hi

He said that would be about £160 on a £200,000 mortgage which implied he originally got about £640

Those figures sound familiar  ;D

It's within the realms of credibility - is maybe a bit high for an "average" figure

I would say the most common rate these days for a mainstream lender is 0.35%. Its rare to see below 0.3%, but also 0.4% is not unheard of.
Some lenders have been paying a "extra"  on top-
but would like to think that this would not influence a good broker.

Offset, B2L , traditional style self cert, and credit problem cases ( I don't do the latter) generally pay progressively more.

These figures are supposed to be fully declared in £'s , and from 31/10 the lender will also point that out ( if they don't already)

Possible might cause a stir , as many small- med brokers use "mortgage clubs/ networks" who may also be getting a extra slice for negotiating / marketing- think the full amount will have to be declared from month end.

I can't speak for him regarding how busy he is etc.

Fairly busy- but not that productive! anyway if K-S has a trusted no fees broker offering face2face advice, I think he should try them.
Plus I'm on hols 19/10 -27/10   ;D

Mortgageman

I would say the most common rate these days for a mainstream lender is 0.35%

Yeah absoloutly - I use 0.30% because it's easy for me to visualise - once you include the lenders where no proc fee is paid, this is a pretty reasonable representation I think.

Possible might cause a stir , as many small- med brokers use "mortgage clubs/ networks" who may also be getting a extra slice for negotiating / marketing- think the full amount will have to be declared from month end

Yeah, I think it's going to be interesting, I've still got a number of reservations about some of the real nitty gritty of regulation.

Keyser_Soze_5

You're really better off speaking to an independent adviser

Have taken the plunge and made an appointment, tomorrow morning I get my backside to an IFA and sort my sorry self out lol...cheers MM