Mortgage broker - ask me anything

K_S

snowqueen555 said:

K_S said:

snowqueen555 said:

I have a mortgage agreed with Coventry from July through a broker but I never went through with it. The broker has stopped replying to me. He told me a few weeks ago it can be used for another property and it will have until January 2023.

Does this agreement need to go through the broker or is there a way to use this myself or get another broker, or a broker in the same company to take it over?

Thanks

@snowqueen555 The individual broker as he has the responsibility for the advice. I would think it very unlikely that the firm would be able to 'transfer' the case to another broker in the same firm.

I'm wondering why the lack of reply. Is it possible Coventry will no longer let me use this for a other mortgage, or is there another reason?

@snowqueen555 Most brokers are super busy right now (both because of the number of enquiries and the constantly changing product landscape) so he may well have deprioritised your case for whatever reason, for example if he thought that you were a 'time-waster' or it was a relatively small loan amount.

Just to be clear, not suggesting that you are a timewaster, just giving a common reason why brokers put certain clients/cases on the backburner.

Moneysavernov

K_S said:

Moneysavernov said:

My rate ends in feb 24 at 2.19%

I can pay a fee of 2.5k to get out now on a deal for 4.8%

Should I stick or pay the fee and get that for 10 years.

it’s £180 more but I can afford that.

if rates were 7-8% at the bank I wouldn’t without having no life.

thanks and hope that makes sense 

@moneysavernov Can't really tell you what to do but if you are extremely worried that rates will go up to 7-8% by the time it comes to a remortgage (early September 2023 for a fix ending in Feb 24) AND are happy with the possibility that rates might go significantly lower in the 10 year fixed period, then it's worth considering.

What will work out better financially in hindsight is of course dependent on what direction interest rates take, and there's no way to tell.

Thanks. It’s a tough decision and will either save me thousands or lose thousands. I guess a lot of people will be in the same boat.

hjj45

We got an AIP with Kent on 23rd August. Full application submitted 2nd September. We have not heard anything since. Understand Kent are known to be slow. They have since pulled all fixed rate mortgages. Question is, will they still process our application as normal?  and honour the fixed rate offered at time of application? Any advice/experience appreciated. Thanks.

chichi1983

Hi - I have 50k to pay off either some of my H2B equity loan OR mortgage - need to remortgage by dec (unfortunately!) Property has had 43% growth since I bought it. Thanks!

silvercar

chichi1983 said:

Hi - I have 50k to pay off either some of my H2B equity loan OR mortgage - need to remortgage by dec (unfortunately!) Property has had 43% growth since I bought it. Thanks!

You won't find an interest rate as low as your HTB rate, so it may be worth hanging on to it.

Bergo22

I'm starting to panic too.

We are moving into a new home on December 1st, we are porting our existing fix till october 23 and additional borrowing on a base rate tracker.

Dillema is stick with what we have and hope rares have stabilised next year or go to a broker and try and get a fix now.

Any advice?

GAMBITv5

You can change your mortgage product to a longer term post offer but unlikely to be anywhere near as favourable as what you’ve got currently.

Bergo22

GAMBITv5 said:

You can change your mortgage product to a longer term post offer but unlikely to be anywhere near as favourable as what you’ve got currently.

Yeah, thanks, with the saving of having the lower rate till October and the ERC it might work out about all equal in the end.

Just a few sleepless nights recently with the fear of what rate I can get in October 23.

We have ran the numbers up to 7% and are comfortable with that.

watsoa42

Hello, I currently have 7 months left on my current mortgage (60% LTV £100,000 remaining balance ) with nationwide they say the early exit fee (£1000)  will remain until 5 months before would it be best to pay that and secure a new fixed rate now or wait and risk the interest rate being higher than the cost of the exit fee.
thanks

chichi1983

silvercar said:

chichi1983 said:

Hi - I have 50k to pay off either some of my H2B equity loan OR mortgage - need to remortgage by dec (unfortunately!) Property has had 43% growth since I bought it. Thanks!

You won't find an interest rate as low as your HTB rate, so it may be worth hanging on to it.

I think my plan is now to pay 50k down on my mortgage and then sell in maybe year 6 or 7 as can downsize house wise then