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Straw poll of mortgage advisors please? :)

2

Comments

  • ajaxgeezer
    ajaxgeezer Posts: 2,476 Forumite
    No worries Jill, I appreciate your help. :)

    The MEAF I referred to was one one on the current tracker that I have at the moment, not the "new mortgage" that I'll be switching to. Will the MEAF for my current tracker be paid when I accept the new fixed rate next week, or will it be payable when the mortgage is closed (replaced by the new fixed rate one) in August?

    Sorry to be a pain.
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    You wont beat it. You would have to pay a big to beat the rate on a 108k mortgage. Just go for it, over 5 years that is good.
    :confused:
  • jill2002
    jill2002 Posts: 272 Forumite
    sorry for the delay in replying. There will be NO MEAF payable now, only when you leave Abbey, basically, when they take their name off your deeds.
    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.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    You do not want my advice but here it is anyway.

    You say you are concerned about a two year fix and the risk of coming back in two years with 95% LTV. It could be the same probem in five years. I'd be looking at a 10 year fix or lifetime tracker.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • ajaxgeezer
    ajaxgeezer Posts: 2,476 Forumite
    Gorgeous_George wrote: »
    You do not want my advice but here it is anyway.

    ... pardon GG? Where did that come from? Are you my mother-in-law or something? :)
    Gorgeous_George wrote: »
    You say you are concerned about a two year fix and the risk of coming back in two years with 95% LTV. It could be the same probem in five years. I'd be looking at a 10 year fix or lifetime tracker.
    GG

    ....I agree that it could be the same in five years, but in ten we may be in the middle of the next dip. I'm happy just to ride this one out, and even though I have no financial expertise at all I'm guessing that five years will see this out. I don't want to be tied to something I don't want to be in.

    A lifetime tracker is something I hadn't even looked at to be honest. Thanks for the pointer, I'll have a quick look at some rates.
  • ajaxgeezer
    ajaxgeezer Posts: 2,476 Forumite
    jill2002 wrote: »
    sorry for the delay in replying. There will be NO MEAF payable now, only when you leave Abbey, basically, when they take their name off your deeds.

    ...so I don't pay the MEAF to switch products from the 2yr tracker to the 5yr fix? I'd presumed each product would have it's own sealing fee?

    Please don't apologise, I appreciate your patience with me.
  • jill2002
    jill2002 Posts: 272 Forumite
    ...so I don't pay the MEAF to switch products from the 2yr tracker to the 5yr fix? I'd presumed each product would have it's own sealing fee?
    No, you only pay it when you leave abbey.:beer:
    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.
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    Seriously, you have to get it going, a lender gave us 2 hours notice to get apps in today. I dont think the abbey would do that, but if you dont get on with it you will miss out!
    :confused:
  • ajaxgeezer
    ajaxgeezer Posts: 2,476 Forumite
    Dan_Collins wrote: »
    Seriously, you have to get it going, a lender gave us 2 hours notice to get apps in today. I dont think the abbey would do that, but if you dont get on with it you will miss out!

    the office told me yesterday they'd send the paperwork and KFI out. Other than sit outside the sorting office, Dan, all I can do is wait.
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    Sorry Ajaxgeezer I got the impression you had to make a choice and have sent to you or you send it back.
    :confused:
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