Nationwide or Lloyd TSB,pls help.

Woodgnome_2

Just a note on this. In my case it was the Mortgage manager at the Hsbc bank who was pushing these insurances. Yes it helps to know exactly what you want and I was armed with all the costs of my current deals. Still didn't stop him trying it on many times though.

mr_mortgage wrote: »

My experience is very much on the contrary to that. Now, perhaps it's because of what I do for a living (no, I'm not a mortgage advisor - but I do work for banks) that makes the difference, since I walk in the door knowing what I want, with the documentation that I need. I make it very clear that I don't require anything other than I am asking for (i.e. 'execution only' in old parlance) and I will take very little of their time, in fact I can't wait to get out of there. Part of this is bringing details of existing life cover to show them that if I drop dead, the mortgage will be paid off. Not a bad idea to bring ISA statements which can be taken into account for affordability, payslips AND P60 along with any payslips which have a bonus of any significant amount on them, etc. etc.

With this approach, I've never had anyone try to cut an appointment short or brush them off. They're getting a commission - maybe not the biggest one - but also not getting any difficulty during the entire origination process.

I think the approach of being savvy about the market and making it clear about what you want and helping them by supplying them with everything they need will make it a pretty quick and pain-free transaction.

On the other hand, not everyone is in the position that they know what they want - but if that's the case, what on earth would you be doing going to speak to an 'advisor' in a bank who can only advise on their products! I guess it boils down to if you are going direct to a bank, get everything lined up and know exactly what you want!

mrsbudget

HelpWhereIcan wrote: »

I have done some quick calculations for you and have worked out that you may only be about £59 better off over 3 years!!! by switching to the Nationwide deals I mentioned rather than taking Bank of Scotland up on their offer.

The HSBC fixed rate at 5.98% with a £499 fee would make you about £265 worse off.

The HSBC tracker rates offer a little improvement, but the lowest cost one (taking into account all interest and fees charges) over 3 years would be their 5.99 with no fee which has no real advantage as the Bank of Scotland rate is also a Tracker.

The advantage of the HSBC variable deal is that it is a deal for the term of the mortgage with no ties meaning you are less likely to be in a position where you have to remortgage at a fixed point in the future but you have to decide whether that is better for you or something you want.

In summary, you may want to consider staying with Bank of Scotland depending on how long the Tracker rate is for as there may be no real financial saving to be made by switching to another lender and you would have the hassle/time involved with a new application direct to a lender.

However, if you would prefer the security of a fixed rate and are looking at deals for 3 years you may want to consider the Nationwide 5.75% deal.

This is by no means a reccomendation or advice from me. Just trying to help you work through some figures to make your own decision.

As you are unlikely to get the best deal from a broker who does not consider products only available through branches, you should take the time to do your own homework using tools such as

http://www.moneyfacts.co.uk/searches/mortgage.aspx

http://img.thisismoney.co.uk/calculators/mortgage_comparison_calculator.html

to supplement the 'advice' yo have received so far.

Either that or find a broker who will charge you a research and reccomendation fee and look at all deals - whether available through a broker or not.

As has been said, the way to find out is to ask the broker direct and ask for proof that their research includes all deals from all lenders whether commission is paid or not.

I would expect that a fee of between £100 - £200 is as much as you will need to pay but will probably be well spent to get the reassurance and peace of mind you so obviously need.

Good Luck

Thanks very much, I felt that I am not better off with the deal of Nationwide. BOS has a life time tracker and no tied in so, maybe in the future I can still switch to a different lender. Just at the moment, it is too much for me to really shop around, our roof is really needing done and water pours inside like a tap.

Anyway, all of you, guys really help me learned a lot,,,:T ..Till next time..

mrsb