Find the Best Mortgage: Article Discussion Area

Former_MSE_Dan

This discussion relates to the updated

Find the Best Mortgage: Use the 'Broker plus' technique

article. Please click reply to discuss

pretzelgirl

we have a 65 thous mortgage and are paying off 35thou,we will then be left with a 3o tho mortgage,with 11 yrs left to pay,(due to husbands age)what is our best and possibly cheapest options? my oh has poor credit (the mortgage is in his name)he had the house long before he met me. any advice welcomed as we are unsure what to do for the best .

silvercar

Your first bet would be to contact your existing lender and ask what they can offer you. With a relatively small mortgage you could well find the costs (legal costs, valuation and arrangement fees) of moving to a new lender outweigh the benefits of a lower rate.

With poor credit rating you may not qualify for the better deals from new lenders, whereas your existing lender won't normally credit check you again.

One last point, make sure you won't need that 35k to reduce your debt or for rainy day savings as once you've used it to reduce the mortgage you won't be able to get it back.

handful

My advice is to anyone looking for a mortgage is to start here http://www.moneymadeclear.fsa.gov.uk/home.html and do a totally impartial search of the WHOLE market.(find the link to 'compare mortgages) It will take a while to get the hang of the search methods but from here you get a direct link to the mortgage provider, including all of the offers not available to the brokers. I haven't seen this tip on any of the MSE advice but I'm sure it must be somewhere. If not, it needs to go on as it saved me hours of searching and pounds:j

pretzelgirl

thanx fo all advice,much appreciated.

bargainquest

Just looking for a bit of advice - we currently have two separate mortgage products with the Woolwich - £50 k on Interest only (ISA in place an currently on track) and £68K capital and repayment which we added when we last moved. We decided that we didn't want to take the risk of the ISA mortgage with all of the debt, hence the split. Is it wise to do this and when remortgaging with another lender is it likely to cause problems or can the debt be combined together somehow? The tie in expires in October so I want to start shopping around soon.

handful

Hi bargainquest - I am currently in a similar situation to you but in my experience I think lenders are happy to split between interest only and repayment. I have 60k on a fixed interest only (with endowments maturing over the next 2 years and a likely shortfall to be funded by other investments) and 105k on a tracker which expires in October. I took the tracker out in conjunction with a move to run concurrently with the fixed deal which was an absolute cracker and one I didn't want to surrender (4.25% for 5 years with the Coventry which expires in December , couldn't last forever.) I will be seeking either a fixed or tracker with the same split, probably a tracker to avoid early repayment penalty when the endowments mature.

sarkin

Hey Andy i see ytou are now an ex broker what happend did the credit crucnch, crunch. I am still hanging in but if house prices start to slide a lot it could get tricky.

_Andy_

It certainly crunched! Glad to be out of the job TBH though.

Former_MSE_Dan

Hi folks,

I have removed an earlier mention of another website from this thread, and some posts that followed it to hopefully keep the discussion on the topic of the updated article on Mortgage Advice.

Thanks

Dan

Ian_Griffiths_Halifax

Dan, you've left post 10 in the thread and that still has the spam links in it.