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  • FIRST POST
    • ralphy1967
    • By ralphy1967 17th May 19, 1:15 PM
    • 22Posts
    • 2Thanks
    ralphy1967
    Mortage Advisor or Not
    • #1
    • 17th May 19, 1:15 PM
    Mortage Advisor or Not 17th May 19 at 1:15 PM
    My mortgage term is up very soon and I will be moving out of my home in a years time. I wont be buying anywhere else so my current provider has offered me a 4% mortgage with no fees. I have been in touch with an independent mortgage advisor who can get me a mortgage for 1.8% with no fees with the provider but he charges 299.
    How do I workout which is the best deal for me?
    Because its for 12mth is it worth me involving an advisor?

    Any advice would be greatly appreciated

    Marty
Page 1
    • ACG
    • By ACG 17th May 19, 1:54 PM
    • 18,868 Posts
    • 10,445 Thanks
    ACG
    • #2
    • 17th May 19, 1:54 PM
    • #2
    • 17th May 19, 1:54 PM
    If you have a 50k mortgage, probably not. If you have a 500k Mortgage - probably.

    Have a look at a mortgage calculator online, maybe an amortizaztion calculator to help you see what the balance will be in 12 months.
    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.
    • ralphy1967
    • By ralphy1967 17th May 19, 3:28 PM
    • 22 Posts
    • 2 Thanks
    ralphy1967
    • #3
    • 17th May 19, 3:28 PM
    • #3
    • 17th May 19, 3:28 PM
    Had a chat with the M.A. and he says finically for me there is not much difference and said I should probably stick with my current provider as I don't really need to do anything as opposed to changing.

    Respect his honesty
    • SouthLondonUser
    • By SouthLondonUser 17th May 19, 4:22 PM
    • 787 Posts
    • 393 Thanks
    SouthLondonUser
    • #4
    • 17th May 19, 4:22 PM
    • #4
    • 17th May 19, 4:22 PM
    Use this Excel function to compare the cost of two mortgages:
    https://support.office.com/en-gb/article/cumipmt-function-61067bb0-9016-427d-b95b-1a752af0e606


    Remember the cost of a mortgage is interest + fees; the principal is not a cost, it's money you are repaying to yourself.


    What do you mean it is for 12 months?
    • MovingForwards
    • By MovingForwards 17th May 19, 5:56 PM
    • 1,009 Posts
    • 1,229 Thanks
    MovingForwards
    • #5
    • 17th May 19, 5:56 PM
    • #5
    • 17th May 19, 5:56 PM
    https://forums.moneysavingexpert.com/showthread.php?t=6001257

    Here is his post from the other day for full info.
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