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Thread: Re-Mortgage??

  1. #1
    Regular Member OPC's Avatar
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    Question Re-Mortgage??

    Can anyone recommend me a remortgage. My 5 year fixed is due to finish this month and I would like to sort something soon.
    I'm currently on a 5 year fixed with the Halifax, also my mortgage is a 50/50 Shared ownership, so I think there are a few less options. Currently it will drop onto their standard variable if I do nothing which is 3.50%, so it will come down anyway, but I would like to keep paying the same amount and shorten the length of my mortgage if possible.
    Any good Brokers out there??

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    Used to have mortgage with Halifax and you could pay more than the set monthly payment if you wanted to reduce debt quicker. It worked out better (with the way they calculated interest) if you paid off lump sums every so often rather than just a slightly higher monthly amount every month. Ask them about this - it wasn't something they publicised much back then, but they actually did it. (Also check the minimum amount for getting the better interest calculation - I think it used to be £1000, but I can't recall for sure).

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    Regular Member OPC's Avatar
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    I think I will go see them as there don't seem to be many good deals out there currently

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    Your best bet is to go and see/talk to an independent mortgage advisor as what's right for someone else may not be right for you with your circumstances. No use loads of people saying that x, y or z are brilliant if they aren't any use to you for whatever reason.

    Don't forget that by going to any of the big places directly they'll only offer you their products - an independent mortgage advisor will be able to advise on the whole of the market.

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    Duncan's right - but don't forget that "independent" advisors have to make a living from their advice. Maybe try 2 advisors at least - and why not take along a "best buy" list from one of the best buy sites (eg. Moneyfacts) or "money" section of a Sunday newspaper and ask them why what they're offering is better than what's on best buy list - that way you'll know just how independent they really are.

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    [Ex]Admin Duncan's Avatar
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    Quote Originally Posted by dac100 View Post
    Duncan's right - but don't forget that "independent" advisors have to make a living from their advice.
    Yep, and they usually charge in one of two ways. They'll either get a commission from the lender that gets the business (which will usually be weighted somewhere in the mortgage - we all pay either way at the end of the day) or they can work on a fee basis i.e. you pay them a flat fee and no commission from the lender.
    Quote Originally Posted by dac100 View Post
    Maybe try 2 advisors at least - and why not take along a "best buy" list from one of the best buy sites (eg. Moneyfacts) or "money" section of a Sunday newspaper and ask them why what they're offering is better than what's on best buy list - that way you'll know just how independent they really are.
    Another thing to be aware of is that not all independant mortgade advisors cover the whole market i.e. they may only cover a certain range/part of it - you want to make sure that you find one that covers the whole market and has access to pretty much every deal out there.

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    Get yourself down to Barclays Woolich as they are doing a tracker on 1.5% which I have recently switched too.

    Very good IMO

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    Quote Originally Posted by CHRISK View Post
    Can anyone recommend me a remortgage. My 5 year fixed is due to finish this month and I would like to sort something soon.
    I'm currently on a 5 year fixed with the Halifax, also my mortgage is a 50/50 Shared ownership, so I think there are a few less options. Currently it will drop onto their standard variable if I do nothing which is 3.50%, so it will come down anyway, but I would like to keep paying the same amount and shorten the length of my mortgage if possible.
    Any good Brokers out there??
    Hi CHRISK

    Before you do anything about a mortgage make sure you pay off your most expensive debts first, so typically do
    store cards first (and cut up!), then credit cards (and cut up?), and then think about the better mortgages…

    Have a look at www.moneysavingexpert.com and moneyfacts etc for the best buys and see what is on offer rate-wise.

    Ideally you want what used to be called an ‘Australian mortgage’, just means the interest is calculated daily so any
    overpayments have an immediate effect on the balance outstanding at any time - even if mid-month (usually allowed).
    Some ordinary mortgages still only pass the interest quarterly or even yearly, and the timing of any overpayment needs
    to be carefully chosen as otherwise the overpayment can literally sit 'unused' for a year/quarter, these accounts roll up
    this interest over the quarter or year and then deduct the ‘extra’, this reduces the effect of the overpayment to the face
    value in that period, instead of saving some interest if deducted 'early' as daily accounts do. (Only the previous days
    interest can be added before the overpayment is deducted saving a lot of the compound interest (interest on interest)).
    Oh and a lot of ordinary accounts limit the number and amount of any overpayments too or have penalties if you do!!

    The problem with all financial advisors is they are never truly independent as even if they don’t work for someone
    they will generally only recommend from a panel of say 6 different suppliers of each product type, and these will
    always are the higher commission products, so they may suggest the best type of account for you but it won’t usually
    be the actual cheapest... An advisor I know well charges more by the hour than the commission on a mortgage pays
    as by the time he’s assessed the needs and found his ‘best’ list it takes hours and bills accordingly…

    The good products for daily interest will have slightly poorer rates but over time will reduce the length of the mortgage,
    my mortgage was finished in 17 years, that is 8 years early by overpaying and saving £25K+ in interest by shortening
    the length of the term.

    neilrj

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    my mortgage is up with halifax aswell been with them two years never missed a payment wanted to remortgage with them and take three years off, they wanted to charge me 1200 pound fees and drop the rate o.5 % so much for loyalty ,

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