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Mortgages

edited July 2008 in Not Sports Related
Just a quick note for anyone who's mortgage deal is ending in the next month or so. If you are in this position and would like to see if you could save some money, let me know on here . I work at the abbey so im sure i could save alot of people money. Maybe some of the saved money could go to the shirt sponsorship!

cheers
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Comments

  • Just had my mortgage offer through mate, a couple of weeks too late. I got 5.99% though which Im told is pretty good.
  • That is a good rate, I could do 5.99 aswell but you should be happy if thats on a fixed rate!
  • how long before your mortgage is due to run out do you have to renew? does it run out from the day you took it out? ie, we got our mortgage promise approved etc in november, but didn't use it till march when we completed, so do we have to renew in march?
  • it varies, my northern rock deal - the b*stds - the fixed rate runs from the approval date..
  • You are better off checking your Mortgage about Four Months before it is due to expire, then check the whole market, Abbey seem keen to get new Business in at the moment & have some decent deals around but not neccessarily the best for everyone. They were also one of the worst culprits a couple of months ago when they were introducing then withdrawing deals in the same week which quite frankly was disgraceful.
  • Thats the way the mortgage market was at the time. It has calmed down a bit now, and deals should hopefully ce cheaper in the next few months. As a rule your deal would normally start once you have completed on a mortgage, so suzi, yours would have been in march, but its worth checking with your lender. also when you remortgage , look out for company's that will help/pay your legal costs and valuation fee's as this could save you money aswell. Hope this helps
  • Large,

    Wow, its going to be a bit higher then 4.29%!! shame these sort of rates aren't around at the moment.
    3 years you are looking at 5.99% depending on your loan to value. 5 years the lowest at the moment is 6.39%. Both of these include your survey and valuation fees paid by the abbey. If your deal ends in jan, you may want to wait a little longer, especially if you are going to get charged anything to leave your current mortgage. hope this helps
  • lloyds tsb also seemed market hungry and not too bad
  • Anyone know if interest onlys are similar sort of deals at the moment, I'm not renewing mine till March hopefully thing will be a bit better by then.
  • with abbey , we will only lend upto 50% on an interest only mortgage at the moment. eg if your mortgage is 100k we will only put 50k on interest only, the rest will need to go on repayment, but yes the deals would be the same
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  • As a qualified mortgage broker I think I should be able to shed some light on this - esp as cafcbrown only works for the abbey and is self-promoting.

    To answer Suzi - best bet is to check your offer letter that you would have rec'd at the time. cafcbrown is partly right, some mortgage deals run from when you completed on the loan but the majority have a specific date. Ie, a 2yr fixed with C&G launched today may run until 31/07/2010 even if you don't complete until november.

    To answer razil - most lenders treat interest only the same as repayment, although some may limit them to a max loan to value as cafcbrown indicated - more likely 75% (ie, £400,000 value - £300,000 loan)than 50% though.

    always ,always, always take independant advice - check websites & do some homework first.
  • I'm with Golfy here.

    Both of us are "independant" mortgage brokers/consultants/advisers.

    Firstly CAFCBrown- your post may well be well intentioned but could also be thought of as self promoting or spam as i (less subtly as G/A) would call it.........

    My advice for anyone buying anything is-

    1/ take independant advice- be prepared to pay for the advice- and that applies to everything. Most on here wouldn't buy all there electrical goods form one place, let alone our mortgages, which will almost certainly be our biggest ever financial transaction....

    2/ get the independant advice from someone you trust and know- if you don't " trust and know" someone get recommendations from friends/family to someone who fits that catagory.........

    Oh and finally- Interest only- the most important thing isn't who does it up to whatever % loan to value but is it right for you...
  • If you're actively seeking business CAFCBrown, shouldnt you be putting the FSA statement at the end of your post?
  • and d''nt take advice from someone who can't type independent
  • Interest rates will go up......expect to see another hike in inflation when the next figures are released...
  • [cite]Posted By: Irvineaddick[/cite]and d''nt take advice from someone who can't type independent

    or "don't" :-)
  • not sure about inflation, aren't high street sales dropping now?
  • Sound advice from those in the know, but I do think Browny's post was with good intentions guys. Ive often said to Dan it would be good to have a list of people here who can offer deals to fellow lifers
  • Independant Mortgage Brokers will get you a better deal than someone representing One Bank or Building Society though.
  • But as I said it was well intentioned. 5.99 is a very good rate in anybodies books right now, but depends on the conditions, I did a lot of research myself and used an independent in the end.
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  • I used an Independent and was sold a Northern Rock mortgage - and it turned out to be the worst deal I've had in nearly 30 years of having mortgages.

    Due respect to Stanny & Golfie, - but how can we be sure that even Independents act in your best interests - rather than chase the best commission deal for themselves?
  • [cite]Posted By: razil[/cite]not sure about inflation, aren't high street sales dropping now?

    True but the price of oil effects us in so many ways. PLus shops can only absorb so much of a loss..
  • agree, but raising interest rates aint gonna affect the price of oil... all it does is dampen consumer demand, which if already dampening will just push us off a cliff. Oil price inflation should in itself dampen demand anyway, combined with worsening economic conditions, and price of borrowing staying high (regardless of the BoE rate).
  • It was a well intentioned message. I Wasn't trying to sell anybody a mortgage, merely stating that if people want/ need to save money or try to get a better rate to give me a shout. It's not as if we can force anybody to do something they don't want. On the other hand, if you could save even £50 a month, i am sure there would be alot of people interested.

    As for commision based, This is untrue for a bank employee, as we get paid a basic salary.

    No harm intended here guys, if i was seriously scouting for business i would have left my branch, mobile and email on here!!

    Just wish i was on a footballers salary, then mortgages would be the least of my worries!!
  • Razil we're going to go off a cliff anyway so lets get it over with. The only people who want to keep rates low are those who've borrowed or lent recklessly and to be honest that's their lookout.
  • [cite]Posted By: razil[/cite]agree, but raising interest rates aint gonna affect the price of oil... all it does is dampen consumer demand, which if already dampening will just push us off a cliff. Oil price inflation should in itself dampen demand anyway, combined with worsening economic conditions, and price of borrowing staying high (regardless of the BoE rate).

    The next CPI figures are out on the 12th I believe...we'll see.....Normally in the UK, interest rates are roughly 2% higher than infaltion.
  • Our rate offer expires apparently the end of this year, so thats why I was concerned as to when we'd have to remortgage. gonna find our docs at the weekend and check it through. hope it runs till march as it'll be horrible to have to sort it all out before xmas!!

    cheers for advice guys, i may be back on monday with more questions!!!
  • [cite]Posted By: Oggy Red[/cite]I used an Independent and was sold a Northern Rock mortgage - and it turned out to be the worst deal I've had in nearly 30 years of having mortgages.

    Due respect to Stanny & Golfie, - but how can we be sure that even Independents act in your best interests - rather than chase the best commission deal for themselves?

    Because all Independant Brokers are strictly monitored by FSA. If they have been found to mis-sell or select one on commission it is likely they will be heavily fined or indeed have their license to sell revoked. A Broker will tell you what the best deal is from across the whole market not just one bank, final choice is yours at the end of the day though.
  • Did I read that using the inflation calculation method prior to the most recent one, to include house prices etc actually means inflation is lot healthier?
  • [cite]Posted By: razil[/cite]Did I read that using the inflation calculation method prior to the most recent one, to include house prices etc actually means inflation is lot healthier?

    Petrol and diesel are meant to have come down in price too over the last week or so... that'll decrease inflation too, won't it?

    However, the following month will probably go up again, with gas going up 33% and electricity going up also
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