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Title: Mortgages Post by: anthonyl on May 12, 2012, 07:08:37 PM Good / bad experiences anyone? Time length from house offering being accepted to completion??
Got a mortgage agreed in principle, but obviously need to get the best offer, was wondering what people's experiences have been like recently. I have looked at HSBC and Santander (2nd had ridic high rates so won't even consider them now). Thanks ! Title: Re: Mortgages Post by: Graham C on May 13, 2012, 12:03:30 AM When I got a mortgage many years ago, we got an independent financial advisor to work out our mortgages. You don't may them, they get a kick back from the mortgage company you end up with. Ours we knew anyway and he has a wide range of banks and building societies on his books. It saved a lot of arseache for me, he did all the work and I signed a few forms.
It's a minefield, especially if you don't know what you are doing. Title: Re: Mortgages Post by: Waz1892 on May 13, 2012, 11:29:52 PM Good / bad experiences anyone? Time length from house offering being accepted to completion?? Got a mortgage agreed in principle, but obviously need to get the best offer, was wondering what people's experiences have been like recently. I have looked at HSBC and Santander (2nd had ridic high rates so won't even consider them now). Thanks ! going thru all this now as it happens. my Fin Adv is great and got me a good enough deal i think with HSBC. Happy to put his name if u require assistance? I was Natwest who refused to match the rate I got, I've been with Natwest for morg for over 10yrs, banking with them for 20yrs, have savings too, insurance etc....not impressed. We had offer accepted on 26th Apr, and we think we're around 4-6 weeks from moving. Our "chain" is lowest it can get...our buyers are first time...our new house owners are moving to a new build. patience is crucial!....oh and estate agents are useless! Title: Re: Mortgages Post by: ScottMGee on May 14, 2012, 07:51:41 PM Speak to an independent financial adviser!
Make sure that they offer you a fee option (direct deals which don't pay commission are generally cheaper at the moment). An IFA will probably save you a couple of grand in costs and ensure you get competitive life assurance, etc. Title: Re: Mortgages Post by: Lamm on May 15, 2012, 03:14:40 PM Speak to an independent financial adviser! Make sure that they offer you a fee option (direct deals which don't pay commission are generally cheaper at the moment). An IFA will probably save you a couple of grand in costs and ensure you get competitive life assurance, etc. This! I work for a Family firm of Independent Financial Advisors. By all means if you need any help just PM me.. I dont wanna break any rules by posting links. I would say though that using an Independent Broker is the way forward. We are totally Independant and can use "WHOLE OF MARKET". Most Estate Agents are tied to a panel of 5-6 lenders only. (Although they do say they are Independant) Title: Re: Mortgages Post by: pokerfan on May 15, 2012, 03:49:39 PM With so much free info on the web do we really need ifas these days ?
Title: Re: Mortgages Post by: ScottMGee on May 15, 2012, 08:05:59 PM Quote With so much free info on the web do we really need ifas these days ? Information is one thing wisdom is another. A good IFA will a) make sure everythings in order (life cover, pensions, mortgage, investments) b) make sure you get a good deal on everything c) keep you on track d) stop you making expensive investor mistakes Title: Re: Mortgages Post by: outragous76 on May 15, 2012, 09:31:24 PM With so much free info on the web do we really need ifas these days ? they get paid on commision so why not? Title: Re: Mortgages Post by: sovietsong on May 15, 2012, 10:01:26 PM Speak to an independent financial adviser! Make sure that they offer you a fee option (direct deals which don't pay commission are generally cheaper at the moment). An IFA will probably save you a couple of grand in costs and ensure you get competitive life assurance, etc. This! I work for a Family firm of Independent Financial Advisors. By all means if you need any help just PM me.. I dont wanna break any rules by posting links. I would say though that using an Independent Broker is the way forward. We are totally Independant and can use "WHOLE OF MARKET". Most Estate Agents are tied to a panel of 5-6 lenders only. (Although they do say they are Independant) What about the companies that wont use intermediaries or the banks that dual price? Don't get me wrong IFAs are great, for a mortgage I would shop around yourself. Title: Re: Mortgages Post by: ScottMGee on May 15, 2012, 10:11:22 PM Quote for a mortgage I would shop around yourself. For a fee (possibly offset by commission) the IFA will a) explain your options b) ensure that you get the right mortgage for your circumstances (this does not necessarily mean the cheapest deal) c) get a great deal from the 'right' mortgages for you d) save you a whole load of 'shopping around' e) give you peace of mind that you got the right deal for you f) help complete paperwork, certify copy documents, etc. g) sort out the life cover, etc. Why bother doing it yourself? yes you might save the IFA's fee but you also might miss out on the right mortgage costing you a couple of grand. Title: Re: Mortgages Post by: sovietsong on May 15, 2012, 11:41:40 PM I was a mortgage advisor so don't see it as being that complicated. Understand what you are saying but it doesn't take much to figure out what type of mortgage you want then find the cheapest. Prob takes about 10 mins with price comparrison sites these days.
Title: Re: Mortgages Post by: ScottMGee on May 16, 2012, 12:04:52 AM Quote I was a mortgage advisor so don't see it as being that complicated. Understand what you are saying but it doesn't take much to figure out what type of mortgage you want then find the cheapest. Prob takes about 10 mins with price comparrison sites these days. One of the problems is whats the cheapest? Are you talking initial costs, monthly payments, APR, total cost over X years? How many years do you want a deal over? Fixed Rate v Variable Rate What rate do you drop onto when the deal period ends? Will X company lend on my property, LTV, salary? Does the price comparison site really have all the deals on it? Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 12:56:35 AM Quote I was a mortgage advisor so don't see it as being that complicated. Understand what you are saying but it doesn't take much to figure out what type of mortgage you want then find the cheapest. Prob takes about 10 mins with price comparrison sites these days. One of the problems is whats the cheapest? Are you talking initial costs, monthly payments, APR, total cost over X years? most people remortgage every 2/3 yrs so cheapest over this period How many years do you want a deal over? 2 or 3 years unless you have financial commitments, young family and are opting for a 5 yr fixed so you can budget Fixed Rate v Variable Rate how much would a rate rise impact you? Are you happy to take a risk for the potential to pay less or do you like the stability of knowing what you will pay for the next 2/3/5 yrs? What rate do you drop onto when the deal period ends? standard variable rate, at which point you remortgage Will X company lend on my property, LTV, salary? find the best deal and ring them, if your income is low or you are buying a non standard property it may be more complicated but not that much more Does the price comparison site really have all the deals on it? do IFAs have access to the whole market? Do they have access to every deal? Do IFAs get paid different commission depending on the provider? Do they have a preference due to a good sales rep that takes them out to dinner now and again? Title: Re: Mortgages Post by: Lamm on May 16, 2012, 11:25:16 AM I was a mortgage advisor so don't see it as being that complicated. Understand what you are saying but it doesn't take much to figure out what type of mortgage you want then find the cheapest. Prob takes about 10 mins with price comparrison sites these days. Yeah obviously if you were a mortgage advisor its not going to be complicated for you. But for alot of people mortgages can be daunting. If you have a loan to value of 30% earn £50k and have no credit problems then you will have the pick of the market. But not everyone is in this situation. "Do IFAs have access to the whole market?" Yes. IFAs if they are "WHOLE OF MARKET" have access to all lenders and schemes "Do they have access to every deal?" Yes every deal. "Do IFAs get paid different commission depending on the provider?" Yes. Normally range from 0.3% of loan amount to 0.35% usually for prime products. Back in the day when adverse credit lending was available then brokers could get paid anything up to 2%. Not anymore tho. "Do they have a preference due to a good sales rep that takes them out to dinner now and again?" I WISH! HAHA Title: Re: Mortgages Post by: anthonyl on May 16, 2012, 07:15:21 PM seems like IFA's would not be worth it for me, I have a good salary, a fairly decent amount of savings and perfect credit history.
thanks for all your responses, been very helpful! Title: Re: Mortgages Post by: EvilPie on May 16, 2012, 08:30:21 PM Whole thread just a precursor for a massive brag.
Title: Re: Mortgages Post by: pokerfan on May 16, 2012, 08:42:32 PM With so much free info on the web do we really need ifas these days ? they get paid on commision so why not? A fee would be better surely ? Would think they just stick you on the best commission payer for them. When I got mine the ifa guy couldn't beat the deal I found myself. Title: Re: Mortgages Post by: ScottMGee on May 16, 2012, 09:34:44 PM Quote Yeah obviously if you were a mortgage advisor its not going to be complicated for you. But for alot of people mortgages can be daunting. If you have a loan to value of 30% earn £50k and have no credit problems then you will have the pick of the market. But not everyone is in this situation. "Do IFAs have access to the whole market?" Yes. IFAs if they are "WHOLE OF MARKET" have access to all lenders and schemes "Do they have access to every deal?" Yes every deal. "Do IFAs get paid different commission depending on the provider?" Yes. Normally range from 0.3% of loan amount to 0.35% usually for prime products. Back in the day when adverse credit lending was available then brokers could get paid anything up to 2%. Not anymore tho. "Do they have a preference due to a good sales rep that takes them out to dinner now and again?" I WISH! HAHA +1 Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 09:49:38 PM IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission.
Title: Re: Mortgages Post by: ScottMGee on May 16, 2012, 10:00:30 PM Quote IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission The mortgage sourcing software systems IFAs use have access to something like 3,500 mortgage deals including direct only deals such as HSBC and First Direct. The direct only deals do not pay IFAs commission, however IFAs do them recommended them to clients all the time for the following reasons: - a) they are at times the best deal for the client b) looking after the client for the long term is more important than the commission on a one off mortgage c) the client might be paying a fee anyway d) even if the IFA doesn't earn on the mortgage they may earn from selling life assurance, etc e) Good IFAs advise NOT sell products Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:07:01 PM Quote IFAs can't sell HSBC products, they don't have access to the WHOLE MARKET as some providers won't use them or pay them commission The mortgage sourcing software systems IFAs use have access to something like 3,500 mortgage deals including direct only deals such as HSBC and First Direct. The direct only deals do not pay IFAs commission, however IFAs do them recommended them to clients all the time for the following reasons: - a) they are at times the best deal for the client b) looking after the client for the long term is more important than the commission on a one off mortgage c) the client might be paying a fee anyway d) even if the IFA doesn't earn on the mortgage they may earn from selling life assurance, etc e) Good IFAs advise NOT sell products sounds incred. Title: Re: Mortgages Post by: vegaslover on May 16, 2012, 10:15:03 PM Whole thread just a precursor for a massive brag. What says ^^^^^ IMO IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays. When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:19:09 PM Whole thread just a precursor for a massive brag. What says ^^^^^ IMO IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays. When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET. Title: Re: Mortgages Post by: ScottMGee on May 16, 2012, 10:23:15 PM http://www.thisismoney.co.uk/money/cardsloans/article-1605870/Is-it-worth-consulting-an-IFA.html (http://www.thisismoney.co.uk/money/cardsloans/article-1605870/Is-it-worth-consulting-an-IFA.html)
Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:24:40 PM http://www.lovemoney.com/news/savings-investments-pensions/investments/14172/the-ifas-that-rip-you-off
Title: Re: Mortgages Post by: Woodsey on May 16, 2012, 10:35:01 PM I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense :D
Title: Re: Mortgages Post by: vegaslover on May 16, 2012, 10:40:24 PM Whole thread just a precursor for a massive brag. What says ^^^^^ IMO IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays. When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET. I have always found a far better deal sorting it out myself Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:46:44 PM I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense :D what are you trying to say? i googled ifa's rip off and copy & pasted first link. is the article good? fully expecting to see godwins law show up soon... Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:47:39 PM Whole thread just a precursor for a massive brag. What says ^^^^^ IMO IFA's are a waste of money for anybody with a basic intellect imo, sooooo easy to find the best deals for yourself nowadays. When I got my first mortgage years ago I saw an IFA then went to the same company direct and got a much better deal..lols nope your wrong, the IFAs practically work for free, give amazing advice and they have access to the WHOLE MARKET. I have always found a far better deal sorting it out myself I was being sarcastic, sorry. Should have put a smiley on so you knew :) Title: Re: Mortgages Post by: Woodsey on May 16, 2012, 10:48:49 PM I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense :D what are you trying to say? i googled ifa's rip off and copy & pasted first link. is the article good? fully expecting to see godwins law show up soon... Didn't read either mate tbh and I don't care either way, just making the general point about people being able to google whatever angle they want to find. ;) Title: Re: Mortgages Post by: sovietsong on May 16, 2012, 10:50:30 PM I do love it when people start googling, you can find pretty much anything you want these days to support whatever side of the argument your on, even if its nonsense :D what are you trying to say? i googled ifa's rip off and copy & pasted first link. is the article good? fully expecting to see godwins law show up soon... Didn't read either mate tbh and I don't care either way, just making the general point about people googling whatever angle they want to find. ;) well stop it, i want people to think i just came across the article... when really I was reading the article below and had to google the other one... http://thedabbler.co.uk/2011/05/blogmanship-how-to-win-arguments-on-the-internet-without-really-knowing-what-you-are-talking-about/ |