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Mortgages
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Topic: Mortgages (Read 4499 times)
anthonyl
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Mortgages
«
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 !
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Graham C
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Re: Mortgages
«
Reply #1 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.
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Waz1892
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Re: Mortgages
«
Reply #2 on:
May 13, 2012, 11:29:52 PM »
Quote from: 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 !
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!
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ScottMGee
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Re: Mortgages
«
Reply #3 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.
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Lamm
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Re: Mortgages
«
Reply #4 on:
May 15, 2012, 03:14:40 PM »
Quote from: 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.
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)
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pokerfan
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Re: Mortgages
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Reply #5 on:
May 15, 2012, 03:49:39 PM »
With so much free info on the web do we really need ifas these days ?
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ScottMGee
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Re: Mortgages
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Reply #6 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
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outragous76
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Re: Mortgages
«
Reply #7 on:
May 15, 2012, 09:31:24 PM »
Quote from: pokerfan on May 15, 2012, 03:49:39 PM
With so much free info on the web do we really need ifas these days ?
they get paid on commision so why not?
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sovietsong
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Re: Mortgages
«
Reply #8 on:
May 15, 2012, 10:01:26 PM »
Quote from: Lamm on May 15, 2012, 03:14:40 PM
Quote from: 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.
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.
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ScottMGee
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Re: Mortgages
«
Reply #9 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.
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sovietsong
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Re: Mortgages
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Reply #10 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.
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In the category of Funniest Poster I nominate sovietsong. - mantis 21/12/2012
ScottMGee
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Re: Mortgages
«
Reply #11 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?
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sovietsong
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Re: Mortgages
«
Reply #12 on:
May 16, 2012, 12:56:35 AM »
Quote from: 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?
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?
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Lamm
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Re: Mortgages
«
Reply #13 on:
May 16, 2012, 11:25:16 AM »
Quote from: 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.
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
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anthonyl
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Re: Mortgages
«
Reply #14 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!
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