Re Mortgage shopping?

[Ribenapigeon]

My Mortgage deal ends in february so I need to shop around. Whats the best way? Any tips for getting the best deal? any pitfalls to look out for?

Cheers.

[Diggs]

Sadly, buy a Tardis...
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[Polarbear]

I would certainly go and talk to an expert about it if it was me. It's just manic now in the financial markets.
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[Rob Fzs]

Going to see an advisor tomorrow night about it, kick in the bollocks from 2% to a definite 5%
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Mod 2 Passed 09/06/2011

[P.]

I'm praying it starts going down in 4 years as we magically got ours locked in (at what looked shit at the time but oooh boy) at 2.4

I really REALLY don't fancy anyones chances right now.

[Nobby the Bastard]

I would be looking at the shortest deal you can find so that you aren't locked into 5 or 6% for moe than a year or two in the hopes that it goes down again. Fortunately I'm in a similar position as Paddy.
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[Islander]

[Ribenapigeon]

A quick look at comparison sites seems that two years is as long as lenders are fixing for. Then there's the matter of fees. Im not too worried as I only have 5 years left and the outstanding amount is pretty low so even if rates hit 6% I would only be looking at a few tens of £`s a month extra, but still a deal is a deal and over a couple of years a few quid a month could be sent on bike upgrade

[Rob Fzs]

You'll get a 5 year fix with an advisor, but there's no much in it rate wise
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Mod 2 Passed 09/06/2011

[Ribenapigeon]

Its like gambling but on invisible horses

[stinkwheel]

It's all a big gamble.

Remeber "Normal" interest rates are more like 5-7%. They have been abnormally and outrageously low since the banking crash in 2008.

So you could fix and they may go up and you win the bet or you could fix and they go back down and you lose the bet.

I thinkthe right answer for a lot of people is to fix at what they find is still affordable with a short term deal for now. Then you aren't going to get bummed if there's a real short-term spike in rates.

It may also work out cheaper to go with a deal offered by your current provider, even if it's not the best interest rate because the fees can come to more than you'd save.

Personally, I'm leaving mine to drop to SVR at the moment. I'm in a good position financially just now and I reckon the best thing for me to do is get the whole thing paid off as quickly as possible. I'm in a position to make some significant overpayments and the quicker the capital comes down, the less I'll land up paying overall. If I go for a fixed deal, they usually have a maximum overpayment of 10% which I already ran into before the current rise in rates.

I'm also in a position to be able to take a gamble that rates will drop again. If they go very low again, I'll probably take a fixed deal and stick the overpayments into a savings account ready to dump into the mortgage when that deal is finished. My fixed deal finishes next month and I have about 18 months worth of overpayments in a savings account ready to drop into it.

The way things are going with one thing and another, I'm starting to realise I want to do a whole lot less work and have more time to do things while I'm still able to. I've also realised I don't need a huge amount of money to achieve that. Take the mortgage out of the equation and Mrs stinkwheel and I can live comfortably on a single wage so my main aim for the next few years is to dump as much as possible into the mortgage so we can both drop onto half our current working hours by the time I'm 50.
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[Ribenapigeon]

Im thinking my current provider though more expensive is cheaper in terms of fees and i will rock the overpayment to the max to knock a good bit off the capital. With a bit of luck i could maybe halve the remaining term.

[arry]

[BanditsHigh]

I'd just keep on looking around to see what's coming up, it's all over the place at the moment, but as others have said I wouldn't go for any more than 2 years fixed!

I was lucky in that I decided to try and re-mortgage (for the first time) last year, managed to close the deal in November, while in hospital for heart attacks ... fixed for 5 years at 1.24% ... previously I was on 4.5%.

I'm potentially screwed in another way, my private pension ... I thought fuck it and retired in April this year after kicking the bucket earlier in the year, using my private pension to keep me going ... just as pensions tanked of course... there should be enough to pay the mortgage off, but not enough to get me to pension age ... will see what happens.


Hope things work out for you (and everyone else)

[Ribenapigeon]

Any tips for finding a mortgage advisor?

[BanditsHigh]

Try typing 'Mortgage Advisor' into a search engine

[Ribenapigeon]

[arry]

[Rob Fzs]

just got a 3 year fix of 4.77% off Halifax, not great, not terrible
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Mod 2 Passed 09/06/2011

[Ribenapigeon]

[Rob Fzs]

[stinkwheel]

There are also fixed deals with discounted SVR out there. Best I was offered was SVR -2.15% for 2 years. Currently sat at 4.9% with my broker.

Maybe splits the difference between flxed and SVR? It can go up too but is obviously lower than standard rate. They could also land up truly shooting themselves in the foot if rates go down with this one!
____________________
“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[Ribenapigeon]

[ThunderGuts]

As above, see what your current lender can do; you don't have to mess around with mortgage valuations and the other faff associated with transferring the debt to a different lender.

[Nobby the Bastard]

Normally the lender will ask wether you want the length of the term shortened or the amount paid monthly altered when you make an overpayment.
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trevor saxe-coburg-gotha:"Remember this simple rule - scooters are for men who like to feel the breeze on their huge, flapping cunt lips."
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