Find the Best Mortgage: Article Discussion Area

A question about : Find the Best Mortgage: Article Discussion Area

we have a 65 thous mortgage and are paying off 35thou,we will then be left with a 3o tho mortgage,with 11 yrs left to pay,(due to husbands age)what is our best and possibly cheapest options? my oh has poor credit (the mortgage is in his name)he had the house long before he met me. any advice welcomed as we are unsure what to do for the best:confused: .

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• we have a 65 thous mortgage and are paying off 35thou,we will then be left with a 3o tho mortgage,with 11 yrs left to pay,(due to husbands age)what is our best and possibly cheapest options? my oh has poor credit (the mortgage is in his name)he had the house long before he met me. any advice welcomed as we are unsure what to do for the best:confused: .
• Your first bet would be to contact your existing lender and ask what they can offer you. With a relatively small mortgage you could well find the costs (legal costs, valuation and arrangement fees) of moving to a new lender outweigh the benefits of a lower rate.
  With poor credit rating you may not qualify for the better deals from new lenders, whereas your existing lender won't normally credit check you again.
  One last point, make sure you won't need that 35k to reduce your debt or for rainy day savings as once you've used it to reduce the mortgage you won't be able to get it back.
• My advice is to anyone looking for a mortgage is to start here https://www.moneymadeclear.fsa.gov.uk/home.html and do a totally impartial search of the WHOLE market.(find the link to 'compare mortgages) It will take a while to get the hang of the search methods but from here you get a direct link to the mortgage provider, including all of the offers not available to the brokers. I haven't seen this tip on any of the MSE advice but I'm sure it must be somewhere. If not, it needs to go on as it saved me hours of searching and pounds
• thanx fo all advice,much appreciated.
• Just looking for a bit of advice - we currently have two separate mortgage products with the Woolwich - Ј50 k on Interest only (ISA in place an currently on track) and Ј68K capital and repayment which we added when we last moved. We decided that we didn't want to take the risk of the ISA mortgage with all of the debt, hence the split. Is it wise to do this and when remortgaging with another lender is it likely to cause problems or can the debt be combined together somehow? The tie in expires in October so I want to start shopping around soon.
• Hi bargainquest - I am currently in a similar situation to you but in my experience I think lenders are happy to split between interest only and repayment. I have 60k on a fixed interest only (with endowments maturing over the next 2 years and a likely shortfall to be funded by other investments) and 105k on a tracker which expires in October. I took the tracker out in conjunction with a move to run concurrently with the fixed deal which was an absolute cracker and one I didn't want to surrender (4.25% for 5 years with the Coventry which expires in December , couldn't last forever.) I will be seeking either a fixed or tracker with the same split, probably a tracker to avoid early repayment penalty when the endowments mature.
• Hey Andy i see ytou are now an ex broker what happend did the credit crucnch, crunch. I am still hanging in but if house prices start to slide a lot it could get tricky.
• It certainly crunched! Glad to be out of the job TBH though.
• Hi folks,
  I have removed an earlier mention of another website from this thread, and some posts that followed it to hopefully keep the discussion on the topic of the updated article on Mortgage Advice.
  Thanks
  Dan
• Dan, you've left post 10 in the thread and that still has the spam links in it.
• I understand where Martin Lewis is coming from by teaching anyone to understand mortgages.
  All I can say this is really treading on fine water. Please understand not all products such as fixed or variable are like for like. It is'nt simple as hitting the search engine in moneysupermarket and voila. All I say is the customers must obtain the full quote.
  To be honest, customers should be reading the learning guide from the FSA.
• We have a 130/k mortgage on a new build property valued at 500k, The mortgage is split in to 4 payments as we needed extra funds to compete the house.
  Now it is finished we would like to combine these payments along with some other loans etc bringing the new mortgage to Ј155k.
  I have been self employed for 18 mths and my wife works part time. Any advice which broker would be best to speak too as my existing lender does not want to know as I am 'recetly self empoyed' although I have earnt twice as much beng se as I did when employed. Any advice woud be appreciated
• Through my eyes Martin Lewis is a non qualified/ un regulated advisor who reccommends his products for personla gain.
  1.For example in the section where Martin Lewis lists the Uks Best Brokers he gets paid a commision from them when you go on to his site. This isnt very whole of market.
  2.Everyone listens to his advice which is not supposed to constitute financial advice. Just heard him on radio 1 saying that mortgage brokers cannot advise on direct deals.We can advise on direct deals and this constitutes proper advice, recommending the most suitable product to the client. I have never heard such a lie.
  3. He also stated that no one should purchhase a house at the moment because renting is chepaer. What a silly statement to come out with, no wonder house prices all falling with media/ martin lewis giving unqualified advice.
  These are a few points of many, what you are reading is media for personal gain, his advice is not regulated and can be damaging to yourself never mind the nation if he is making such remarks on radio 1.
• I have always wondered why the UK banks cannot produce a solid 30 year, fixed rate, mortgage without early payment penalties like the financial products being sold in the USA.
  Here in the UK, folks are forced to play Russian Roulette with variable rate mortgages that shoot up in times of trouble.
  Why is it like this?
• 
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• I tried my current lender (Halifax) and all I got was their standard offer (o.1 below variable rate for a Ј1000 fee!). I then tried searching on brokers, but none of the deals could match what was on offewr from HSBC. I will have a lifetime tracker starting at 5.69% for a fee of Ј999 (a fee free 5.99% was available but this was marginally more expensive). So even if you cannot get ratematcher, check out their other deals as they are very competitive. Legals and valuation are free and my remortgage has been smooth as silk.
• Prof Broker .. I don't know which program laed you to register ( got to admit I usually turn over channels when financial journo's - not just ML- come on TV / radio
  Think my thread
  https://forums.moneysavingexpert.com/....html?t=880695 was the first main push to trying to explain that whilst direct deals do exist - some brokers ( like ourselves) do offer a fuller service.
  In ML new artivle- it got a little mention..
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