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MORTGAGES

#1
Help! About to buy my first house and don't really want to use a financial advisor. Can anyone out there reccommend a good mortgage provider. Am looking for a good fixed rate mortgage for two years with the option to overpay in that period as well. Any ideas?
 
#3
Mine's though C&G.

Good, fixed rate for 2 years, but not sure about over payment (i'm never gonna have that kind of cash!)

Good luck :)
 
#4
We're with Alliance and Leicester who are very good, just re-mortgaged with them after our 2 year fixed rate came to an end. There'a a magazine called 'What Mortgage?' (yes it is pretty dull!) but lists all the current products from a large majority of providers as well as giving much good advice. Also, you could try www.moneysupermarket.com which compares products and for some truly sage and independant advice, go to Martin Lewis's website - www.moneysavingexpert.com. Good luck, it is a mire out there!
 
#5
Sometimes a financial advisor can be the best route, most, if not all are paid by the company you take the mortgage with. They can give you some sound advice and as you wish the ability to over pay then you might find it more profitable to stick that money in an ISA or mini ISA until it comes to the end of your fixed rate term(2 years) then wack a lump off your next mortgage. I've always used financial advisors, purely because they fill out all the relevent forms on your behalf and they are always willing to bend over backwards to accomodate you. As it's your first property then they can also point you in the right direction with regards to building insurance, contents insurance etc, etc.
 
#6
Well said devilish, currently buying my first house as buy to let, looked around on my own, ended up being a real ball ache, turns out my cousins farther in law is an advisor, its taken just under 5 weeks to sign it over. So much easier and less hassle.
 
#7
I was a first time buyer with a 100% mortgage, best rate was with Coventry... but I would also recommend using an advisor. Ours was linked to an high street Estate Agent (that we didn't use), gave us full support and managed everything for us without it costing us a penny extra.

A lot of these guys actually negotiate discounts with mortgage lenders, so you can actually save a few quid by going through them.
 
#9
I've just got a 2 year fixed at 4.22% with Newcastle Building Society.
It's (after hours of research) a bloody good deal.
But it's still painful as My 3.59% deal is just ending.

TTFN

BFG
 
#10
Plenty of good deals out there at the minute while money is still on the cheap side.

Worth shopping around and maybe even using a reputable broker, he after all can scout all available products rather than being blinded by one man from on ebank with one product.

It may have finished now but Skipton Building society were doing a 2/3 yr fixed at 4.29%
 
#11
I might be wrong on this one, but I have been looking as well and the only Flexible repayment (overpayment) mortgages seem to be variable rate. I am still looking though! Good luck anyway mate, let us know if you find a good one!
 
#12
Guys,

thanks very much for all your help and advice, you're right it is an absolute maze out there! Alliance and Leicester is looking good at the moment. Fixed rate of 4.24% for two years with the option to overpay by up to £500 a month with no penalty. APR for comparison is 5.6%. They also have an excellent current account called Premier Plus that pays you 5.5%, not bad when you're lucky if you get 0.5% with most high street banks!

Still shopping around though so any further advice or help much appreciated!

SONIC
 
G

GingeG

Guest
#13
C& G all the way fella

I just got a fixed rate for 4.39 for 3 years.

You can overpay and even a pound a month helps. And they turned round interview to offer in record time!
 
#14
Ginge is right, (an unusual occurance :D)the C&G (lloyds) used to be impossible to get on, cacky rates and lousy customer services.

In recent times they have become one of the market leaders, and as an IFA they are a pleasure to deal with......... Just a shame thier comissions Proc fees are pants :D
 
#15
This is amazing, not ten minutes ago I was having a rant to my wife about a certain financial institution. We are just about to buy a house too, and I was saying how they would not get my business as long as I have a hole in my arrse; what's more, I'm going upstairs to tell everyone on the arrse website why not.

DO NOT USE ABBEY!

They are a bunch of tossers who will be the first up against the wall come the day of the revolution. Tried to get a loan from them in Germany to buy a new car a couple of years ago, and 3 days before car was due, they fcuked me off but declined to say why. I rang them and asked what credit reference agency they used, and the woman on the other end of the phone eventually admitted it had nothing to do with my credit rating, it was because I had a BFPO address.

I wrote to their customer services people to complain (with a copy of my blemish free credit rating attached), pointing out that because they had left me high and dry at such short notice, I was forced to take out a loan with a much higher APR. They sent a snotty letter back refusing to confirm the reason why I was refused, and said that they never revealed the parameters they used for security purposes.

The irony is that Abbey had an office in the very camp in Germany where I was stationed, which would happily have taken my money if I wanted to open a savings account. I went to see them (in uniform) to ask if they would give me a loan, and they said they didn't do loans in their German offices. Ranting about it a few days later to the wife of an RMP Major, she told me that the same office had offered her husband a loan, even though he hadn't asked for one. Apparently, an Int Corps WO is not considered a safe risk, whereas an RMP Officer is. Thank you, Abbey, you miserable shysters. The interest payments on the mortgage I am about to take out will run into hundreds of thousand of pounds over 25 years, but you won't see one penny of it because you're a bunch of shitty bastids who don't give a monkeys about Britain;s Armed Forces. If I ever got called to some lost corner of the empire to quell unrest, and there was an Abbey office there, I'd help them burn it.

God I feel great now, thank you for listening.
 
#16
Phew...you did need to get that off your chest.......hope you feel better for that :)

In my experience, and it has been mentioned previously, an independant advisor comes in two guises, truly independant and one by name only.
The latter taking a commision from the product directly.

I have a financial advisor that is truly independant and does home visits to the north of england, if any one is interested then please PM me, his advice is FREE.
(he has been my advisor for over 12 years)
 
#17
When taking out a mortgage also consider if your provider offers existing borrowers the same deals as new borrowers - if not it will mean when your introductory deal runs out you'll either have to go through the hassle / cost of remortgaging with another lender or accept the fact you are not getting the most competitive deal.

When I remortgaged a couple of years ago Abbey didn't offer the same deals to existing lenders whereas Coventry BS did.
 
#20
"How about independent advice - Charcol? Bradford & Bingley also seem good. Not had any personal experience but they seem to be well-liked/respected. "


Im not sure they still do so but Charcol used to charge between 1/2 and 1% as a brokerage fee. If you use and advisor of any sort odds are they will get a procuration fee. Personally I only take the proc fee and never ask a client for anything more.

For and inside track you could go to www.moneyfacts.co.uk its a tool I use sometimes if I cant get to my bespoke software.

If anyone on here wants shortish list of the top five or so products in the different areas ie fixed, discounted etc etc, I can list them. NO Fee, no charge and No catch.

One of the things that pee's me of as an advisor is that some of the building societies have lower rates for those customers that walk into the branch. so if you have been recommend a product with the like of alliance and leicester and nationwide, you might want to check with a local branch to see if they have a similar product but with a slightly lower rate.

Mortgages are a minefield. So dont rush into a product, Remember sometimes the product with the lowest Headline Rate doesnt work out to be the cheapest!

If anyone one wants a second opinion on a product theve been offered I can do that and point out any discrepancies which you can then go and point out to your advisor or lender. Again NO charge no fee no obligation. Just an offer of some help.
 

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