Mortgage and any experts on here.

[casablancas]

So I need help. My rates are climbing and I know I need to do summat about it. I’m just that naive when it comes tho things like this I don’t know what to do for the best. 
anyone in the same position? Gonna go see the geezers are Halifax and see what they say. I’ve tried comparison markets but tbh I have no real clue what half of it means. Any help would be loved. Forever. 

[The Blur]

Find a mortgage advisor, they are worth their weight in gold and are free (they make their money from commissions on mortgages they find for you).   The advisors are usually happy to explain all mumbo jumbo jargon to you as well.   I am happy to DM you the one I used but he is not local (I don't think that matters but others may can advise otherwise)

 

You can search Houses thread for recommendations but I am sure recommendations will be posted here as well.   All the best!

 

 

[Otis]

Agree with the above. If you don't understand it the definitely see an advisor. Some mortgages only available through advisors so they will offer you  a better range. Some may charge you a small fee but they could save you £1000s  depending on your financial situation. 

[casablancas]

6 minutes ago, The Blur said:

Find a mortgage advisor, they are worth their weight in gold and are free (they make their money from commissions on mortgages they find for you).   The advisors are usually happy to explain all mumbo jumbo jargon to you as well.   I am happy to DM you the one I used but he is not local (I don't think that matters but others may can advise otherwise)

 

You can search Houses thread for recommendations but I am sure recommendations will be posted here as well.   All the best!

 

 

Yeah was gonna go down Halifax (lenders) with my wife as soon as we are back from honeymoon. Also need to look into how I get her on it. Feels a bit pissy that every pound gone into this house is mine and just cos we wed well she has rights  

 

rhanks man. 

[Otis]

2 minutes ago, casablancas said:

Yeah was gonna go down Halifax (lenders) with my wife as soon as we are back from honeymoon. Also need to look into how I get her on it. Feels a bit pissy that every pound gone into this house is mine and just cos we wed well she has rights  

 

rhanks man. 

Consider an independent MA.

[The Blur]

7 minutes ago, Otis said:

Consider an independent MA.

 

Yeah that is what I was referring to in my post.  

[Raj]

My cousin is an independent  mortgage advisor.

Drop me a DM and I'll pass on his details @casablancas

[FoxesDeb]

@Costock_Foxknows a fair bit about mortgages I think?

[VLC86]

 

10 hours ago, casablancas said:

So I need help. My rates are climbing and I know I need to do summat about it. I’m just that naive when it comes tho things like this I don’t know what to do for the best. 
anyone in the same position? Gonna go see the geezers are Halifax and see what they say. I’ve tried comparison markets but tbh I have no real clue what half of it means. Any help would be loved. Forever. 

Happy to answer any specific questions. 
 

if any are around what should you do with rates, fix for 2 or 5 at the minute nobody really knows. If you fix for 2 they could go even higher, if you fix for 5 they could go lower so do what is best for you.

[WigstonWanderer]

4 minutes ago, Costock_Fox said:

 

Happy to answer any specific questions. 
 

if any are around what should you do with rates, fix for 2 or 5 at the minute nobody really knows. If you fix for 2 they could go even higher, if you fix for 5 they could go lower so do what is best for you.

No expertise myself, but IMO a great deal depends on risk tolerance and ability to cope with future changes. Is the thought of paying more in the future more threatening than the prospect of losing out on a future reduction in rates?

[Wolfox]

Don’t make the mistake of fretting over what mortgage rates were

 

Look at affordability now and affordability in the future 

 

Also look at your appetite for risk 

 

What can you afford now?  The longer the fix the lower the rate 

 

Are you likely to be earning more soon?  Shorter fix and if it comes down - great, but if it goes up you can manage

Are you in a deal at the moment?  It wasn’t clear 

 

 

 

 

[KrefelderFox666]

Lots of questions about your mortgage situation now etc. I can only advise the same as most on here, go and find an independant mortgage advisor. There are free ones around or you could pay a few £100, depends on your situation. They do get exclusive rates from lenders and can also source the whole market rather than being limited to one lender (e.g. Halifax).

 

They are also very good for your niche cases, which can be very hard to get advice for yourself.

[Bellend Sebastian]

Don't be too put off if a mortgage adviser charges. The 'proc fees' paid to advisers by the lenders aren't always a lot (although it will depend on the size of the loan, amongst other things) and often don't even cover their costs. They might earn more through commission on a protection product (e.g. life and/or critical illness cover) but not everyone takes those, so there's a risk they end up doing the work for next to nothing if they don't charge separately

[ClaphamFox]

My five-year deal ends next June. I can remortgage from January, so I'll see what's on offer then. I'm dreading it, to be honest - it's going to hit us very hard.

 

The day after Russia invaded Ukraine, a neighbour of mine got on the phone to his mortgage broker and arranged to pay off his current deal with an £8k early repayment charge in order to get a new five-year deal at the lowest available rate. He saw what was coming. Smug git. 

[Vlad the Fox]

I switched to a 5 year deal early this year. I am with Halifax. I just rang them to see if they could put me on a better deal which they easily and quickly did without having to find all the paperwork a mortgage broker would need. So it’s worth giving them a ring and asking but check comparison sites etc to make sure any mortgage they offer is comparable.

[RobHawk]

I switched earlier this year and used L&C mortgage brokers. 

 

I knew what I was doing, I'd done the price comparison websites and I knew the best offer I could get but just tried L&C as brokers can get other deals that aren't available. Not only did they get me a better rate, but I also got cashback which effectively wiped out the product fee. 

 

It was really easy to do as well, the guy I spoke too was really good and worked with me to get the better rate as I'd missed off child benefit from my income when filling in their online form which opened up more offers. 

 

Would defo recommend, it was free too. They get paid by the mortgage provider.

[Zear0]

6 minutes ago, RobHawk said:

I switched earlier this year and used L&C mortgage brokers. 

 

I knew what I was doing, I'd done the price comparison websites and I knew the best offer I could get but just tried L&C as brokers can get other deals that aren't available. Not only did they get me a better rate, but I also got cashback which effectively wiped out the product fee. 

 

It was really easy to do as well, the guy I spoke too was really good and worked with me to get the better rate as I'd missed off child benefit from my income when filling in their online form which opened up more offers. 

 

Would defo recommend, it was free too. They get paid by the mortgage provider.

Echo this. I used L&C twice and they were great. 

[VLC86]

2 hours ago, ClaphamFox said:

My five-year deal ends next June. I can remortgage from January, so I'll see what's on offer then. I'm dreading it, to be honest - it's going to hit us very hard.

 

The day after Russia invaded Ukraine, a neighbour of mine got on the phone to his mortgage broker and arranged to pay off his current deal with an £8k early repayment charge in order to get a new five-year deal at the lowest available rate. He saw what was coming. Smug git. 

If you want some certainty, you can fix your deal 6 months before the end of your current one.

[FoyleFox]

15 hours ago, casablancas said:

Yeah was gonna go down Halifax (lenders) with my wife as soon as we are back from honeymoon. Also need to look into how I get her on it. Feels a bit pissy that every pound gone into this house is mine and just cos we wed well she has rights  

 

rhanks man. 

You'll need to apply for a Transfer of Equity to add the wife.

 

She'll have more rights if you add her. Just getting married doesn't necessarily, if you can prove only you funded everything to do with the house.

Edited 10 November 2022 by FoyleFox

[Wolfox]

4 hours ago, ClaphamFox said:

My five-year deal ends next June. I can remortgage from January, so I'll see what's on offer then. I'm dreading it, to be honest - it's going to hit us very hard.

 

The day after Russia invaded Ukraine, a neighbour of mine got on the phone to his mortgage broker and arranged to pay off his current deal with an £8k early repayment charge in order to get a new five-year deal at the lowest available rate. He saw what was coming. Smug git. 

I paid £1.7k to get out my deal a few weeks ago…. I was due to change July ‘23

 

One little look at Trussenomics and I was thoroughly spooked…. I was gutted to get a 3.49% over 7 year deal moving from my 1.89%…. Now I’m cockahoop!

I’m no expert, but then again you didn’t have to be to predict the shit show that would follow 

 

It saved me a fortune…

 

consider this the smuggest post on the thread!

[Wolfox]

2 hours ago, RobHawk said:

I switched earlier this year and used L&C mortgage brokers. 

 

I knew what I was doing, I'd done the price comparison websites and I knew the best offer I could get but just tried L&C as brokers can get other deals that aren't available. Not only did they get me a better rate, but I also got cashback which effectively wiped out the product fee. 

 

It was really easy to do as well, the guy I spoke too was really good and worked with me to get the better rate as I'd missed off child benefit from my income when filling in their online form which opened up more offers. 

 

Would defo recommend, it was free too. They get paid by the mortgage provider.

Yeah…. I’ve used them twice when I couldn’t use my normal guy…. They’re really good

[The Blur]

16 minutes ago, Wolfox said:

Yeah…. I’ve used them twice when I couldn’t use my normal guy…. They’re really good

 

16 hours ago, Otis said:

Agree with the above. If you don't understand it the definitely see an advisor. Some mortgages only available through advisors so they will offer you  a better range. Some may charge you a small fee but they could save you £1000s  depending on your financial situation. 

 

16 hours ago, Otis said:

Consider an independent MA.

 

16 hours ago, The Blur said:

 

Yeah that is what I was referring to in my post.  

 

Apologies, I did not saw your original post when I quoted for your second post.  

[ithuriel]

During the last big downturn I was laid off, went in to see a mortgage advisor at the bank and went to paying interest only until I got back into employment, then went back to paying a part off alongside the interest, now my bank balance is nearly £7000 over my mortgage and I've just got to get around to paying it off.

[RobHawk]

1 hour ago, Wolfox said:

I paid £1.7k to get out my deal a few weeks ago…. I was due to change July ‘23

 

One little look at Trussenomics and I was thoroughly spooked…. I was gutted to get a 3.49% over 7 year deal moving from my 1.89%…. Now I’m cockahoop!

I’m no expert, but then again you didn’t have to be to predict the shit show that would follow 

 

It saved me a fortune…

 

consider this the smuggest post on the thread!

Smug challenge accepted. I've wrote this on the forum at least twice before so promise this is the last of my smugness and I'll never mention it again!

 

But...

 

I could see interest rates were on the rise back end of last year. My fix was up 1st of July this year. 

 

I applied for my fix middle of Feb and got a 10 year fix at 1.83% with the product fee covered by cashback. 

 

I didn't even anticipate Boris leaving and the shitshow that was truss and never imagined what the interest rates on mortgages would be just a few months after my fix kicked in.

 

I literally just foresaw that rates would have to increase post covid and with the war in Ukraine having a big effect too. And at 1.83% for 10 years I was in a great position whatever happened. 

 

Still, panned out way better than I expected.

[Wolfox]

13 minutes ago, RobHawk said:

Smug challenge accepted. I've wrote this on the forum at least twice before so promise this is the last of my smugness and I'll never mention it again!

 

But...

 

I could see interest rates were on the rise back end of last year. My fix was up 1st of July this year. 

 

I applied for my fix middle of Feb and got a 10 year fix at 1.83% with the product fee covered by cashback. 

 

I didn't even anticipate Boris leaving and the shitshow that was truss and never imagined what the interest rates on mortgages would be just a few months after my fix kicked in.

 

I literally just foresaw that rates would have to increase post covid and with the war in Ukraine having a big effect too. And at 1.83% for 10 years I was in a great position whatever happened. 

 

Still, panned out way better than I expected.

That’s amazing…  I suspect you’re very relieved you made that move?!

 

You win the smug off!!!