Mortgage and any experts on here.

[yorkie1999]

19 hours 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!

 

 

Apart from all the ones that advised home buyers to take on endowment mortgages in the 90's!

[FLAN]

9 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.

Second this. Used a few times. They’ve even advised me to stay with existing lender which generates them nothing in commission 

[FoyleFox]

7 hours 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.

 

6 hours ago, Wolfox said:

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

 

You win the smug off!!!

Our lender wouldn't port our mortgage when we moved last year, due to my being furloughed. Readjusted the new house budget and paid the rest off. No mortgage at all. 

 

Gutted at the time. Smug now!

[Guest Lako42]

8 hours 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.

I got 1.2% for 5 years in January this year. 

 

Had been on 2.99% so actually I'm paying a fair chunk less never mind being on a decent deal. 

 

Was also with existing lender so no paperwork just switched overnight. 

[Guest Lako42]

More helpful post.... 

 

L&c were excellent when we got our 1st mortgage, give them a call at the very least. 

[casablancas]

21 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.

This is great info. I just have no clue unlike yourself   😝

[Sol thewall Bamba]

17 hours 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.

Ouch! 

[casablancas]

On 10/11/2022 at 11:47, 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.

I’m a fool at this sorta stuff. But what’s does loan to value mean? If it helps my hoodie price ranges from 240k to around 266k but I’ve absolutely no idea what it means. I’ve had a quick Google and such. 

[FoyleFox]

14 minutes ago, casablancas said:

I’m a fool at this sorta stuff. But what’s does loan to value mean? If it helps my hoodie price ranges from 240k to around 266k but I’ve absolutely no idea what it means. I’ve had a quick Google and such. 

Loan to value (LTV) is the amount of your loan against the value of your property. So, if your house was worth say £100k and your mortgage was £75k, your LTV is 75%. The £25k is your equity.

 

Often, lenders will offer better interest rates on mortgage products if you have a lower LTV.

 

[casablancas]

2 minutes ago, FoyleFox said:

Loan to value (LTV) is the amount of your loan against the value of your property. So, if your house was worth say £100k and your mortgage was £75k, your LTV is 75%. The £25k is your equity.

 

Often, lenders will offer better interest rates on mortgage products if you have a lower LTV.

 

I keep coming up with different figures haha. Thanks bro

[FoyleFox]

1 minute ago, casablancas said:

I keep coming up with different figures haha. Thanks bro

Try this for help  https://www.landc.co.uk/calculators/loan-to-value/

 

[The Blur]

On 10/11/2022 at 16:10, 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.

 

What is the termination fee for your mortgage if you want to move out of interest?