Magic Boot

I'm fast approaching 5 years since taking out my current mortgage which, as it was a 1st time buyers discounted type, has a 5 year lock in. Wanting the best deal i'm obviously going to check out other Mortgage providers and move accordingly.

My questions are;

1) Anybody recently moved providers and got a good deal? I've only got approx. £30k mortgaged.

2) Can you mortgage more and use for other things, i.e. car, wedding etc.? Both are on the cards and £10k would do nicely.

Any advice is much appreciated.

Cheers,

Phil Hammond

Just moved my mortgage to Abbey National
2yr discount rate 4.09% - no fees at all
no tie-in period after the 2 years
too good to be true!

Yes you can increase your mortgage loan if you want - up to X% of the value of the property though - the mortgage still needs to be covered by the value of the property

Magic Boot

Phil,

Thanks for the reply. Property value is £140k so £10k extra on mortgage shouldn't pose a problem. Might even go £20k.

Regards,
Chris

what would scooby do

I switched from abbey to standard life, raised a deposit to buy a second house. Also switched from endowment to repayment and took it over less years.

I used Just Mortgages as a mortgage broker

Magic Boot

Just done a little research and Halifax & Alliance & Leicester seem to be offering good deals - 2 year discount periods, no fees etc.

Seems fairly simple to swap provider, just inform them who your currently with and they will do the rest. However, at what point do you mention that you wish to receive a cheque for £20k from them and to "stick it on my tab"

Using one of the mortgage calculators, if i did up my current mortgage by £20k to fund new car & wedding, the monthly payments are still very very reasonable.

Looking good.

what would scooby do

Indeed - just tell them you want to release some of your equity - nothing to it, people do it all the time and mortgage companies are more than happy (they would be wouldn't they)

Dave P

Just switched to a Barclays offset. I reckon it will work for me. No discount but your savings work in your favour at 4.75% gross.

This first month coz I have effectively saved £42 and cut over a year off my term if I were to maintain savings at current levels.

My current account offsets and I can have upto 12 other accounts offset.

Dave

3times

There are more mortgage products around than you could possibly dream of (I have access to over 4000).

Best bet is to find a mortgage broker that will do the hard work for you. Most good ones will get paid a fee (normally %age of loan) for introducing the business. Some will charge a fee on top others may not but as your loan is quite small they probably will.

You may feel that there is no need to pay when you can do it yourself but you do not have the knowledge or possibily time to access all the possible scenarios.

Also IFA's/Mortgage Brokers sometimes have access to deals that general public do not.

Whatever route you take, good luck.

fast bloke

Mr Boot - You got an e-mail addy? I am (among other things) an independent mortgage broker. We get acces to 'exclusives' which you can't. I don't charge fees as the lenders pay me a comission anyway, but if you post your e-mail I'll get in touch for some details. If your best deal is an exclusive I can arrange it, but if it is open to Joe Public I'll let you know what it is and how you should apply.

Magic Boot

Fastbloke YHM. Thankyou.

I'm having problems sending e-mail to your hotmail account. Please contact me at work, asher-andell@btclick.com to discuss.

Thanks again,
Chris.


[Edited by Magic Boot - 1/14/2003 9:17:54 AM]

Magic Boot

bttt

Magic Boot

Back up for fastbloke.

e-mail - asher-andell@btclick.com OR scooby@impreza555.freeserve.co.uk

Thanks.

[Edited by Magic Boot - 1/14/2003 1:36:56 PM]