Recaro

I'v just started a decent job and I've seen a property I like.

I know i can get the mortgage easy enough (only a 1 bed flat, but quite big) and I've been doing some quotes on the net with different companys (Northern rock, nationwide, etc).

But I really dont understand what half the terms mean, (capped, stepped, lenders fee, etc)

Anyone recommend a site, book, magazine, etc that will explain what everything means??

Its so confusing!

Cheers

lightning101

http://www.northernrock.co.uk/html/m..._explained.asp


will give you most of the terminology.

davegtt

go speak to a financial advisor for an hour.... take things in then read the net and it should make more sence

Senior_AP

Get a mortgage and re-mortgage every 2 years. Its like "free money".


On a serious note - good luck mate. I to am looking into the housing market. Got a nice amount of cash in shares inherited by a very close friend for a big deposit. Should see me good.

Would recommend speaking to a financial advisor, people on here will just say what's best for them - might not be best for you......

mrklaw

I've just remortgaged with a discount, but my friend is thinking of doing the same (current discount ending soon) - whats the general recommendation?

He was thinking of fixed, but I went for discount as I didn't think the overpayments of a fixed would pay for themselves over a 2 year period?

Chip

I would never deal with Northern Rock again. Quick enough to lend you the money but their after service is absolutely ****e.

Chip.

Recaro

really. this is the sort of thing i need. is there any websites that tell you info like this?

I bank with nationwide, so will try them first.

ChrisB

Indeed - my Mum works in a solictors and they hate having to chase NR. They seem to get stuck on eternal hold trying to chase things up.

Gymbal

[www.fool.co.uk] are educational in allsorts of ways. And cheapest (quotes)

Not sure if clickys will work

Recaro

www.fool.co.uk

will have a look

what would scooby do

www.thisismoney.co.uk has some useful advice..

AVOID Northern Rock like the plague - they are a bunch of cockbadgers

New To Scoob

Another thing worth noting, go to 2 or 3 different FA's, we used two different ones for our present mortgage, the first basically wanted to deal with Virgin only (not too bad though) the second done a search for us and got us a deal with Dunfermline which was £95 cheaper IIRC.
Some of the discount deals tie you for longer than the discount so be aware, e.g. 2 years discount of X% but tied for 5 years at X.XX % minimum or redemption payments must be made.

John.