Mortgage advice please!
- Thread starter mattstav
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Anonymous
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We had 14yrs left when our previous 5yr fixed ended last year. So we fixed for another 5yrs meaning that when that ends, there will be 9yrs left....so another 5yr fixed will take us down to 4yrs.
I want to minimise the number of times I have to worry about it, and dont forget, the savings on a shorter term may not outweigh the fees.
I want to minimise the number of times I have to worry about it, and dont forget, the savings on a shorter term may not outweigh the fees.
I've always gone with trackers (including on my BTL's - which ironically have the lowest of my rates - go figure!)....
This in itself is rather odd as I 'm a little risk adverse due to my career but it's always worked out well/better for me, and all mine are Base + X% for term with no tie-ins or lock-ins so I can change at will (although moving lender would mean I ended up with fees), but with my highest at Base + 1.49% I can't see my switching anytime soon.
I think rates will rise eventually, probably sometime next year but it will be slow as there are some rather scary statistics out there about the number of people who will end up bankrupt or at least in so-called 'mortgage prison' should rates rise much at all.....
This in itself is rather odd as I 'm a little risk adverse due to my career but it's always worked out well/better for me, and all mine are Base + X% for term with no tie-ins or lock-ins so I can change at will (although moving lender would mean I ended up with fees), but with my highest at Base + 1.49% I can't see my switching anytime soon.
I think rates will rise eventually, probably sometime next year but it will be slow as there are some rather scary statistics out there about the number of people who will end up bankrupt or at least in so-called 'mortgage prison' should rates rise much at all.....
Aston Villa up for £200m at the mo - how long would the interview be for this sort of mortgage - I can put 0.0030 % deposit down! about the same ratio as the Glaziers at MUFC!!!!!!!
Best idea is to sell up and move in with parents and then send them on a world tour retirement
Best idea is to sell up and move in with parents and then send them on a world tour retirement
Generic advise is a dangerous thing. What's right for your mate in the pub could be catastrophic for you.
Martin Lewis - no financial qualifications - can give you financial advice without you ever saying a word to him - recommended that you put your savings in Icelandic Banks but didn't mention anything about your money being protected etc etc...
To be fair though, the tosser has got a lot more money than me :?
Martin Lewis - no financial qualifications - can give you financial advice without you ever saying a word to him - recommended that you put your savings in Icelandic Banks but didn't mention anything about your money being protected etc etc...
To be fair though, the tosser has got a lot more money than me :?
oli445 said:
did he really??!Read it for yourself
http://www.insiders-view.co.uk/martin-lewis-money-saving-expert-or-money-grabbing-show-off/00180
A little bit of knowledge is dangerous. I must fall into the "stiffs with suits" columb but I tell it how it is (pros AND cons) in plain English and sleep very well at night
http://www.insiders-view.co.uk/martin-lewis-money-saving-expert-or-money-grabbing-show-off/00180
A little bit of knowledge is dangerous. I must fall into the "stiffs with suits" columb but I tell it how it is (pros AND cons) in plain English and sleep very well at night
Paulwirral
Active member
This exactly , best thing I've ever done . And keep in mind I'm old enough to remember my first mortgage was just under 15per cent interestdalecan said:
I'm happy to say that I delayed my Porsche for a year and paid the o/s balance on my mortgage. 
Been nose to the grindstone to do it in 3 years, but done last month.
It might be daft to tie up the equity, but I could always re-mortgage. Porsche can wait until next spring.
Been nose to the grindstone to do it in 3 years, but done last month.It might be daft to tie up the equity, but I could always re-mortgage. Porsche can wait until next spring.
Why do you need to go into another deal? When my previous mortgage ended we stayed on the standard variable rate and saved quite a bit of money.
Zed Five said:
Wait for a rate rise and then take a deal. I guess it depends on your circumstances and if you can afford more in payments if the rate rises?
We moved house last year and took a new mortgage. The most important factor for me was the value of the mortgage after the deal ends. Some of the best looking deals in terms of APR and upfront fees were actually the worst over the 3 or 5 year period. Why?
I wanted to look at what my payments over the period of the deal were going towards, how much was interest and how much was capital re-payment. In the end I opted for a deal that cleared the most capital over the period of the deal. I will clear my mortgage when my deal ends so I want to make sure that my payments have been towards capital and not interest.
Don't know if this helps or not, but it works for me. Good luck what ever way you choose, but get some professional advice
I wanted to look at what my payments over the period of the deal were going towards, how much was interest and how much was capital re-payment. In the end I opted for a deal that cleared the most capital over the period of the deal. I will clear my mortgage when my deal ends so I want to make sure that my payments have been towards capital and not interest.
Don't know if this helps or not, but it works for me. Good luck what ever way you choose, but get some professional advice
I've been looking at a first direct offset. I've got some savings and the current savings rate is worse than the mortgage so essentially I get a better rate on my savings and they are still there if I need to call on them as opposed to paying a lump off the mortgage