Gemmill 47102 Posted January 11, 2007 Share Posted January 11, 2007 Do the Bank of England want to fuck off or what? My frigging mortgage payments are going up all the bloody time. C-words, the lot of them! Have got an appointment at the bank on Monday though to try and sort a better deal. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 Just got a tracker. The twats. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 Also, if people didn't keep on paying ridiculous amounts for new houses this wouldn't happen. The twats. Link to comment Share on other sites More sharing options...
Smooth Operator 10 Posted January 11, 2007 Share Posted January 11, 2007 I'm on a 2 year fixed rate til April so will be shopping around then, don't understand mortgages very much, I know if the rate goes down you'll save a few quid obviously but why not go for the security of a fixed monthly payment? Link to comment Share on other sites More sharing options...
Gemmill 47102 Posted January 11, 2007 Author Share Posted January 11, 2007 Might do that this time Smooth. Depending on what sort of rate I can get. I thought their last rate increase was supposed to be the last one. Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 I'm on a 2 year fixed rate til April so will be shopping around then, don't understand mortgages very much, I know if the rate goes down you'll save a few quid obviously but why not go for the security of a fixed monthly payment? Just choose the one your lass says to take Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted January 11, 2007 Share Posted January 11, 2007 I'm on a 2 year fixed rate til April so will be shopping around then, don't understand mortgages very much, I know if the rate goes down you'll save a few quid obviously but why not go for the security of a fixed monthly payment? Just choose the one your lass says to take And then knock the arse out of the mortgage advisor. Link to comment Share on other sites More sharing options...
catmag 337 Posted January 11, 2007 Share Posted January 11, 2007 Might do that this time Smooth. Depending on what sort of rate I can get. I thought their last rate increase was supposed to be the last one. You can get some canny decent capped rate deals aswell. You just need to properly look around, or let an independent advisor look for you. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 I'm on a 2 year fixed rate til April so will be shopping around then, don't understand mortgages very much, I know if the rate goes down you'll save a few quid obviously but why not go for the security of a fixed monthly payment? Basically you tend to pay more on a fixed. The interest rates going up won't affect me that much, I'll probably end up paying what I would have on a fixed. I expect they will come down again shortly, when I'll save money. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 Might do that this time Smooth. Depending on what sort of rate I can get. I thought their last rate increase was supposed to be the last one. You can get some canny decent capped rate deals aswell. You just need to properly look around, or let an independent advisor look for you. I can never find anything cheaper than Northern Rock. They have shit customer service though. Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 I know a canny good financial advisor. He does all the work and gets his fee off the company rather than me and wor lass. Shops around to find the best rate so long as those companies have no fees to either move to them or to get out of the mortgage after the fixed rate term is finished. Saved me a fair bit of money (and hassle). Gets in touch to arrange a new deal once the fixed rate period is up. Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 I know a canny good financial advisor. He does all the work and gets his fee off the company rather than me and wor lass. Shops around to find the best rate so long as those companies have no fees to either move to them or to get out of the mortgage after the fixed rate term is finished. Saved me a fair bit of money (and hassle). Gets in touch to arrange a new deal once the fixed rate period is up. Arent you then at the mercy of what deal the banks offer him as payment? Surely as a business if he can make an extra £100 from bank1 who have a higher interest rate than Bank2 then hes going to take it? Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 I took the advice of an independant advisor for my first mortgage and got an endowment. What shit advice that turned out to be. Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 I know a canny good financial advisor. He does all the work and gets his fee off the company rather than me and wor lass. Shops around to find the best rate so long as those companies have no fees to either move to them or to get out of the mortgage after the fixed rate term is finished. Saved me a fair bit of money (and hassle). Gets in touch to arrange a new deal once the fixed rate period is up. Arent you then at the mercy of what deal the banks offer him as payment? Surely as a business if he can make an extra £100 from bank1 who have a higher interest rate than Bank2 then hes going to take it? Well, it is a matter of trust I suppose. He doesn't just show me one offer and says that's the best though, he goes through all the offers out there on his laptop. Also, he doesn't come across as someone who is simply calculating the comission in his head. Came via a recommendation too and I've given his name to others who were pleased with the money he saved them. The business has been going a fair while too and the scenario you mention smacks more of some fly-by-night operation. Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 Well, it is a matter of trust I suppose. He doesn't just show me one offer and says that's the best though, he goes through all the offers out there on his laptop. Also, he doesn't come across as someone who is simply calculating the comission in his head. Came via a recommendation too and I've given his name to others who were pleased with the money he saved them. The business has been going a fair while too and the scenario you mention smacks more of some fly-by-night operation. At the end of the day though hes in it to make money, not saying that your adviser is dodgy but if he can get you a deal thats knocks £30 a month off your mortgage payments per month then you're going to be happy. It could be though that he had the chance to save you £35 but the commission in it was lower for him. Link to comment Share on other sites More sharing options...
Gemmill 47102 Posted January 11, 2007 Author Share Posted January 11, 2007 I got my first mortgage through an IFA too. A ginger twat called Keith Storey. Anyway, he does all the business, having informed me I wouldn't have to pay anything etc. etc. Then at the end of it all he tries to sell me all these insurances (critical illness etc). I was working for PwC at the time who have their own in-house policies on all these sorts of things, so I knocked them all back. Next day I get a phonecall from him going "I'm afraid you now are going to have to pay me for setting the mortgage up seen as I won't be getting my usual commissions on the insurances." Anyway, by this stage I was dealing direct with Nationwide, having opted for a tracker with them, so I didn't actually need anything from him anymore, so he never did get any cash off me, the prick. Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 Well, it is a matter of trust I suppose. He doesn't just show me one offer and says that's the best though, he goes through all the offers out there on his laptop. Also, he doesn't come across as someone who is simply calculating the comission in his head. Came via a recommendation too and I've given his name to others who were pleased with the money he saved them. The business has been going a fair while too and the scenario you mention smacks more of some fly-by-night operation. At the end of the day though hes in it to make money, not saying that your adviser is dodgy but if he can get you a deal thats knocks £30 a month off your mortgage payments per month then you're going to be happy. It could be though that he had the chance to save you £35 but the commission in it was lower for him. No shit? I thought he was doing it as a public service. I agree but I'm not too arsed if he wangles a little bit more for himself really as he's saving me money and the hassle of doing it yourself is ridiculous (mainly due to the paperwork). Fair do's if you can arsed though. Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 Renting is the future tbh Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 I wouldn't rent tbh, unless I had to. Link to comment Share on other sites More sharing options...
Gemmill 47102 Posted January 11, 2007 Author Share Posted January 11, 2007 Renting is a false economy tbh. Link to comment Share on other sites More sharing options...
peasepud 59 Posted January 11, 2007 Share Posted January 11, 2007 Renting is great but yes I agree that its a false economy, theres nothing at the end of it but the plus points for someone without dependents far outweigh the downsides. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 I got my first mortgage through an IFA too. A ginger twat called Keith Storey. Anyway, he does all the business, having informed me I wouldn't have to pay anything etc. etc. Then at the end of it all he tries to sell me all these insurances (critical illness etc). I was working for PwC at the time who have their own in-house policies on all these sorts of things, so I knocked them all back. Next day I get a phonecall from him going "I'm afraid you now are going to have to pay me for setting the mortgage up seen as I won't be getting my usual commissions on the insurances." Anyway, by this stage I was dealing direct with Nationwide, having opted for a tracker with them, so I didn't actually need anything from him anymore, so he never did get any cash off me, the prick. Jesus wept. I fucking hate that. I applied for a credit card, they had basically accepted me, then tried to flog me insurance. I declined, and then got a letter a couple of weeks later saying they wouldn't give me a credit card as I was a credit risk, which is complete and utter horse shit. In virtually every financial deal you do they put this shit on you, I hope Keith chokes on his cornflakes, the wanker. Link to comment Share on other sites More sharing options...
Guest alex Posted January 11, 2007 Share Posted January 11, 2007 Renting is great but yes I agree that its a false economy, theres nothing at the end of it but the plus points for someone without dependents far outweigh the downsides. You reckon? I've never had a massive mortgage or owt but I'd much rather invest in my future (which is what I see myself as doing with my house). Link to comment Share on other sites More sharing options...
Gemmill 47102 Posted January 11, 2007 Author Share Posted January 11, 2007 Renting is great but yes I agree that its a false economy, theres nothing at the end of it but the plus points for someone without dependents far outweigh the downsides. Not taking the piss, but I don't really see what these plus points are. You've got freedom of movement, but you're presumably paying more on rent than it would cost to mortgage the place (either that or your landlord is making a loss), and as house prices continue to rise, you're pricing yourself out of ever being able to enter the housing market. Link to comment Share on other sites More sharing options...
Renton 22414 Posted January 11, 2007 Share Posted January 11, 2007 Renting is great but yes I agree that its a false economy, theres nothing at the end of it but the plus points for someone without dependents far outweigh the downsides. Not taking the piss, but I don't really see what these plus points are. You've got freedom of movement, but you're presumably paying more on rent than it would cost to mortgage the place (either that or your landlord is making a loss), and as house prices continue to rise, you're pricing yourself out of ever being able to enter the housing market. Agreed. In 20 years I'll have an asset worth a quarter of a million (today's prices). I'm relying on it tbh, because my pension won't go far. Link to comment Share on other sites More sharing options...
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