Independant mortgage advice

Hi

I think its been up before, but I can't find it, so I'm asking again.

Can anyone recommend anywhere I can go to get some advice that benefits me rather than the bank. Seems all the bank want me to do is increase my mortgage, I want to do the opposite. Plus their rates seem expensive (5.4%).

Has anyone used the new First Active mortgage company? There rates seem really good, but is there catch?

Any advise gratefully received.

 

Buy a caravan and become a traveller is my advice!

I know a few who've gone over to IF (www.if.com), its an offset jobie, the more you put in the cheaper it goes etc etc. Ive had a quick look and at the moment it works out very similar. Advantages are that the more money you acrue the cheaper these things become, the problem I see is that all your eggs are in one basket, Ive always been told to spread money around. But then Im poor.

 

the big trick is that they either say you MUST take their insurance / payment protection or imply it and sell it to you really hard. don;t it's much cheaper to get a 3rd party payment protector if you feel it necessary. take a look at the motley fool website for this kind of stuff.
cheers


julian.

 

Many estate agents shops seem to have a mortgage broker attached. They make money from introducing you to whichever mortgage plan you accept so it is allegedly unbiased. They all persuade you not to fix it for the full term, cos they make money every time you remortgage. In the US etc, I gather lots of people are much more safety concious and just stay with one fixed rate.

 

some help here
http://www.moneysavingexpert.com/mortgages

5.4% is v high, depends on your circumstances, but i'm considering fixed 3 years 4.29

 

Thanks Robert, ya that's what I'm looking for, ya I've never missed a payment, have no other problems, mortgage is low (so I'm told for today's standards) yet my "bank" still want to shaft me 5.4% for a 2 year fixed. The FirstActive was my best quote at 4.5% fixed for 2 year, so I'll give your website a go. I'm trying to get a 15 year plan down to 10, I want this debt dealt with asap, I just don't like this idea of borrowing money and I'd never do it again. What company did you get your quote from BTW?

 

Graham
I can't believe that anyone in the states would have still been paying the 10% I paid in 1984 today!

Bob

 

No, I suppose you would renegotiate if you had started at that peak.

You can move from fixed rates in the UK, its just that they charge you a fortune to do it. Mortgages are not meant to have a clear winner. The industry benefits from offering too many options and choices. Note how all these financial gurus tell you to ride from one discounted period to another, say every 2 - 3 years. Every time you change plans, all the bottom feeders get a chunk of your money...

 

lots of products out there
http://www.moneyfacts.co.uk/mortgages/charts/mortgages_fixed_noext.htm
all really does depend on your existing mortgage circumstances
my current plan is to stick with a&l, but we'll have to wait and see ....
try the forums too
http://forums.moneysavingexpert.com/forumdisplay.html?f=15

 

BTW anyone know the forumula for calcuating mortgage repayments, I can get the interest but my calcs for the load repayment seem to be off I'm missing something, obvioulsy not as simples as month / loan, com'on guys show me how good your maths is.

 

cant rember the formulor but do a search for "compound intrest",at least i think thats wot its called