Finding the right mortgage - how did you do it?

Vanilla_Ice · 7 Jul 2010 at 22:23

Hi,

We're in the process of moving up the ladder. We've had a couple of meetings with an "independant" mortgage advisor who has cleared up some inital question we had. However, for some (unknown) reason I just feel that there are better deals to be had that what have been suggested.

Can anyone suggest what I can do ensure I am being offered the best deals? Should I try another advisor or are the best deals had by contacting the main mortgage lenders direct?

Currently looking at a 3 year fixed-rate repayment mortage with a likely LTV of 85-90%. Any suggestions?

Thanks,

ICE

radderfire · 7 Jul 2010 at 22:29

I agree, the Money Saving Expert website is useful, as is lovemoney.com.

One other thing, start taking an interest in the housing market so that you can time your purchase. In a year or so, many of those who took out a mortgage at the height of the property boom will be coming off their 3 year fixes, possibly going into payment shock, plus interest rates are likely to rise, so start taking an interest in the market to time your purchase optimally.

Rgds

HangTime · 7 Jul 2010 at 22:33

Just have a look around on a few comparison sites, that's what I did when we remortgaged. Then when I found something that tweaked my interest I looked into it more closely. Obviously on top of the usual considerations about what you can afford, look at what you think may happen with interest rates and how much it may cost you if they change.

For example depending on the exact circumstances you may actually find that a capped product works out better than a fixed rate product.

As for seeing a broker I found it useful when we bought our first house and was learning the ropes but to be honest they are not really doing much that you can't do yourself, just printing off a list and going yeah, this looks like a good deal.

Ahleckz · 7 Jul 2010 at 22:52

Bought my flat cash, was hoping to turn up at the estate agents with a suitcase of notes but that's not how you do it.

Tunney · 7 Jul 2010 at 23:12

I've found the telephone service from Motley Fool to be very good. They've always found me a better deal than I've found on my own.

Vanilla_Ice · 8 Jul 2010 at 11:24

Thanks everyone. Some good links in there. I hadn't heard of lovemoney before.

Time to do some number crunching!

ICE

shine · 8 Jul 2010 at 11:31

Tunney said:
I've found the telephone service from Motley Fool to be very good. They've always found me a better deal than I've found on my own.

I used them last time I remortgaged. I found they had access to better deals that I could get by going direct.

norris1337 · 8 Jul 2010 at 11:41

just a quick one.....when i applied for a mortgage from the bank...they tried to sell me a long term one - 30 years or so to make the repayments low. Thats all very good & it makes life easier. But if you can afford a lower term, 20 years for example, then go for it - your not paying the interest on the extra 10 years that way.

Narj · 8 Jul 2010 at 11:47

I can recommend London & Country - very helpful both times I've used them. Whole of market too.

gjrc · 8 Jul 2010 at 11:49

get a mortgage broker. they should get paid by the lender and so cost you nothing.

make sure you get one that isn't tied to any one specific lender.

Syph · 8 Jul 2010 at 12:08

I hear good things about brokers who can often access deals you can't. My mortgage was a bit of luck; just the right timing and a gifted vendor (or the other way around?!) deposit which pushed us from the realms of 7% mortgages to a 5.7% fixed for 2 years. Luckily, I've come off that onto a SVR which has dropped my payments by about £120 a month too. I'll stay as is, whack the difference into savings, and go from there.