Mortgages

platypus

platypus

platypus

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Just checking through some online calculaters - are these an accurate representation? Or is the best thing to do to go to a bank/mortgage broker and sit down and chat through options.

Probably going to end up getting a joint mortgage :(.
 
They do represent a close result as to what your mortgage will cost you. Its best to book an appointment, in a couple of banks and get a few illustrations to see what you can afford.
 
They do offer a rough indication, but do not take into consideration the potential customers credit score.

When we went into see our mortgage adviser for example, the online calculator gave us a figure that we could get, and the advisor used another calculator for the same lender using the same figures and it gave a score for a poor credit rating, a good credit rating and an excellent credit rating, and the excellent credit rating was some £100k more than the calculator we used showed.
 
go to a decent independant financial adviser, we tried the trecking round the banks and got nowhere fast the standard of the people in the banks varied so much it was laughable, the girl in Natwest said we could borrow 110k max on a combined income of of over 50k.

The financial adviser was free knew what he was talking about and pointed us in the firection of some of the smaller lenders I wouldn't have considered or would not have had the oppertunity to visit. We were so happy with the service we went back when we re-newed our mortgage recently and I wouldn't hesitate to recomend this approach.
 
Where do you find independent financial advisors? And who pays them if they are free?
 
mulpsmebeauty said:
I think they get a fee from the bank who you get a mortgage with. They may also have tie-in deals with insurers that they recommend when you visit them.
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Where would one find them?

Using on-line mortgage calculators doesn't paint a pretty picture for the possible amount :(.
 
Best bet for finding one is personal recomendation, try asking around at work the chances are someone will have one they are willing to recomend. Failing that it's the yellow pages for you my friend.

My mortgage adviser gives a consultation for free and then arranges the mortgage selected for free provided that the fee from the bank is greater than £400 if it's less than £400 you have to make up the difference, he also recomended life insurance to clear the mortgage should either of us die which was very cheap and again he recieved a fee from the insurance company.

After the first meeting there is no obligation to buy you can walk away or just go and arrange the smae loan with the bank as was recomended.
 
www.unbiased.co.uk will help you find one if you cant get one by personal recommendation

take care to make sure they are fully independent, some mortgage advisers charge a broker fee as well as the fee they receive from the mortgage company they recommend although there are still many out there that dont - worth checking.

oh i am an IFA by the way and you are welcome to check out our mortgage site, am i allowed to post it? you dont have to use us but you can have a look by all means.
 
Don't see why you can't post it, it's not a competitor.

Thanks for the website, I'll take a look. Is it worth getting a mortgage at the moment, given the sub-prime fiasco?
 
our company mortgage site is www.paramountmortgages.co.uk and has best buys etc, geographically we're not in your area but you could do it by post if you wanted, i'll leave it up to you to have a look.

As for whether its a good time to get a mortgage well yes interest rates are relatively low so in that respect yes, as an industry we think they may drop further next year, maybe a 1/4 point fall in the 1st quarter and another 1/4 later in the year but there are many things on an macro economic scale that could change that. However, many consider house prices to be overinflated so if you are buying your first property bear that in mind. I dont know the ins and outs of where you live and you might be getting a bargain so its hard for me to comment on that particularly.

Hope that helps.
 
As I'm an OcUK'er can I get a discount? :p

Sadly where I live property is incredibly expensive.

Thanks for the information.
 
What is the average cost of a morgage?

I made a money sheet yesterday with my pay on and what im spending each week.
After paying my current rent (£65 a week) other bills and spending £100 a week (including internet spend) Each week i am saving -£15!

(got paid £244 for the week)

The £100 spent included a £30 night out a £50 night out and £15 spent on the net. Only food i got was a takeaway (fish and chips friday at work)

This week im only going to go out once
 
there's a mortgage calculator on there that should give you an idea of costs etc depending on how much you borrow.

as for discounts we dont charge a fee for the advice as a norm so you there ya go!
 
Remember as well, the mortgage illustration you recieve is the maximum you can borrow in relation to your earnings. Dont max yourself out as with a house there are other bills to factor into the equation, not just the mortgage.

My mortgage is £742 a month. With insurances it comes to £874. Then theres council tax, water, gas, electric,food shopping...........

So just be careful when looking at an amount to borrow.
 
yeah dont always go for the max possible as if interest rates were to rise, or when you come to end of a deal you have still to be able to meet mortgage payments.

the illustrations/quotes (KFIs) you get these days are good as they show a 'What if...' scenario for changes in interest rates and end of deals to see what impact it has on the payments.
 
Geeza, this should give you an idea how much it would be each month:

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Interest rates are about 6% at the moment I think.

Bog, as a first time buyer would I be right in thinking that with prices so high at the moment there's quite a high risk of losing a lot of money if the market were to turn by about 10%? I'm thinking once you include the fees of the sale if there were a 10% drop in value you're looking at being around £25K out of pocket on a £200K property. It's something that has been putting me off for a while.
 
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