Mortgage brokers

[cesare]

Is this person in london and if so, can I have their number??

He's in Essex (I think). I do everything over the phone/email with him. Works fine. I'll PM his details to you if you want?

 

[EastEnder]

Eastender, are you sure now is the right time to be going for one?.

No.

 

[Mrs Miggins]

He's in Essex (I think). I do everything over the phone/email with him. Works fine. I'll PM his details to you if you want?

Yes please!

 

[cesare]

Yes please!

Done! Good luck

 

[zenie]

why would you need to do this if you had a mortgage elsewhere? Many years ago it may have been the case that you had to have your bank account and mortgage at the same place, but this hasn't happened for years afaik.

That's exactly what happens when you get an Offset mortgage though. i.e One Account etc.

 

[EastEnder]

That's exactly what happens when you get an Offset mortgage though. i.e One Account etc.

yeah, I've been assured it'll save me squillions...

Probably just a con to get you to keep your mortgage with your existing bank.

 

[EastEnder]

Saw this mortgage broker chap last night, didn't tell me a great deal I didn't already know. The one thing he did bang on about was that I should consider an interest only mortgage in order to borrow more... Now this strikes me as potentially imprudent - it all sounds overly reliant on house prices rising, interest rates remaining manageable, regular pay rises for the foreseeable future, etc.

Should I stick to my guns and go for a boring, predictable repayment mortgage, or is it worth contemplating a potentially less reliable alternative?

 

[Cloo]

Independent ones are worth seeing. We saw a good bloke who gsv's bloke recommended - he's actually based in Scotland, but is in London a lot. PM if you'd like to contact him.

 

[Mrs Miggins]

Saw this mortgage broker chap last night, didn't tell me a great deal I didn't already know. The one thing he did bang on about was that I should consider an interest only mortgage in order to borrow more... Now this strikes me as potentially imprudent - it all sounds overly reliant on house prices rising, interest rates remaining manageable, regular pay rises for the foreseeable future, etc.

Should I stick to my guns and go for a boring, predictable repayment mortgage, or is it worth contemplating a potentially less reliable alternative?

I think you're really "supposed" to have other investments if you get an interest only mortgage - not that anyone actually does that any more.

You shouldn't see a repayment mortgage as boring and predictable. I couldn't bloody sleep at night knowing that I had hundreds of thousands of pounds worth of debt that I could only pay off if a certain set of circumstances came together in the future. Some people are able to take that big a risk - I'm not and I suspect the majority of people aren't either.

 

[girasol]

Get a repayment mortgage, unless you're willing to put your pension on the line as a guarantee for the interest only mortgage.

Mortgage advisers are evil scum (unless they are independent).

On a similar note: did you all watch the Panorama last night about sub-prime lending? I think the people who lend money like that should be arrested, it really is criminal!!!!

http://news.bbc.co.uk/1/hi/programmes/panorama/7034019.stm x100000

 

[EastEnder]

On a similar note: did you all watch the Panorama last night about sub-prime lending? I think the people who lend money like that should be arrested, it really is criminal!!!!

Apparently I'm quite a safe bet, as far as lenders are concerned, and the mortgage broker happily pointed out that as a result I wouldn't have any trouble borrowing 5 times my salary, possibly even more, so that I could get a "really nice flat"!....

He looked a bit disappointed when I said I'd rather get a not so nice flat that I can actually afford to buy without overstretching myself financially......