FOAK: mortgage advice

On Fri, 10 Nov 2006 12:15:22 -0000, "JB" <no.RemoveThis@spam.net> wrote:

>My 5 year fixed rate mortgage with C&G is up for renewal at the end of the
>month they've offered a variable rate deal at 6.75%.

6.75% variable is pretty lousy rate - there's thousands of better
deals than that out there. I've just fixed my mortgage with the
Nationwide for another two years at 4.49%

A quick look at the C&G site shows they have some fixed deals (tho the
cheapest is 5.09% and costs a £499 admin fee), and a tracker that
track 0.14% above the base rate. Getting a new deal at the C&G will
be the least hassle for you, but really you should look around. Have
a look at www.fool.co.uk - they've got some good comparison info.
--
Champ

ZX10R
GPz750turbo
 >> Stay informed about: FOAK: mortgage advice 

"JB" <no RemoveThis @spam.net> wrote in message
news:4rj8meFqv25pU1@mid.individual.net...
> My 5 year fixed rate mortgage with C&G is up for renewal at the end of the
> month they've offered a variable rate deal at 6.75%. It is split between
> an
> £80k repayment and a £52k endowment with about 9 years to run on the
> original 25 year term.
> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.



Try Nationwide. Can't be beaten IMHO.
 >> Stay informed about: FOAK: mortgage advice 

"Champ" <news.DeleteThis@champ.org.uk> wrote in message
news:vvu8l29396nt9jrjsmqh29f7on1fmtojai@4ax.com...
> On Fri, 10 Nov 2006 12:15:22 -0000, "JB" <no.DeleteThis@spam.net> wrote:
>
> >My 5 year fixed rate mortgage with C&G is up for renewal at the end of
the
> >month they've offered a variable rate deal at 6.75%.
>
> 6.75% variable is pretty lousy rate - there's thousands of better
> deals than that out there. I've just fixed my mortgage with the
> Nationwide for another two years at 4.49%
>
> A quick look at the C&G site shows they have some fixed deals (tho the
> cheapest is 5.09% and costs a £499 admin fee), and a tracker that
> track 0.14% above the base rate. Getting a new deal at the C&G will
> be the least hassle for you, but really you should look around. Have
> a look at www.fool.co.uk - they've got some good comparison info.
> --
> Champ

Ta muchly. Thought I was gonig to have to get the lube out :>)

JB
 >> Stay informed about: FOAK: mortgage advice 

On Fri, 10 Nov 2006 12:43:22 -0000, "Vass"
<write2mark_XXX_ DeleteThis @hotmail.com> wrote:

>"JB" <no DeleteThis @spam.net> wrote in message
>news:4rj8meFqv25pU1@mid.individual.net...
>> My 5 year fixed rate mortgage with C&G is up for renewal at the end of the
>> month they've offered a variable rate deal at 6.75%. It is split between
>> an
>> £80k repayment and a £52k endowment with about 9 years to run on the
>> original 25 year term.
>> Before I start to call around the usual herd of the banks and building
>> societies, anyone know any good deals about atm?
>> Thanks for any advice or leads.
>> JB
>>
>>
Do you want a fixed rate, capped rate or variable rate - this is not a
Nationwide advert, just a question as there are so many deals out
there it may be best to clarify what type of mortgage you are ideally
looking for before filling your head with the many different rates
available at the moment.

See, I'd probably look for a below bank base tracker, with offset
account so I can have flexibility with underpayments and overpayments,
and have any savings offset against the mortgage balance, thus
reducing the overall mortgage term.

I'd try as much as possible to arrange a mortgage without any early
repayment charges, so I could have the flexibility about when I switch
to another lender.

I'd also be wary of the costs involved in switching lenders, some
offer free legals and valuations, but bump up the arrangement fee to
cover the incentives that are being given out with one hand

>
>Try to go the fixed rate for as long as possible - rates are going to rise
>(IMO)
>over the next 2-3 years (as they did yesterday)

It is only worth fixing for as long as poss if you like to gamble on
rates not falling significantly. In 2001 bank base was 5%, in 2003 it
was 3.75%. Now it is back at 5%. (in 1991 it went from 12% to 15% and
back to 12% in the space of a few hours [1]. Yesterdays increase was
well expected in the industry [2] but opinion is divided as to when
the next one is coming along. Doomsayers say

Woolwich have 4.99% ish for 10 yr fixed rate at the moment - but this
has heavy penalties if you want to change mortgages within this 10
year term. The mortgage however can be taken with you to a new
property (portable) if you want to move home in this period of time.

>Just be prepared for a jump in payments after this term
>oh and 6.75 seems a bit steep but might be due to yesterdays movement inthe
>base rate

Standard variable - the 6.75% you are referring to, is normally bank
base plus 2% depending on the lender. So 6.75 with C&G could be 7% by
Monday pm.

[1] it may have been days - it was my first week at work after leaving
collecge and I have never seen so many men in tears.

[2] work as compliance officer for local mortgage brokers.

--
 >> Stay informed about: FOAK: mortgage advice 

"gazzafield" <rufty_tufty_hoolythug.RemoveThis@nospam.thankyou.says_I.ko> wrote in
message news:S7-dnapwqIzI4MnYnZ2dneKdnZydnZ2d@pipex.net...
>
> "JB" <no.RemoveThis@spam.net> wrote in message
> news:4rj8meFqv25pU1@mid.individual.net...
> > My 5 year fixed rate mortgage with C&G is up for renewal at the end of
the
> > month they've offered a variable rate deal at 6.75%. It is split between
> > an
> > £80k repayment and a £52k endowment with about 9 years to run on the
> > original 25 year term.
> > Before I start to call around the usual herd of the banks and building
> > societies, anyone know any good deals about atm?
> > Thanks for any advice or leads.
>
>
>
> Try Nationwide. Can't be beaten IMHO.

Another one for the list.
thanks,

JB
 >> Stay informed about: FOAK: mortgage advice 

"Emma At Work" <me.TakeThisOut@me.uk> wrote in message
news:mlv8l2pj67n8gqolvmtm2pfqqlcm2dsura@4ax.com...
> On Fri, 10 Nov 2006 12:43:22 -0000, "Vass"
> <write2mark_XXX_.TakeThisOut@hotmail.com> wrote:
>
> >"JB" <no.TakeThisOut@spam.net> wrote in message
> >news:4rj8meFqv25pU1@mid.individual.net...
> >> My 5 year fixed rate mortgage with C&G is up for renewal at the end of
the
> >> month they've offered a variable rate deal at 6.75%. It is split
between
> >> an
> >> £80k repayment and a £52k endowment with about 9 years to run on the
> >> original 25 year term.
> >> Before I start to call around the usual herd of the banks and building
> >> societies, anyone know any good deals about atm?
> >> Thanks for any advice or leads.
> >> JB
> >>
> >>
> Do you want a fixed rate, capped rate or variable rate - this is not a
> Nationwide advert, just a question as there are so many deals out
> there it may be best to clarify what type of mortgage you are ideally
> looking for before filling your head with the many different rates
> available at the moment.
>
> See, I'd probably look for a below bank base tracker, with offset
> account so I can have flexibility with underpayments and overpayments,
> and have any savings offset against the mortgage balance, thus
> reducing the overall mortgage term.
>
> I'd try as much as possible to arrange a mortgage without any early
> repayment charges, so I could have the flexibility about when I switch
> to another lender.
>
> I'd also be wary of the costs involved in switching lenders, some
> offer free legals and valuations, but bump up the arrangement fee to
> cover the incentives that are being given out with one hand
>
> >
> >Try to go the fixed rate for as long as possible - rates are going to
rise
> >(IMO)
> >over the next 2-3 years (as they did yesterday)
>
> It is only worth fixing for as long as poss if you like to gamble on
> rates not falling significantly. In 2001 bank base was 5%, in 2003 it
> was 3.75%. Now it is back at 5%. (in 1991 it went from 12% to 15% and
> back to 12% in the space of a few hours [1]. Yesterdays increase was
> well expected in the industry [2] but opinion is divided as to when
> the next one is coming along. Doomsayers say
>
> Woolwich have 4.99% ish for 10 yr fixed rate at the moment - but this
> has heavy penalties if you want to change mortgages within this 10
> year term. The mortgage however can be taken with you to a new
> property (portable) if you want to move home in this period of time.
>
> >Just be prepared for a jump in payments after this term
> >oh and 6.75 seems a bit steep but might be due to yesterdays movement
inthe
> >base rate
>
> Standard variable - the 6.75% you are referring to, is normally bank
> base plus 2% depending on the lender. So 6.75 with C&G could be 7% by
> Monday pm.
>
> [1] it may have been days - it was my first week at work after leaving
> collecge and I have never seen so many men in tears.
>
> [2] work as compliance officer for local mortgage brokers.
>


Thanks for the good background. I'll look into this much further I think.

JB
 >> Stay informed about: FOAK: mortgage advice 

"JB" <no.TakeThisOut@spam.net> wrote in message
news:4rj8meFqv25pU1@mid.individual.net...
> My 5 year fixed rate mortgage with C&G is up for renewal at the end of the
> month they've offered a variable rate deal at 6.75%. It is split between
> an
> £80k repayment and a £52k endowment with about 9 years to run on the
> original 25 year term.
> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.


Just completeing <sp> on Monday.
5 years fixed rate with Britannia. No charges.
All legal bollox and surveys included, and pretty damned quick!
HTH

--
Greybeard

FLHTCUI UK-07 96 cu-in (Written off after 3 days & 182 miles!) Courtesy of a
myopic female driver.
FLHTCUI UK-07 Mk II (On order!)
Trumpet Trophy 1200 -96, (The Barge) for rainy days.

ukrm@foxtails[dot]co[dot]uk
 >> Stay informed about: FOAK: mortgage advice 

JB secured a place in history by writing:

> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.

Asking for recs on mortages is like asking for recs on bike insurance:
Pointless. Go and check the price comparison sites. And bear in mind that
any deal from a mortgage lender will factor in the lender's expectations of
future movements - so fixed deals + arrangement fee + potential penalty if
you break it are, in the longer term, unlikely to work out any better or
worse than trackers / discounts / caps etc. But if you need the security
of knowing what you'll pay, find the cheapest fix over a term that makes
sense to you and don't forget to factor in the (currently ridiculously
spiralling [1]) arrangement fees.

[1] I have a £190k mortgage split over three rates, two of them fixed and
one discounted. All over different terms. And NatWest wants to charge me
£500 to secure a new fix for even the £28k lump, let alone the other bits.
Outrageous, it's about time the regulators put a stop to the practice of
competing on headline rate by ramping up the arrangement fees.

--
F

Sprint RS "Big Yellow"
COO#1
 >> Stay informed about: FOAK: mortgage advice 

JB wrote:
> My 5 year fixed rate mortgage with C&G is up for renewal at the end
> of the month they've offered a variable rate deal at 6.75%. It is
> split between an £80k repayment and a £52k endowment with about 9
> years to run on the original 25 year term.
> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.
> JB

We had a good deal with Britannia until we fled the country over the
summer - 10 year fixed, and they're currently offering 5.44%. Our mortgage
at the time was split between repayment (over 10 years) and an endowment and
they were also amenable to altering the ratio between the interest only and
the endowment parts when our endowment policies continued to go further
belly up.

Cheers

Andy
 >> Stay informed about: FOAK: mortgage advice 

JB wrote:
> My 5 year fixed rate mortgage with C&G is up for renewal at the end
> of the month they've offered a variable rate deal at 6.75%. It is
> split between an £80k repayment and a £52k endowment with about 9
> years to run on the original 25 year term.
> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.
> JB

We had a good deal with Britannia until we fled the country over the
summer - 10 year fixed, and they're currently offering 5.44%. Our mortgage
at the time was split between repayment (over 10 years) and an endowment and
they were also amenable to altering the ratio between the interest only and
the endowment parts when our endowment policies continued to go further
belly up.

Cheers

Andy
 >> Stay informed about: FOAK: mortgage advice 

Ferger wrote:

> don't forget to factor in the (currently ridiculously
> spiralling [1]) arrangement fees

*ding*

Give that man a banana.

Also watch out for exit fees that are ridiculously high - this seems to
be the current sport amongst lenders to see who can get away with the
highest fees.

--
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 >> Stay informed about: FOAK: mortgage advice 

On Fri, 10 Nov 2006 19:57:01 +0000, "Timo Geusch"
<tnewsSPAMMENOT.DeleteThis@unixconsult.co.uk> wrote:

>Ferger wrote:
>
>> don't forget to factor in the (currently ridiculously
>> spiralling [1]) arrangement fees
>
>*ding*
>
>Give that man a banana.
>
>Also watch out for exit fees that are ridiculously high - this seems to
>be the current sport amongst lenders to see who can get away with the
>highest fees.

"No overhangs" is the rule to follow. i.e. If you get, say, a 2 year
deal, there are no penalties after those 2 years. I don't have a
problem with that, especially almost every lender waives any penalty
if you re-mortgage with them - so, if it's a question of moving house,
you should be ok.
--
Champ

ZX10R
GPz750turbo
My advice as your attorney is to buy a motorcycle
to email me, neal at my domain should work.
 >> Stay informed about: FOAK: mortgage advice 

JB wrote:

> My 5 year fixed rate mortgage with C&G is up for renewal at the end of the
> month they've offered a variable rate deal at 6.75%. It is split between an
> £80k repayment and a £52k endowment with about 9 years to run on the
> original 25 year term.
> Before I start to call around the usual herd of the banks and building
> societies, anyone know any good deals about atm?
> Thanks for any advice or leads.

Virgin One
 >> Stay informed about: FOAK: mortgage advice