We need to change or mortgage to try and get a cheaper rate. I know we can save substantially by switching to a new fixed rate with a different bank or the one we use at the moment but are there any other lenders I should be looking at other than the big ones advertised on tv etc.? Cheers.
This is a good place to start: https://www.moneysavingexpert.com/mortgages/best-buys/
Make sure you do your sums properly. Some lower % rate deals with a£995 or £1495 fee are actually more expensive over the period of fix/deal than a fee free with a higher %
Happy hunting
Make sure you do your sums properly. Some lower % rate deals with a£995 or £1495 fee are actually more expensive over the period of fix/deal than a fee free with a higher %
Happy hunting
We did this. Was cheaper over the term to go for a fee saver mortgage by around £700.
You need to speak to a good broker they have deals that are better than the man on the street can access. Also some lesser known household names (still very big players in the mortgage market).
I'm in the process of applying for a lifetime discount mortgage - currently 1.95% (3.69% disc from svr) max LTV 80%. No early redemption fees. Offset facility.
Do you have a link to that lifetime discount or name of the provider?
"We did this. Was cheaper over the term to go for a fee saver mortgage by around £700."
We did the maths on ours and it was about 2000 cheaper over the term to pay the fee....
do the maths over both terms.
Thanks for the responses guys. I'd always assumed that by adding a mortgage advisor/broker into the mix then it would just be one more person taking a cut and therefore more expensive overall?
if you have any savings that you dont want to immediately put into the house an offset is very useful as youll get fall returns on it elsewhere
+1 about being aware of the fees, quite a few deals arent as sweet as they seem when you just look at %
We use this broker - https://www.landc.co.uk/
Recommended on Money Saving Expert. Don't charge anything to the buyer and got us a good deal.
Every time I've re-mortgaged I've asked if they will waive their fee so that I pick them over a competitor. They have every time.
You also need to consider any early exit fees from your existing provider if you are not at the end of a deal.
dantsw13 - that sounds like a hell of a deal, who's offering that? I have similar with the Coventry, but at 2.55% at the moment.
+1 for https://www.landc.co.uk/
Ive used them twice over the last 8 years or so and they have always managed to beat the online quotes and do the maths on comparison pretty well.
dt78 - Hinkley & Rugby building society. Details on their website.
My experience was that brokers who took fees from the lender couldn't access the best deals that I could see online, so as with everything, spend some time shopping around and do the sums carefully. I think I used Google's mortgage comparison site, although it looks like they're shutting that down.
We got a mortgage adviser, didnt cost us anything and she sorted everything out
We use this broker - https://www.landc.co.uk/
Recommended on Money Saving Expert. Don't charge anything to the buyer and got us a good deal.
I've used them three times now - brilliant. Wouldn't do it any other way.