hi! guys does anyone here have any advice about getting a mortgage,

i have put in an offer on the house and the indapendent advisor recomended nationwide buld soc 4.59% fixed for 2 years!! also cos its a big mortgage ive had it over 35 years instead of 25 thinking 2 reduce my monthly payment!!

 

any advice greatly appreceated

 

cheers

 

dewi ap

ABBEY OR HALIFAX ,

 

o got a good one from them both ,

 

halifax are good coz if u go sick or lose ye job they freeze ye mortgage for u with no charges till u back at work ,

 

i find abbey had bet rates but dont have no cover with them as i found it a bit too much compared to other companies

Wotcher dewi,

 

1) get a second opinion (not saying your adviser is wrong - just get another opinion)

 

2) getting the house of your dreams (or even just getting on the housing ladder) means 35yr mortgage may be good idea. Just remember the longer the mortgage, the more you pay someone else for the privilege of owning your own home.

 

In an ideal world, stick to 25 yr at most. If not an ideal world, take 30 or 35 yr and then try to re-mortgage down to 25yr as soon as you can.

 

It's probably better to have a 35 yr mortgage than pay rent for 35 years.

 

4.59% looks like good rate. I'm paying 5.45%

 

Half of what we owe is on endowment, half on capital repayment. If we were starting today, we would probably want 100% capital repayment 'cos of cr*p stock market performance.

 

With interest rates this low, pay as much as you can as early as you can. Even if it means biting the bullet in the first few years.

 

Good luck m8ey - Gio

First Direct are excellent, their mortgage was rated tops in a recent survay i believe and their staff are extremely helpful.

 

it is a flexible mortgage where you can choose to overpay if you wish, or draw on when youve payed some off.

 

cant praise them enough, they have been extremely helpful to me in the time iv been with them.

 

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I feel the need, the need for speed!

 

Check out Channel 4 teletext page 495, that will give you a rough idea of what's available. The Nationwide offer isn't bad but it does pay to shop around, i got 4.49% fixed for 2 years from the Chelsea back in June but i've no idea if that offer is still available. Remember that interest rates are very low at the moment, so it would be advisable to get a fixed rate if possible. Just remember one thing DO NOT get an endowment mortgage no matter what anybody says, make sure you go for a standard repayment, take this as free advice from someone who learnt the hard way.

Good luck

Ian

Have a look at www.thisismoney.co.uk

There is a saying that you dont get anything for free and if it looks to good to be true it is!

 

DONT get a mortgage that offers low starts or deferred interest OR even endowment. A mortgage is JUST A LOAN.

 

Stick with a straight forward repayment mortgage in the end your be glad you did!

 

Having put most of my money into property it pays IN THE END to go for a straight forward loan. Might cost more at the start BUT boy does it work out cheaper in the end!

 

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And to follow on from what Roy said, keep the repayment period as short as possible.

 

A 35 year repayment is gonna cost you HUGE in the long run !

Try Northern Rock, they have a "Together Plan" that is very cool. Normal mortgage but includes secured personal loans and credit card at mortgage interest rate all thrown in.

 

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Z first and anything else is secondary!

John Newcomb (NukeEm)

www.geocities.com/jn300zxtt

Hello Mate,

 

I've got an open plan mortgage from the Woolwich, it is a superb way to get your house and it changes the way you think about money.

 

Your mortgage, savings, current account, loans are all lumped together and you save thousands on interest!

 

 

Mark

once again fellas ta for the response, a mortgage is a big decsision and not to b taken lightly so im glad of all your comments

and will b looking into them,

ta very much

 

dewi ap!!

Just one point - it shouldn't apply these days, but you never know....make sure there are no penalties for paying off your mortgage early. Sometimes a 35 year mortagage will incur penalties if you pay it off quicker....its to compensate the lender for the 'future revenue' that they have been denied.

 

I have known people get caught for this...it's worth asking the question.

I'm no financial expert but I would recommend a repayment mortgage rather than a n endowment one.

 

Also, I have my mortgage and account with the Nationwide and have had no problems. They resist being privatised ?! or something [scatches head] which I think is a good thing if you have your money with them.

Just a few real words of advice:-

 

1 Dont touch Abbey, had all sorts of problems.

2 You can no longer get Endowements.

3 Check www.moneyextra.co.uk, and compare.

4 Dont get any long tie ins, you pay for it in the end.

 

Leigh