Mortgage Question

brb said:
I'm not sure with mortgages, but I know it use to be the case with a lot of finance companies, especially those doing 0% interest on buying household items, with a final payment, that they purposely would not send the final payment letter, so that you would default and kick in the penalty interest. However, whether mortgages are free of that sort of underhand shenanigans, I'm not sure.
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I think it's a sneaky tactic to get more money.
 
luvgonzo said:
Using a broker but they are saying 4 weeks.
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Have you calculated the difference in staying with the same lender on a new rate to paying to change. Brokers are meant to give you the best advice but they invariably don’t. As they want you to change as they will earn £800 fee on switching you to a new lender. With switching to what might be a better rate can be offset by the fee paid to the broker and the set up fee of the mortgage plus solicitor costs. So you could pay in the region of £2k to change over. Where if you stay with your lender there will not be a fee added to your mortgage.
 
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Sweats. said:
Have you calculated the difference in staying with the same lender on a new rate to paying to change. Brokers are meant to give you the best advice but they invariably don’t. As they want you to change as they will earn £800 fee on switching you to a new lender. With switching to what might be a better rate can be offset by the fee paid to the broker and the set up fee of the mortgage plus solicitor costs. So you could pay in the region of £2k to change over. Where if you stay with your lender there will not be a fee added to your mortgage.
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It's a free service I get so no fees at all. Great advice though.
 
luvgonzo said:
I think it's a sneaky tactic to get more money.
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Finance companies used to purposely train their employee's to act in that manner, obviously regulations may have cleared a lot of that up now. I remember one of my kids taking out a 0% agreement, I said make sure you pay the final payment bang on time. The reply was oh surely their send a reminder, I said no they will not because they want you to default. Final payment came round, did they get a letter, no fooking chance, thankfully they had heeded my advice.
 
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I take it you're one of those serial complainers.

Your mortgage fella, you were handed the paperwork with the T&C's. It's not really the companies fault that you don't keep your paperwork in check.
 
luvgonzo said:
It's a free service I get so no fees at all. Great advice though.
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The lender will charge a fee. Usually the best rates have the highest fees. You will also have to pay for a valuation survey with some lenders. Though some include it though again the set up fee is usually higher with a free valuation. Unless the rate is massively lower than the best available rate with your own lender switching isn’t always the best course of action. Also if you want another 5 year rate they are usually the worst rates. I had the same issue as what you’re in last year. Just switched to a new rate with the same lender on a 2 year fixed. Worked out cheaper than switching to a new one with a different lender and don’t plan on being here longer than another 2 years.
 
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J๏E.. said:
Has to be bro, you don't want a chill on the night of the big unveiling of it do you? I'd stock up on lemsip just in case..<ok>
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One day I will put on my robe, wander down my spiraling staircase , pick up an ice cold orange juice , hear the sound of ball to racket getting louder as I mosy past my indoor swimming pool to find my beloved eugenie practicing on our court..... i will towel her down and we will both whisper sweet words in to each others ears ... i will start every day just the same and enjoying every one as much as thr first until my life is over.
 
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Roy Munson said:
One day I will put on my robe, wander down my spiraling staircase , pick up an ive cold orange juice , hear the sound of ball ball to racket getting louder as I mosy past my indoor swimming pool to find my beloved eugenie practicing on our court..... i will towel her down and we will both whisper sweet words in to each others ears ... i will start every day just the same and enjoying every one as much as thr first until my life is over.
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Who was slapping balls with Eugenie, is what I want to know.
 
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