Reply to: Mortgages

[Diestl]

don't worry I'm sure you will attract someone just as talented, for your next financial need. Heard a guy goes by the initial GB is great for pensions.

lol

[DogMachine10]

I wish I used/knew a lot of stuff!

I was a permy *spits* when I got my current mortgage...but I'm convinced I can do better (in terms of mortgage deals) as a contractor.

[mictech]

don't worry I'm sure you will attract someone just as talented, for your next financial need. Heard a guy goes by the initial GB is great for pensions.

[newperson]

Wow! Who was this IFA?

He moved shortly after I used him, I can't seem to find his number anywhere. Bet you wish you used him eh?

[DogMachine10]

The IFA I went to was really good, only charged 5% of the mortgage amount (he told me this was low compared to some sharks out there). He also set me up with all the insurances I needed (life, house, contents,pp, holiday, car, flood, earthquake), quite a lot each month but as he said it's peace of mind. Anyway ended up with a nice 125% (plus his fee so really 130%) at 8%, im locked in for 6 years but I don't planning on moving anytime soon.

Wow! Who was this IFA?

[newperson]

Is this real or a wind up? Locked in at 8% for 6 yrs!!!! 5% of the mortgage seems quite a substantial fee to charge, i hope the procuration fee from the lender was rebated to you. Does this mean a £5K fee for a £100K mortgage?

It's real, bet you wish you used him? It was for a 300k house so my fee was 15k. Funny thing was the house only surveyed at 120k but the estate agents promised it would probably go over 300k in the next year so I had to go for it.

[glashIFA@Paramount]

The IFA I went to was really good, only charged 5% of the mortgage amount (he told me this was low compared to some sharks out there). He also set me up with all the insurances I needed (life, house, contents,pp, holiday, car, flood, earthquake), quite a lot each month but as he said it's peace of mind. Anyway ended up with a nice 125% (plus his fee so really 130%) at 8%, im locked in for 6 years but I don't planning on moving anytime soon.

Is this real or a wind up? Locked in at 8% for 6 yrs!!!! 5% of the mortgage seems quite a substantial fee to charge, i hope the procuration fee from the lender was rebated to you. Does this mean a £5K fee for a £100K mortgage?

[newperson]

The IFA I went to was really good, only charged 5% of the mortgage amount (he told me this was low compared to some sharks out there). He also set me up with all the insurances I needed (life, house, contents,pp, holiday, car, flood, earthquake), quite a lot each month but as he said it's peace of mind. Anyway ended up with a nice 125% (plus his fee so really 130%) at 8%, im locked in for 6 years but I don't planning on moving anytime soon.

[glashIFA@Paramount]

One more than one occasion I've heard people say you shouldn't pay off your whole mortgage, you should keep a smallish amount borrowed.... but I've not heard a good reason why.... anyone got any idea?

All the reasons stated but also if you want to borrow additional funds then having a small mortgage means that you'd be looking at a further advance. If you'd long since paid off your mortgage in full then you'd be looking at raising a new mortgage and further advances are cheaper to arrange.

[Troll]

One more than one occasion I've heard people say you shouldn't pay off your whole mortgage, you should keep a smallish amount borrowed.... but I've not heard a good reason why.... anyone got any idea?

Free secure storage of the title deeds

[Moscow Mule]

One more than one occasion I've heard people say you shouldn't pay off your whole mortgage, you should keep a smallish amount borrowed.... but I've not heard a good reason why.... anyone got any idea?

Credit rating

[lamboman]

Try Parasol Financials - they can get the best deals possible for contractors...

[Bluebird]

you used to get some sort of tax relief but I don't think it applies now...

[Ruprect]

Another mortgage question

One more than one occasion I've heard people say you shouldn't pay off your whole mortgage, you should keep a smallish amount borrowed.... but I've not heard a good reason why.... anyone got any idea?

[Ruprect]

Try contractormoney.com - they sorted mine out - they have deals with high st lenders so you can get pretty good deals too.