Originally posted by MarillionFan
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Can you / should you trust mortgage brokers?"
Collapse
-
-
Originally posted by Old Greg View Post5% with an offset could well be worth it.
Leave a comment:
-
Originally posted by WTFH View PostOK, it would depend on so many variables. A 5% deposit on a mortgage with a fixed rate of 1% for 10 years that allowed overpayments (or was an offset) - most people would jump at that.
Without providing more information it would be very difficult for us to give you any meaningful help.
Also, if you don't tell the broker how much of a deposit you would like to put down, how are they supposed to guess?
Leave a comment:
-
Originally posted by squirrel99 View PostThanks all, that's quite a few replies in short time
Ok, I understand this may have sounded vague, but I don't have any family here in the UK and most of my friends are still renting. I just want to understand whether I can trust brokers' advice...
I told the broker i am looking to buy with 10%, he straight away told me back that I should buy with 5% as the 'rate is almost the same' (i.e. 0.03% or so) and this will leave me with more money for other things like furniture.
This totally confused me as i was under impression that the bigger deposit the better rates etc.
I currently rent and pay £850 split between the 2 of us (plus bills). Mortgage repayments would be similar amount.
I'm not sure its best advice to persuade someone to reduce their deposit size....... but without knowing what you discussed, exactly, its hard to comment on their advice. The added risk and extra interest is something that should always be discussed and covered off. If you have alarm bells about someone perhaps try another broker. The majority of the specialist brokers do know what they are talking about, find someone you trust that has a solution you are comfortable with. If you aren't happy with something they have said don't be afraid to ask questions as to why they have recommended something.
Leave a comment:
-
Who cares?
The short answer is - rates for 5% vs 10% deposit are almost the same as a 10% deposit is considered to be bugger all. You don't get a real change in rates until you have a properly sized deposit.
Leave a comment:
-
Originally posted by squirrel99 View PostNot sure if offset mortgage... contracting almost a year. Working in this area of business about 3 years. Property value 180k
Leave a comment:
-
Originally posted by bobspud View PostThis is why i suggest you find out if the broker will be getting a bonus or on going commission as a result of your decision. that 5% will cost 3 times more over the term so its quite a good earner for the mortgage company.
My gut feel is to never trust anyone in an estate agents when it comes to taking additional services like mortgages surveyors or solicitors all of the big players have large margins on those services.
Leave a comment:
-
Originally posted by squirrel99 View PostI told the broker i am looking to buy with 10%, he straight away told me back that I should buy with 5% as the 'rate is almost the same' (i.e. 0.03% or so) and this will leave me with more money for other things like furniture.
My gut feel is to never trust anyone in an estate agents when it comes to taking additional services like mortgages surveyors or solicitors all of the big players have large margins on those services.
Leave a comment:
-
Originally posted by WTFH View PostOK, is that an offset mortgage? Have you been in business long? What is the approx. value of the property?Last edited by squirrel99; 27 May 2016, 14:30.
Leave a comment:
-
Originally posted by squirrel99 View PostOh, okay. Thank you for clarifying - I actually carefully considered which section to use I thought i will be told off for using Business section for not exactly business related topic.. oh well
Leave a comment:
-
Originally posted by eek View PostNLUK was more pointing out that you probably should have asked this question in the Business section rather than General....
General is really a very badly named forum. I've argued for years that it should be renamed and another other topics forum included within the professional forums...
Leave a comment:
-
Originally posted by WTFH View PostOK, is that an offset mortgage? Have you been in business long? What is the approx. value of the property?
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: