mortgage advice anyone, please !

about to renew my mortgage but held off when cost including buildings insurance went up 17 quid / month any advice ,serious answers only so no donny fans or caravan jokes.

 

try alliance & leicester

 

Not sure I get the problem

Why does the cost include the insurance?. Your insurance cost is separate from the mortgage and if you don't like the quote you can get it from anywhere else.

Are you saying that the mortgage company is insisting that you must buy insurance from them - if so then I would dump them faster than a hot tatie - Their only right is to insist that you prove you HAVE buildings insurance, not that you buy it from them.

 

RE: Not sure I get the problem

No the insurance is separate I was saying the overall cost had gone up on both payments.

 

The problem with mortgages

is that everyone's circumstances are so different, if you want to move companies but don't know what to do for the best then you need a independant financial advisor.

eg. Is it important that you fix the payments so that you know what to expect - they reckon that the next move in interest rates may be down not up, but who knows for sure. And watch out for those that include penalty clauses for early redemption after the fixed rate has expired.

Do you have savings - if so then it is often worth looking at an offset mortgage such as those offered by Yorkshire BS or Intelligent Finance as you get no interest on your savings but the value of the savings offsets the amount on which interest is calculated for your mortgage. Therefore, you effectively get interest on your savings at mortgage interest rates, but it is money saved not money earned.

This is the kind of mortgage we have and, even without making any over payments, if our savings increase at the rate we hope then their mere presence will pay the mortgage off 3 years early.

IMO, it really is worth checking out all options with an IFA. Try booking an appointment with an IFA at Bradford and Bingley BS in town - it costs you nowt as they make from the commission on whichever mortgage they eventually help to sell you - hence their independant status. Other than that, there's a bloke who works for an independant mortgage advisor company who helped us pick ours - I may even still have his card if you need his details.