Mortgage advice

Hi all

I hope as an extremely long standing member of the BBS, albeit I barely post any more, you'll forgive a shameless plug.

I've gone self-employed as a mortgage and protection advisor, working for/alongside a lovely Leeds based firm (the Director isn't a Leeds fan!). It's tough starting off so if anyone on here or anyone you know is looking for a mortgage and/or protection advisor, please drop me a DM and I can send my contact number/e-mail address out. Alternatively they could have a look on our website and get in touch and ask for me to contact them.

The company website address is: www.wallacehomefinance.co.uk - my profile etc should be on there soon.

Already got a review on here too: https://uk.trustpilot.com/review/wallacehomefinance.co.uk

Cheers in advance and apologies for the 'spam'.

Allen

 

Think my current fixed rate ends in December if I recall.

I'll check to make sure but will give you a shout nearer the time. Say October about right to kick-start it off?

 

Do it earlier than that. Rates are only going one way and offers are generally good for 6 months, so I'd be looking to get an offer in July/August.

You might even want to look at what your early redemption penalties are and consider whether it might be cheaper overall to pay them and get a mortgage at today's rate than waiting.

 

Hi Nez, cheers for that. Yeah mid to late summer I guess but with rates on the way up recently you could consider a look now. One thing I can’t advise is whether they’ll definitely keep rising and that therefore you should definitely do it now!

However you could look at what the penalties are (as mentioned by Mansfield) and if not too steep and you value peace of mind it could be worth a look. I’ll drop you a DM in case you want to get in touch at any point. Cheers.

 

Can you send me a DM? I’m not sure how to do it

 

Just a little follow up to this. First of all, thanks to the handful of people who've sent a variety of DMs about mortgage situations.

There's a piece by Martin Lewis today warning of expected rate rises up to 2% by next year (currently 0.75%). As a mortgage advisor you can't tell people this will happen as you can't be sure, but these are certainly the strong whispers. Especially if you're in the last year of your deal or you're looking to buy/move, bear this in mind: https://www.moneysavingexpert.com/latesttip/

Cheers

 

As someone who is not a mortgage advisor, I can freely tell you I reckon rates are going to go ******* mental and even if you're not imminently near the end of your fix I'd consider getting an offer now to sit on it and see how the land lies in 6 months. You lose nothing.

 

I fixed mine at what I thought was a good rate the time just before interest rates tumbled!

 

Good luck with the new gig @Journo Tyke will keep you in mind when our next remortgage comes round.

 

Must be a while ago then, when's it up? Do you mind if I ask what rate?

 

It was 5.95% fixed for 10 years if I remember rightly. Mortgage free now thank goodness but at least with the fix I knew what I was paying each month !

 

Well done!

 

We fixed for 10 years, at 2.64%, 3 years ago when we bought the house. Yes, we could have been paying less during those years but we wanted the surety of a maximum payment amount especially with Brexit uncertainty looming and me having just changed careers. As it happens, we are planning on it being gone by the end of the 10 years. We’re overpaying the maximum 10% each year and will pay the last little bit remaining at the end when the fixed term is up. It was a 30 year term but through our overpayments for the past 3 years we’ve already knocked 12 years 1 month off of that and saved £41,493.99 in interest payments over the life of the mortgage (based on the rate staying at 2.64% over the 30 years term). Feeling pretty chuffed to be honest. It means scrimping and saving now but it will be worth it to be mortgage free. I’d advise anyone who can overpay anything to do so as the compound interest savings are crazy!

 

Our very first mortgage was a capped mortgage, which we thought was great, don’t see many of them about since that first one (early 90’s).
Like you my Wife was always about security of fixed amount each month.

 

Just residential or do you do Commercial ones too?

 

I'm now mortgage for free thankfully because we also paid more each month than what needed to. Working 50-60 hours a week to achieve this for 20 years was horrendous mind. I'm so glad I'm not 25 anymore.

 

It makes a huge difference, doesn’t it? It doesn’t even need to be much but anything extra means not paying interest on that for X amount of years, and not paying interest on the interest you now don’t have to pay!

 

Tbh I couldn't afford to overpay but it was a nice feeling getting the deeds and knowing that my home was finally mine after 25 years. Just hope my kids have the same chance, there's so many BTL buying up the housing at the moment.

 

Fantastic work! Good advice if you can afford to and you don't exceed any allowances and get penalties.

 

Buy-to-let yes but not commercial I'm afraid.