Can i just arrange my own mortgage

16 replies
Found 11th Nov 2010
I need a short term mortgage, to help release some equity... i will be needing an offset one

Do i need to use a mortgage advisor or can i just arrange it myself?

How do mortgage advisors make their money? Do i pay or do they get a commision from the mortgage company?

16 Comments

the advisors are supposed to help you find the best deal (!) If you're in a good position you could get some quotes online, start with Nationwide etc. When I did mortgages many moons ago I got around £500 commision from flogging life insurance with the deal, or occasionally a wad in lieu.

Of course you can do it yourself! Just find a good deal and apply for it. Mortgage advisors are there to help/advise, but often taken commision on the deal so don't always offer the true best deal, if you do need to use an advisor, get one who charges YOU their fee, so you know who they are working for.

I pondered this myself a few years ago and asked our business financial advisor what to do. He pointed me in the direction of John Charcol online and I sorted mine out myself.Have a look by clicking this link

It is simple enough to have a look at the options.

Hope this helps

Original Poster

Penny Saver

Of course you can do it yourself! Just find a good deal and apply for … Of course you can do it yourself! Just find a good deal and apply for it. Mortgage advisors are there to help/advise, but often taken commision on the deal so don't always offer the true best deal, if you do need to use an advisor, get one who charges YOU their fee, so you know who they are working for.



Thats just what i suspected, i will only need the mortgage for hopefully around 18m, and i feel i will end up loosing out in teh long run, on mortgage fees and advisor fees

Original Poster

PaulDoc666

I pondered this myself a few years ago and asked our business financial … I pondered this myself a few years ago and asked our business financial advisor what to do. He pointed me in the direction of John Charcol online and I sorted mine out myself.Have a look by clicking this linkIt is simple enough to have a look at the options.Hope this helps




Is that not just another advisor?
Edited by: "skellysgirl" 11th Nov 2010

If you want advice the bank mortgage advisers will help for free and will just get paid for a sale and try to give you the best they can. Be careful of independent advisors as most are good but some get offered incentives by some lenders to offer their product. If you could sell a Halifax mortgage with a great rate and get £100 quid or a Natwest one with a worse rate but get £500 quid what would you do?? This is the decisions IFA's have to make

skellysgirl

Is that not just another advisor?



It's really just a website showing some good offers. I got a deal with Northern Counties Building Society. I'd never heard of them before and dealt with everything direct paying no commission to anyone.

gbspurs

If you want advice the bank mortgage advisers will help for free and will … If you want advice the bank mortgage advisers will help for free and will just get paid for a sale and try to give you the best they can. Be careful of independent advisors as most are good but some get offered incentives by some lenders to offer their product. If you could sell a Halifax mortgage with a great rate and get £100 quid or a Natwest one with a worse rate but get £500 quid what would you do?? This is the decisions IFA's have to make



No bank will advise you take another lender's products - they are the worst people to advise you!!!

That's not what I meant exactly. I would hope anyone would compare rates too. I meant that if you went into Natwest, hsbc and Halifax each adviser would give you there best rate for you. Unfortunately you still have to make your mind up yourself!!

Original Poster

Basically we have a really low mortgage and a lot of capital tied in our house...and would like to build our own house.
I want to have all the finance in place first

We need to release equity to allow us to buy some land...we will get a better deal as a cash buyer, so soon as we have some land the house can go up for sale

In the time between releasing the equity we need it offseting, we also need to make sure we have no tie in and as low as possible arrangement fees.

As our mortgage is very low as it is the rates do not worry me as it is only a short term arrangement...i just feel im gonna get walloped financially to release equity/remortgage...which is annoying for a short term fix

Original Poster

What i mean is i think i know exactally what im looking for i just wasnt sure if its a good idea to go attempting this on my own, i have a reasonable amount of confidence and im pretty savvy, but this is not like im hunting for the cheapest supermarket deal

You can do a further advance on your exisiting mortgage. Keep your mortgage the same and borrow the rest as a new part. Won't cost alot

Original Poster

gbspurs

You can do a further advance on your exisiting mortgage. Keep your … You can do a further advance on your exisiting mortgage. Keep your mortgage the same and borrow the rest as a new part. Won't cost alot



they do not offer a offset facility and its quite expensive fees

Who's your lender? I'm with c+g and my further advance cost 90 quid. Also if you struggle to get an offset mortgage you could just overpay. Depending on if your lender offers this.

Banned

also have a look at whether exchanging your current mortgage to a larger deferred mortgage would suit your needs.

Original Poster

Currently with northern rock

slamdunkin

also have a look at whether exchanging your current mortgage to a larger … also have a look at whether exchanging your current mortgage to a larger deferred mortgage would suit your needs.



Currently with northern rock. Willl look into this option slam
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