Hello.
I'm ploughing through mortgage comparisons. I think I need a financial advisor. I have a highlighter pen and a calculator but my brain is melting.
( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:12, 2 replies, latest was 15 years ago)

What are you looking at as the most likely option?
Interest only for value, or repayment for stability?
( b3th Not shit. Not mod., Sat 20 Aug 2011, 21:14, Reply)

Repayment.
Currently on a fixed 5.59% one with 3 years to run and a big penalty for redemption. Online calculators tell me that I should switch if I can find one less than 4.29%. I think I have but I'm fucking around with all sorts of arrangement fee and overpayment combinations. Christ, this is tedious. I'll just go and water my vegetable patch.
( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:17, Reply)

Keep it!
Or, if you can get a better overall deal, spread the word.

Your buyout costs will eclipse any slight reduction in interest.

You're unlikely to get better than 4.9% on any mortgage at the moment and you need a lot of collateral to get that.
( The Disappointed Caravanner of the year, Sat 20 Aug 2011, 21:24, Reply)

My bank is offering me 3.9%
and a £900 product arrangement fee.

Edit: well, that's what they're online calculator said. In person they gave me a rough estimate of 4.24% but I didn't have all the figures then.
( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:31, Reply)

What term?
3.9% is good if it's fixed for, say 5 years.

If it's only 2 years look at the term afterwards.
( The Disappointed Caravanner of the year, Sat 20 Aug 2011, 21:36, Reply)

3 years
Which is how long I have remaining on my current fixed deal.
( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:38, Reply)

Sums are required
I tend to be cautious with investments which is why my gut instinct is stick.

I think I'd be inclined to pin your bank to a written quote with a full understanding of what happens at the end of three years.

3.9% is probably a headline - in other words a potential best offer. Unless you have £20 notes falling out of your pockets it sounds remarkably good.
( The Disappointed Caravanner of the year, Sat 20 Aug 2011, 21:47, Reply)

I don't understand mortgages.
My step-dad helped me with mine and luckily I got a flexible one just as the interest rate went right down. Luckycowlols.
( girlinthehole, Sat 20 Aug 2011, 21:16, Reply)

I'm okay with the basics but unsure how to do the comparisons.
Like, do I compare my current one with 23 years remaining with a new one over 25 years, or should the new one be 23 years too, blah blah.
( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:18, Reply)

Get minicatfaceceilidhband to point at the screen with her dummy.
It's as good an option as pouring over the figures.
( girlinthehole, Sat 20 Aug 2011, 21:22, Reply)

This fails. She doesn't have a dummy :(

( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:32, Reply)

*sadface*
You're fucked then.
( girlinthehole, Sat 20 Aug 2011, 21:33, Reply)

I'm thinking of just selling up and moving into the awesome tent.

( crackhouseceilidhband Fuck off back to Mumsnet, Sat 20 Aug 2011, 21:34, Reply)

That would be your best option.
Too late for a gypsy wedding though : (
( girlinthehole, Sat 20 Aug 2011, 21:36, Reply)

That's the trouble
They're not all the same, so it makes them too complicated to compare. And tehy try to dazzle you with MONEYSCIENCE!

I had an interest only, and before I sold the flat, I was tempted to switch to a repayment but keep the endowment. I see what you mean. It is confusing and boring.
( b3th Not shit. Not mod., Sat 20 Aug 2011, 21:22, Reply)