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Mortgage advice.
Posted: Mon Jan 24, 2011 1:41 pm
by IWANT1
Mortgage advice.
Can anyone help?
Posted: Mon Jan 24, 2011 1:49 pm
by Stuart
Depends whether it's generic advice or specific to you and your financial requirements.
Generic; yeah, easy but then the best generic advice can often be sought online
Specific; PM Nick who owned the R34GT-R on here........Nick Wilson. That's what he does for a
very good living
Posted: Mon Jan 24, 2011 4:10 pm
by IWANT1
Too many options is the problem fixed, capped, tracker this rate that rate 2,3,5 years etc,
Posted: Mon Jan 24, 2011 9:24 pm
by Mr Fletcher
pay as much as you can as quick as you can
Posted: Mon Jan 24, 2011 9:58 pm
by Stuart
If you have a large deposit or spare disposable income, I would do as Jase suggests and keep the borrowing down as much as possible. Overpaying monthly can be one way, or simply ensuring that the amount of loan against the equity is small (Loan to value rate)
Mortgage rates are about as low as I can remember right now (been paying a mortgage for 18 years) My own mortgage comes off of a fixed rate in March and I will be leaving it on a variable rate for now. Watch for large redemption penalties with any mortgage. If I wanted to switch mine at all during the first five years, the fee was 9k!
I like the mortgages that allow you to overpay without penalty (check the small print) The savings available through paying something off in 20 years instead of 25 will blow your mind.