Mortgages

Is it worth staying with the same Mortgage Company or better to change every few years?

depends on whats on offer sweepie

stayed with mine for 22 years but then agian the offers have been good and i'm too lazy to keep changing

Well i think its always worth looking at what else is about - you dont have to change if you dont find anything that looks better suited to you.

Im in the middle of changing my mortgage. Im going to borrow a bit extra and fix for 5 yrs instead of 2 but at the end of the fix i will have paid off 15k in 5 years instead of with my last mortgage where i paid off only 2k during my 2 year fix. So i think im onto a better deal now than i was and had i have stayed with them i'd be paying more! The capital is being repaid much quicker with the new mortgage (plus i have shortened the term) and i have been able to borrow a bit more.

I always shop around for anything i get, be it insurance, mortgages, electric, cars, holidays, ovens, anything! I've saved myself massive amounts of money over the years by doing this and with all the modern search engines and comparison sites its not exactly that hard work!

We remortgaged in 2004 & this was for 3yrs minimum stay with this company, so we were thinking of looking around for somewhere else too. Any advice gratefully received

Well im moving from Abbey to Halifax if thats any good? The rate im going for is their 5 year fix, interest and capital repayment, £599 arrangement fee, fully portable, payment holidays allowed, overpayments allowed, interest rate of 6.19% for the fix. This is my first remortgage.
I guess it depends on what you are looking for?

Definitely shop around, but watch out for redemption fees, and always borrow more than you need, coz the fees swallow quite a bit of it up, through my experience anyway. There's a fantastic site somewhere, where you can see ALL the lending, what they offer, etc. etc. so at the click of the mouse you can see which is the cheapest for you. I had a financial advisor round a year ago and he showed it to me, but I can't for the life of me remember what the website's called? Sorry!

http://www.unbiased.co.uk/find-an-ifa/

this site can help yoy find a free Indepedent Finacial adviser in your area.

IFA's go down 2 routes,

Those that charge a fee but receive NO COMMISSION
or those that are free but receive commission.

I wouldnt woory too much about commission influencing their choices, most lenders pay the same commission. and they are legally obliged under the FSA rules to disclose any payments they will receive.

Its best to see one of these if you dont know too much abnout wht you are looking for as they will offer a advice and recommendation service to find the best deal for you.


Alex
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Please be aware theat as easy as it may seem to add your fees to the loan, you are in effect paying interest of that amount for the life of the mortgage, there fore a £500 fee may end up costing about £4000

Alex
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Forgot to add:

Most companies will now do free legal and valuation seen as it is a remortgage...

Great info - Thanks