Major Stare Posted February 16, 2006 Posted February 16, 2006 Looking to change current mortgage to save a few ££ a month. Currently with Nationwide but have HSBC breathing down my neck for the business. Tried making a few calls to get some figures but its all apointment only and i just dont have the time. Quote
Alfred Posted February 16, 2006 Posted February 16, 2006 If you don't tend to have a bank overdraft on your bank account and have a few quid in it each month when you get paid then try an offset mortgage. Woolwich do one connected to a Barclays Bank account. What they do is offset the credit balance in your bank account against the debt on your mortgage to calculate the interest. You keep paying the noraml monthly payments. Me and my three workmates have done this, since 2002 I have knocked a good slice of the capital of my mortage and if I am on target will knock 16 months off the mortgage period. Another advantage is that if you get a bit short you can draw down the excess amount you have knocked off the mortage. Other banks do have similar products so its worth asking Quote
oldman Posted February 16, 2006 Posted February 16, 2006 Tommo can yer ere me.....who sang that then Quote
vodkatart Posted February 16, 2006 Posted February 16, 2006 Used a independent advisor for the first time and would highly recommend it, hundreds of mortages to choose from and he advised me based on what i wanted to have. got a really good mortage deal and life insurance deal. PM me and ill supply his name etc he lives local in Nottm Quote
langy Posted February 17, 2006 Posted February 17, 2006 Woolwich do one connected to a Barclays Bank account In my experience, avoid the Woolwich like the plague Quote
Blatman Posted February 17, 2006 Posted February 17, 2006 Woolwich do one connected to a Barclays Bank account. That's 'cos Barclays own The Woolwich... Quote
gadrego Posted February 17, 2006 Posted February 17, 2006 Depends obviously on rates they're offering but I've been with HSBC for 3 years and they've been excellent. I really can't fault them other than perhaps having to go through foreign call centres. Quote
Boxerman33 Posted February 17, 2006 Posted February 17, 2006 Woolwich do one connected to a Barclays Bank account In my experience, avoid the Woolwich like the plague I have a Woolwich Mortgage and Bank with Barclays, although not a linked one, and to be honest I've had varying levels of service from both. Most of the Woolwich customer service dept is based in India and can be a nightmare to deal with, although when I do get thru to someone in the UK they tend to be really good. I'd agree with the Independant advisor route to a certain degree but if you can spare a little time you can soon search out the best deals on the internet. Three of the sites I use are John Charcoal, Money Supermarket and the Motley Fool but just put "mortgage" in a google search and you'll find loads of sites with the best rates on. This way you save can save paying the advisors commission Quote
*Emma* Posted February 17, 2006 Posted February 17, 2006 Woolwich do one connected to a Barclays Bank account In my experience, avoid the Woolwich like the plague Why? Quote
Rick S Posted February 17, 2006 Posted February 17, 2006 I'd agree with the Independant advisor route to a certain degree but if you can spare a little time you can soon search out the best deals on the internet. Three of the sites I use are John Charcoal, Money Supermarket and the Motley Fool but just put "mortgage" in a google search and you'll find loads of sites with the best rates on. This way you save can save paying the advisors commission Never pay for mortgage advice - they make commission on setting up the mortgage for you (and for your mortgage insurance which is usually £££'s). HSBC mortgages are only available "direct" so you're better off looking at their suite of rates on t'internet & working out payments from there. Otherwise, all the other recommended sites are worth a glance, as is www.moneyfacts.co.uk. If you go through "best deals" it should give you an idea of somewhere to start - I personally find hsbc a bit on the high side rate-wise but they will lend you mucho £££s if you are an existing client with a good credit rating (if you want that sort of thing). Offset stuff is great - IF you're disciplined. IF you're not, it's possibly worth playing the market every x years or so when your deal runs out. Why not speak to Nationwide and see what deals they have? They are a very strong lender and I'm sure they will be there or there about on their top deals. Also bear in mind on the bbc news site that inflation is low, so there MAY be a rate cut soon = the rates MAY go down. I'm not in the mortgage game anymore - just thought I'd pass on some info as I am an existing Nationwide customer with a deal due to end soon - so I will be looking around for a good rate and someone to do the work for me; preferably without payment. HTH... Quote
Chester Posted February 17, 2006 Posted February 17, 2006 Might be worth having a look at http://www.moneysupermarket.com/ Gives you an idea of deals out there. I used this site to find a capped rate deal with the Coventry. Quote
Wayne Posted February 17, 2006 Posted February 17, 2006 I have just changed mine for a fixed rate of 4.69% until Jan 2011 with Yorkshire Building society. Go to W H Smiths and buy the Mortgage adviser magazine. This will give you a totally unbiased answer to your question at the same time, explaining to you, all the options and best buys out there. Good luck. Quote
Major Stare Posted February 17, 2006 Author Posted February 17, 2006 Cheers Guys, I'll be giving Tommo a call over the next few days HSBC have 5 of my accounts and are screaming for the mortgage too. They also increased my Master Card total spend allowance today....... by £4500 Quote
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