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Boring, boring, boring...


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My current mortgage fixed rate runs out at the end of the month and I have to find another one. I hate doing this, and have been absolutely shocked at some of the "arrangement" fees, up to £1k!!! :shock:

 

I know it has to be done, but I hate it, I really do and my heart sinks down to my boots at the thought. Maybe this post should have been in the bah-humbug thread. :oops:

 

Urgh. :-(

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We used to be in Social Housing, MTM. We worked hard to be able to buy and were lucky enough to do so when houses were at their lowest price.

 

Incidentally, the house we bought used to be Social Housing stock, so technically, we still are in Social Housing, the difference is we're paying for all the repairs and maintenance ourselves AND we don't qualify for any Housing Benefit even though we're on low income, so cry me a river. ;-)

 

BTW, the title of the thread mentions that it is "boring", which unless you're a drama queen (jury still out on this one, I believe) hardly qualifies it as a "plight". :-D

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We renewed ours with C&G earlier in the year and there were no arrangement fees, but our existing mortgage was there so I don't know if that makes a difference.

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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I am ashamed to say it, but we have ours with HSBC.

I had to really, as the offer was too good to miss and had no arrangement fees.

they were doing a rate match thing, I am not sure if they are still doing it...

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Yes, but it's only for 2 yrs with a £1k arrangement fee, so no that great a deal.

 

If you go for variable, then most don't do a fee, but as soon as you want fixed, ouch. Last time I did it was 5 years ago, and it is a real eye-opener to see the difference now, and not in a good way, no fighting for customers anymore, that much is obvious. :-(

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Well, I'm not going to blow anyone's trumpet just yet (o-er), but I found a whole of market no fee broker online, and he's calling me back tomorrow once he's done all the legwork for me, so we shall see. :cool:

 

Would you believe that because I want to borrow a little bit on top, Halifax - my current provider - will charge me a £349 fee for first doing the loan application, then tack on the mortgage at the same rate and charge the £0 - £999 fee (but we know it would be the £999 one, don't we, boys and girls? :mad:) as well? So to STAY with my current provider, who will not incur additional expenses since they won't need a new survey, solicitors, etc, only the valuation (which as we know just means phoning the local estate agent), will cost me MORE than moving to a different lender.

 

This is a crazy, crazy world. :-|

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Yeah mine's fixed rate too.

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Well, 2 top offers are Abbey and Skipton BS. Abbey is 0.1 % cheaper at 6.02%, but comes with strings, must have a current account with them, put in at least £1000 with 2 DDs coming out of it, arrangement fee £599,

 

Skipton, no such restrictions, 6.04%, arrangement fee £799, and I can make o/payment of up to 10% each year (like THAT's likely to happen! :rolleyes:).

 

Halifax, my current provider? 6.59%, £699 fee + £349 fee for the additional monies! :shock: What happened to keeping current customers happy?

 

Bloody ridiculous, is what it is. :mad:

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Why NOT just stick to a normal 'variable rate' mortgage??...:confused:
"stick" would be incorrect as I've never been on variable. :razz: I don't trust the vagaries of variable, I need to know that my payments will be the same, this way, I can budget precisely.

 

Mr BW and I are typical products of the Thatcher years in a way, having seen friends and acquaintances struggling with the 15% rates and often losing their homes as a result, we would never gamble with our home. We probably paid more as a result, having fixed while the rates were going down and down, but we'd much rather do it that way and know that we are as secure as can be in these uncertain times. I truly believe that we are on the verge of a recession, and the credit crunch coming to us courtesy of the US instead of the homegrown recession from when La Thatcher was in power, and I believe that it is going to be as devastating as the last one, so we just want to have as much certainty as can be attained these days.

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Don't, you're freaking me out - I'm worried about it all enough as it is :(

Edited by tiglet
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All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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thats not a bad offer booky... I would bite his hand off with that one, these deals are vanishing fast.

 

I agree, I too lived through the 15% days, and I was lucky enough to have a fixed rate at the time. OK, you might pay a little more, but in my opinion its worth it for peace of mind.

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Perhaps my problem is I always seem to do that in reverse ...

All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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Ah, bah humbug and all that. :mad: Nice chap from brokers called me back friday lunchtime, Skipton have just withdrawn this particular deal, so he'll start again on Monday to see what new deals have come up. Blink and you've missed it! :shock:

 

On a separate note, Mr BW had also contacted some people, without me knowing, and they called earlier. I don't much about what they were offering, but Mr BW arrives in the kitchen and says: "They want to arrange to come and meet us here to discuss the various options."

 

Well, my dears, if you have never seen my ears twitch, there it was. :mad: So I said; "No, whatever they want to discuss, there is no reason why they can't discuss over the phone!". Mr BW relays that to them, and they insist. At which point, I told Mr BW to tell then to sod off, erase any info they have from their system and not even think about passing it on to 3rd parties, or there'll be hell to pay, and goodbye!

 

Invite them over, yeah right. If they are that desperate to get here, it means that they will then use high pressure tactics to get us to sign stuff we might not want and then, because they were asked in, there are no cancellation rights. I don't think so. :mad: The cheek of them. :mad:

 

Ah well, back to square 1 then. :oops:

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I agree - i prefer to know what exactly I am paying each month.

All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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