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  • Mortgages & Finance

    Reduce TMW mortgage costs

    Many of you property swots probably already know this but there may be a few that don't so here goes. The Mortgage Works have an online mortgage switching tool that you can use yourself so no broker fee is involved. You can use it if your mortgage has gone beyond its initial tie-in period. You can even use it to reduce the initial mortgage when the further advance is still within a tie-in period. It also gives the option to go for a 5 year fixed rate with no fees.

    Have just used it to reduce three of our mortgages from 4.99 to 4.29, saving about £25 per month on each mortgage. Worth doing as it takes five minutes and costs nothing.
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    You can also do the same with BM however you have to go via a broker with BM.

    We do these for clients automatically when their terms finish and just saved one client £22k over the next 2 years!

    Lisa
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Thanks for this.
    It just took me 5 mins to save £60 pm !
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    Surprised your broker did not contact you when your fixed term came to an end.

    This is "Mortgage Broker Lesson 2", lesson number 1 is make sure you keep in annual contact; so you can use lesson 2.

    There are savings to be made; they may not be the best product to switch to - as other re-mortgage products offer Free Val and Conveyancing so can match up or beat them. What they can not beat Product Transfer on is time and ease - its very quick.
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.

    YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001


    Can you do this with Hailfax and Virgin
    Does anybody know
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    I've done it with halifax just with a phone call, put me on their long term tracker at the time, think I'm paying 3.5% ,
    Also bank of Scotland but their rates went great

    I've done it with halifax just with a phone call, put me on their long term tracker at the time, think I'm paying 3.5% ,
    Also bank of Scotland but their rates went great
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    I know that you can't do it with Virgin as I have spoken to them about it a couple of weeks ago. You have to go on to a completely new mortgage with them with all the costs that that entails.
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    Glenn, I love the idea behind this direct-to-consumer product switcher, but I have a problem understanding how this truly helps a borrower.

    A mortgage is a debt. A debt needs to be implemented using the right financial planning strategy and an understanding of how the debt affects the survivors in the event that a borrower dies whilst that debt is in situ.

    And what of the borrowers who have several, if not dozens, or even hundreds of these debts?

    Does the online switcher provide estate planning advice, does it offer a financial security review, does it implement necessary life cover in Trust and will it offer itself to the Trustees to discuss their legal responsibilities? Does it arrange a Will and the relevant property trusts? Does it answer all of the questions posed re future requirements for flexibility, portability, overpayments, strategies for further advances etc etc?

    I'm not saying that this switcher (and others) doesn't have a place for someone who has all of these other matters properly arranged already, but in my experience the best that this switcher can offer is a way to cut out - as you put it - the 'Broker Fee'.

    In my Firm, we don't charge Broker Fees. We do however provide a full financial planning service that ensures that our Clients are properly advised, have appropriately set up financial security in place and for this we charge a Professional Fee.

    And that sums it up for me. We are not mortgage salesmen or mortgage brokers per se. We are professional financial advisers and for borrowers who deem it 'best value' to cut out professional advice (and the benefit of professionally advised solutions implemented) for the sake of a couple of hundred pounds of 'broker fees', then I leave it with a final 'caveat emptor'.

    By the way, when we do a remortgage review, we always consider the existing lenders options too, and indeed if they are offering the most viable options (with all future flexible requirements available too) then there is no need for a remortgage at all and a simple transfer is implemented. That's part of the service from a professional adviser. If however, a more cost effective (and flexible) arrangement is available elsewhere then the Professional Fee would be worth it's weight in gold as the new product would ultimately be proven to save the borrower (or provide the borrower) with a much better proposition.

    'Up the Adviser' Smile

    Howard.
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    (25-09-2014 08:13 PM)howard_reuben Wrote:  Glenn, I love the idea behind this direct-to-consumer product switcher, but I have a problem understanding how this truly helps a borrower.

    We need to remember that this isn't a direct-to-consumer facility, it's a business to business facility.
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    Funded PhD available at Brimingham City University in energy efficiency in the rental market
    http://www.propertytribes.com/funded-phd...27005.html

    (30-09-2014 11:39 AM)vectistim Wrote:  
    (25-09-2014 08:13 PM)howard_reuben Wrote:  Glenn, I love the idea behind this direct-to-consumer product switcher, but I have a problem understanding how this truly helps a borrower.

    We need to remember that this isn't a direct-to-consumer facility, it's a business to business facility.

    If a landlord / property investor runs their portfolio as a business and treats mortgages as financial tools to help run their business, then I totally concur.

    However the product switcher webpage actually states "This is a customer only site and not for the use of mortgage intermediaries" (https://www.tmwswitcher.co.uk/), so it is of course therefore perceived as 'direct to consumer'.
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