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Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Tue Jul 04, 06 7:10 pm Post subject:
Another small suggestion: https://www.ecology.co.uk/ Decisions, decisions, decisions.......

nettie

Joined: 02 Dec 2004
Posts: 5888
Location: Suffolk

Posted: Tue Jul 04, 06 10:25 pm Post subject:

bernie wrote:

Northern_Lad wrote:

Don't really want to pay �400 for the service when I can do it myself though.

Who charges �400.00??

That one baffles me too, I've used two mortgage advisors in the past who have both worked very ####### my behalf and never charged me a bean, just taking a commission from the mortgage company and any life assurances etc that they've sorted out foer me.

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Wed Jul 05, 06 7:37 am Post subject:
There are exceptions but it's often thought an advisor who gets paid comission is not going to find you the best product. If it's a difference between something that pays them �1000 or nothing I wonder what many would pick. You can go along for the chat and then buy direct of course.

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Wed Jul 05, 06 7:46 am Post subject:
From my initial scratchings, the "one account" will allow me to pay off up to 12 years early ( ) provided I don't spend my savings. Looking at the yokshre site, having the same savings will take �12k of the interest - best part of half. I'm really struggling to see the catch; maybe there isn't one with them.

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Wed Jul 05, 06 7:53 am Post subject:
What are their rates, discounts etc and what about arrangement fees and redemtion fees? Do they have any penalties? I bet many people do view the flexible mortgages as an open cheque book and end up paying far more...

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Wed Jul 05, 06 8:03 am Post subject:
Arrangement fees are comprable with most others, and yokshre even offer 'cashback' which can be used to cancel out the fee. Redemption is penalty free (not sure about the fee though)

Mary-Jane

Joined: 13 Jan 2005
Posts: 18397
Location: The Fishing Strumpet is from Ceredigion in West Wales

Posted: Wed Jul 05, 06 8:40 am Post subject:
Quite a few people I know have taken out mortgages with this lot https://www.ecology.co.uk/ I can't personally say whether they're any good - but they do seem to be getting a lot of good press lately. (Oops, just noticed that it's already been suggested - oh well, they must be fairly popular then)

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Wed Jul 05, 06 9:39 am Post subject:

Mary-Jane wrote:

Quite a few people I know have taken out mortgages with this lot https://www.ecology.co.uk/

I can't personally say whether they're any good - but they do seem to be getting a lot of good press lately.

(Oops, just noticed that it's already been suggested - oh well, they must be fairly popular then)

They are quite specific with the type of things they lend on though. But they do seem a very interesting company.

High Green Farm

Joined: 30 Nov 2004
Posts: 349
Location: Mid-Suffolk

Posted: Wed Jul 05, 06 10:32 am Post subject:

We moved to Abbey about a year ago on their base rate tracker so we pay 0.50% above BOE rate for the life of the mortgage. It�s flexible so you can set it up as interest only, or repayment, and can overpay if you want to. You also get a savings pot that offsets against the mortgage and can reduce the interest you pay. No tie ins either, so if you decide you want to go after a cheaper short term rate then you can.

I didn�t want to keep chasing the cheapest rates every two or three years, as often the costs that you pay to move mortgage offset the savings you make.

Blue Peter

Joined: 21 Mar 2005
Posts: 2400
Location: Milton Keynes

Posted: Wed Jul 05, 06 10:37 am Post subject:

nettie wrote:

bernie wrote:

Northern_Lad wrote:

Don't really want to pay �400 for the service when I can do it myself though.

Who charges �400.00??

Isn't the danger then that their advice is biased in favour of the mortgage company/life assurance company which pay the highest commissions (or do a special deal with the company for which they work, etc.)?

Peter.

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42219
Location: North Devon

Posted: Wed Jul 05, 06 10:39 am Post subject:
AFAIK, and I'll probably find out that I'm wrong in a minute, the commission paid on arranging a mortgage is pretty minimal and consistent from provider to provider. There's far greater variation on other financial products.

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Jul 05, 06 10:41 am Post subject:
One part of my employment package is a free financial advisor, who we pay a flat rate to, meaning he gets no commission, whatever he sells. However, if we're not happy with the results, we wouldn't hire him the next year. If you want truly independant advice, paying for it seems to be the best way forward. I'm crap with money, so I need all the advice I can get!

Northern_Lad

Joined: 13 Dec 2004
Posts: 14210
Location: Somewhere

Posted: Wed Jul 05, 06 10:42 am Post subject:

nickhowe wrote:

I'm crap with money, so I need all the advice I can get!

Give it to me; I'll invest it wisely for you (in me)

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Wed Jul 05, 06 10:43 am Post subject:
Mmm. Yes. Lager's very wise.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Wed Jul 05, 06 11:00 am Post subject:

sean wrote:

AFAIK, and I'll probably find out that I'm wrong in a minute, the commission paid on arranging a mortgage is pretty minimal and consistent from provider to provider. There's far greater variation on other financial products.

Depends on the company, and the client, the riskier the business, the higher the prop fee

When I did them , anything from �150 to �500.

Any IFA when using their wonderful software to find the best insurance product for their client, can manipulate the answers they put in to get the highest commission products coming up top. When I was an IFA - people I knew used to manipulate the system, just so Equitable Life didn't come out top, as they didn't pay commission to IFAs - and look what happened to them.

It's a horrible murky world

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