Mortgage question, looking to switch lender and dont know the first thing.

[bouncy]

I have been with same mortgage lender for 5 years, and recently was advised by friend its best if you shop around every few years, I dont have a clue where to start, firstly is this called a remortgage? if so anyone know where I can start looking or if anyone got a good deal recently. TIA

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Thanks

try something like charcolonline.co.uk - you can put your details in and they will show you what is available (may not be comprehensive, but good place to start

Bouncy I found the best advice for me came from London and County (I think) any way they advertise in the Guardian Money section on a Saturday and they write their best buys list. They were really helpful and look at all the costs etc. Sometimes you get a great rate, but they charge high fees and valuations etc, so the savings are negated by additional set up costs.

You can also ask your current lender for a new deal, explaining you will leave them otherwise. This often works, especially if they have better deals for new customers. However Halifax refused to do this for me, so lost my business a few years ago.

Most remortgages do not need a solicitor and often the banks pay all fees, so again a company like Charcol or L&C will take this into consideration

To be honest I spoke to three mortgage brokers and none of them had a clue what I was asking about my mortgage - their comprehension of a current account mortgage and how you can use credit cards to reduce your interest payments to nothing was almost non-existent. In the end I did it myself, and haven't payed interest for nearly two years now. Just because you don't have a clue right now, there's no reason not to read everything you can get your hands on and get clued up. Just a thought, but if you have some time you may well be able to work out the best deal for yourself.

sorry quick hijack - JaninLondon - I'm fascinated by how you do this - do you use your 0% credit cards to make payments into your current account mortgage? and then pay off the credit card?

Rojak - its called stoozing, and there's a comprehensive explanation on www.fool.co.uk if you want the details. Yes, we take out multiple credit cards with 0% interest deals, transfer all the money into our mortgage account, and the week before the 0% deal is up we pay it back and cancel the card. Sound simple doesn't it? Why a mortgage broker couldn't get the concept is beyond me...!

Rojak - its called stoozing, and there's a comprehensive explanation on www.fool.co.uk if you want the details. Yes, we take out multiple credit cards with 0% interest deals, transfer all the money into our mortgage account, and the week before the 0% deal is up we pay it back and cancel the card. Sound simple doesn't it? Why a mortgage broker couldn't get the concept is beyond me...!

And its such a wheeze I told you about it twice! Sorry.

That sounds fascinating! Thanks - will check out that website.

Am currently using 0% card to pay off car - the mortgage one sounds even better!!!

Janinlondon hello!! I am doing this stoozing thing too. ATM I have nearly £30k offsetting my mortgage

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Orinico I bow down to you - you are one of the very very few. Crunchie, I suspect there are loads of us doing it - I have my whole family at it. We have reduced the term of our mortgage by about three years we think!

YOu do have to be careful though, I know I have to sit down and do mine once a month, and that one of my biggies are coming to an end soon (£15K)

But it means my interest payments have been about £183 instead of £320!! I still pay the same evry month though to keep the capital coming down.

www.moneynet.co.uk is a good site

Crunchie I notice that Amazon (run by Halifax)is giving out their card with a nice 7000 limit to most people - instant decision online - if you need a replacement!

Got that one!!

Got Virgin, Egg, Amazon at the mo.

Recently had Dogs Trust, Citibank, Capital one (actually might look at that one again, I closed my last one a year ago!!)

Problem now is that most are starting to charge 2% for Balance transfers. So for £10,000 it will cost £200!!

Ah ha, found a nice Mint one (not had that before) and they have a £49 limit on BT and a £15K limit on a platinum card PLUS an anniversary deal for a second period of BT sorted