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Author Topic: Mortgage Brokers  (Read 10259 times)

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Andy B

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Re: Mortgage Brokers
« Reply #45 on: 06 May 2018, 00:03:15 »

Nowt wrong with Barnsley. I can walk freely about the place without being shot, stabbed, offered drugs, or listening to gobshites who think they are better than others because they earn a few bob. Very down to earth people with a great community spirit. But each to their own  :)

Sorry ..... I should've used a smilie ..... :-[
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Viral_Jim

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Re: Mortgage Brokers
« Reply #46 on: 06 May 2018, 02:37:50 »

Anyone used one recently? Do they actually manage to provide a better deal than high street options?

No, but we will be in the future. The problem with mortgage lenders today is that they are there to cater to the lowest (fix£ing thick) common denominator.

When we sell our house later this yr, swmbo and I will turn a tidy profit for our efforts, but in doing so we have amassed around £50k of unsecured debt. Meaning in the short term, cash flow is rather restricted.

Last year we flipped our mortgage deal and looked to borrow the extra £50k to secure our debt and buy us breathing space. I had a gobsmackingly painful 45min conversation with some obnoxious little turd (doubtless a 17yo on £15k) who wanted to know what each of the loans “was for” and hence whether it qualified as something that could be rolled into a mortgage.

I tried (and failed) to explain that the borrowings weren’t “for” anything. Rather that swmbo and I earn a certain amount per year, but house renovation + living > income, therefore borrowing took place. But, because I couldn’t point to either say, a car, a holiday, or some bricks arranged into an extension type configuration and tell him that was what the money was for, he wouldn’t let me roll it into a mortgage.

In the end I concluded it was easier to get a better paid job rather than try to explain myself to these cretinis. But in the future, I am planning to go to a nice chap I used to play rugby with, explain what I want the money for and how much, and then let him take care of all the tedious bit in between. A few percentage points in interest will be a small price to pay to dodge a jordie call centre.
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Doctor Gollum

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Re: Mortgage Brokers
« Reply #47 on: 06 May 2018, 03:08:49 »

Brokers may be able to manually underwrite a mortgage to your requirements. Something that the direct lenders cba to do.  ;)
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TheBoy

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Re: Mortgage Brokers
« Reply #48 on: 06 May 2018, 08:13:30 »

Is this why the HS2 is being pushed by those darn saarf?  ???
Nobody who could possibly benefit from HS2 actually want it.
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TheBoy

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Re: Mortgage Brokers
« Reply #49 on: 06 May 2018, 08:27:24 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.
When I started working in '95, a nice flat/small house in Horsham could be had for around 6 years wages, a good sized house was about 10x and a really nice detached place around 25-30x.

Now, one bed properties start at 10x, modest houses are 12-15x and even the older detached places are around 25x, with the really nice detached houses being more like 35-40x... Yet basic wages are only double what they were then :-\

So whilst I have no issue in principal with higher percentage deposits (after all, the more you put down, the sooner you can pay the rest off), the reality is that even on a one bed place, a 30% deposit is still two years salary.

That is the problem.
When I started saving a deposit for my first house, I was on £80pw, of which £35 was spent renting a room in a house.


I had to make compromises to make it work, such as not having a car or motorbike for 2 years until I could negotiate a decent payrise.  After the 3rd year, I was able to put down 10% against my first £55k house...   ...a bit earlier than planned, but was able to take advantage of the buyers market caused by the 15% interest rates, which meant that although I was paying massive interest on my interest only mortgage, the house prices were artificially low.
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Jimbob

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Re: Mortgage Brokers
« Reply #50 on: 06 May 2018, 09:29:55 »

When I was younger a 5% deposit was all that was required with 100% mortgages available to those who were able to make larger payments.

Today, I hear deposits of 30% being talked about. :o :o :o

This is the problem.
When I started working in '95, a nice flat/small house in Horsham could be had for around 6 years wages, a good sized house was about 10x and a really nice detached place around 25-30x.

Now, one bed properties start at 10x, modest houses are 12-15x and even the older detached places are around 25x, with the really nice detached houses being more like 35-40x... Yet basic wages are only double what they were then :-\

So whilst I have no issue in principal with higher percentage deposits (after all, the more you put down, the sooner you can pay the rest off), the reality is that even on a one bed place, a 30% deposit is still two years salary.

That is the problem.
When I started saving a deposit for my first house, I was on £80pw, of which £35 was spent renting a room in a house.


I had to make compromises to make it work, such as not having a car or motorbike for 2 years until I could negotiate a decent payrise.  After the 3rd year, I was able to put down 10% against my first £55k house...   ...a bit earlier than planned, but was able to take advantage of the buyers market caused by the 15% interest rates, which meant that although I was paying massive interest on my interest only mortgage, the house prices were artificially low.

We keep saying similar, stretched ourselves and moved in with an airbed, floor cushions and a cast off tv!

These days a lot of the people saying they can't afford a house seem to spend a lot of money driving a new car on HP, Having the latest phones, always out smoking and drinking, then claim no money left to save!

No shit sherlock!  just a few changes on the above, plus realising they dont need to spend a fortune on subscription tv, You can get pefectly good furniture off freecycle etc, and theyve suddenly got an extra £500+ a month!  These says everyone seems to need everything perfect instantly.  Its never worked like that so can't see why the current generation think it should.
« Last Edit: 06 May 2018, 09:33:55 by Jimbob »
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Viral_Jim

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Re: Mortgage Brokers
« Reply #51 on: 06 May 2018, 09:46:53 »

Quote
Its never worked like that so can't see why the current generation think it should.

Simple, that’s all down to FaceGramInstaSnapBookChat and the likes. It’s a constant diet of young people who do (appear) to have it all. Whether that be due to living at home, wealthy parents, exceptional jobs, or all 3. Clearly they are the tiny minority, but on those platforms it doesn’t seem that way, they become the expectation.
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Shackeng

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Re: Mortgage Brokers
« Reply #52 on: 06 May 2018, 10:34:27 »

I quite agree. We were happy to accept hand-me-down furniture etc. when we got married, and although TV was around in the '60's, we had been married for 5 years before we could afford a 2nd hand black and white. I will never forget the thrill of buying our first 2nd hand fridge at an auction for £8. I am very pleased that things are easier now in many ways but I doubt many young marrieds today would be happy unless they had all new items, many of which will no doubt have been bought on plastic. The idea of saving for something until you can afford to pay for it outright has unfortunately disappeared, fuelled by the ease of credit pushed by banks etc.
 I am very concerned at the rise in personal and household debt, which has now reached an average of £14k per household, approaching the the national debt figure of 2008 of £1600 billion, projected to be £2100 billion by the end of this parliament, and unpalatable as it may seem, credit restrictions should be (re-)introduced, unless we want a repeat of 2008.:-\
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Field Marshal Dr. Opti

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Re: Mortgage Brokers
« Reply #53 on: 06 May 2018, 12:04:22 »

I quite agree. We were happy to accept hand-me-down furniture etc. when we got married, and although TV was around in the '60's, we had been married for 5 years before we could afford a 2nd hand black and white. I will never forget the thrill of buying our first 2nd hand fridge at an auction for £8. I am very pleased that things are easier now in many ways but I doubt many young marrieds today would be happy unless they had all new items, many of which will no doubt have been bought on plastic. The idea of saving for something until you can afford to pay for it outright has unfortunately disappeared, fuelled by the ease of credit pushed by banks etc.
 I am very concerned at the rise in personal and household debt, which has now reached an average of £14k per household, approaching the the national debt figure of 2008 of £1600 billion, projected to be £2100 billion by the end of this parliament, and unpalatable as it may seem, credit restrictions should be (re-)introduced, unless we want a repeat of 2008.:-\

You can now borrow enough to pay all your bills and get completely out of debt. :)
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Sir Tigger KC

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Re: Mortgage Brokers
« Reply #54 on: 06 May 2018, 13:24:02 »

Why wait until tomorrow if you can have it today?  ::)  :)

I had some new tenants a few years ago and the fella offered me his old style CRT wide screen TV as he wanted a newer flat screen model.  As they were on benefits I queried how they could afford a new TV, sensing troubles down the line with the rent if they were spending their money on TV's and stuff.  ::)

He showed me a brochure from a company which would supply the TV and fit a coin meter that they had to feed to watch TV and that money paid off the loan.  I pointed out that the APR was horrendous and he would end up paying about three times as much for his TV.   ::)  :(  His reply was "Well if you want it, you've got to have it. Havn't you?"  :y

Sigh...  ::)
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Field Marshal Dr. Opti

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Re: Mortgage Brokers
« Reply #55 on: 06 May 2018, 14:57:56 »

Brighthouse will sell you a £600 TV from Argos for £1000 before they add the interest. They like to look after the poorest in society. :)

Proper philanthropists. ::) ::) ::) ;)
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Shackeng

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Re: Mortgage Brokers
« Reply #56 on: 06 May 2018, 16:18:13 »

Why wait until tomorrow if you can have it today?  ::)  :)

I had some new tenants a few years ago and the fella offered me his old style CRT wide screen TV as he wanted a newer flat screen model.  As they were on benefits I queried how they could afford a new TV, sensing troubles down the line with the rent if they were spending their money on TV's and stuff.  ::)

He showed me a brochure from a company which would supply the TV and fit a coin meter that they had to feed to watch TV and that money paid off the loan.  I pointed out that the APR was horrendous and he would end up paying about three times as much for his TV.   ::)  :(  His reply was "Well if you want it, you've got to have it. Havn't you?"  :y

Sigh...  ::)

Singularly off topic now, but I pointed out to a customer by me in Tesco's (other brands are available) the other day, that the price per 100g for the large item he was buying, was dearer than that per 100g in the smaller packet of the same thing. "Huh?" was his puzzled response. :o
Fortunately, as TB has mentioned, young Tunnie has a smarter head on his shoulders. :y
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TD

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Re: Mortgage Brokers
« Reply #57 on: 07 May 2018, 09:13:44 »

Why wait until tomorrow if you can have it today?  ::)  :)

I had some new tenants a few years ago and the fella offered me his old style CRT wide screen TV as he wanted a newer flat screen model.  As they were on benefits I queried how they could afford a new TV, sensing troubles down the line with the rent if they were spending their money on TV's and stuff.  ::)

He showed me a brochure from a company which would supply the TV and fit a coin meter that they had to feed to watch TV and that money paid off the loan.  I pointed out that the APR was horrendous and he would end up paying about three times as much for his TV.   ::)  :(  His reply was "Well if you want it, you've got to have it. Havn't you?"  :y

Sigh...  ::)

Singularly off topic now, but I pointed out to a customer by me in Tesco's (other brands are available) the other day, that the price per 100g for the large item he was buying, was dearer than that per 100g in the smaller packet of the same thing. "Huh?" was his puzzled response. :o
Fortunately, as TB has mentioned, young Tunnie has a smarter head on his shoulders. :y

I noticed that with a brand of coffee in the above mentioned store quite a while ago. Buying a 200g jar was more expensive than buying 2x100g jars! Sometime later they got pulled up buy a consumer program about it and other products, where the same thing was happening. The shop's response was 'Its a pricing error and will be corrected". But going by Shack's experience, its still going on!
Some people just assume buying a larger packet will be cheaper!
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Kevin Wood

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Re: Mortgage Brokers
« Reply #58 on: 07 May 2018, 09:19:05 »

Yep. Mrs KW drinks Ribena like it's going out of fashion and it's always cheaper to buy a couple of the smaller bottles than a large one.

With all the butthurt about plastic waste these days you'd have thought there would be an incentive to choose the product with less packaging. ::)
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TheBoy

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Re: Mortgage Brokers
« Reply #59 on: 07 May 2018, 09:44:46 »

I noticed that with a brand of coffee in the above mentioned store quite a while ago. Buying a 200g jar was more expensive than buying 2x100g jars! Sometime later they got pulled up buy a consumer program about it and other products, where the same thing was happening. The shop's response was 'Its a pricing error and will be corrected". But going by Shack's experience, its still going on!
Some people just assume buying a larger packet will be cheaper!

But, as you allude to, some (the majority?) people are either too thick or too lazy to even check.  And a fool and his money are easily parted.  I don't really do supermarkets, but last time I was in, I'm sure everything also have a smaller label about £/kg or £/l to make it easier for the mongs...   ...not that the caluculations are in any way taxing.


And WTF are all the consumer groups getting all worked up over. A shop should be allowed to price and goods at any price they want, and the consumer should make decisions upon that. Obviously, if said shop is then uncompetitive, then they are likely to lose customers.


Top marks to Tesco - it seems they understand the intelligence/industrious levels of the majority of their customers, and exploit it. I applaud them, and others, for fully grasping their customers.
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