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Hi everyone, 

 

I assume/hope that I'm not the only person who's head spins when comparing mortgage deals?

 

I've been looking around for (preferably) a Google Sheet that can let you easily input the details from the KFI document to compare the best deal both for now and over the duration of the mortgage.

 

I simply cannot find one!

 

I can find brand-specific calculators but they're not in a simple/clean format, that I can input my own data fields into. They also only compare deals that they are offering, and not ones I'm being offered elsewhere.

 

Before I spent too long making my own, does anyone have anything similar like this that I could copy, please?

 

Muchos thanks in advance!

 

Nick

Nick Stott

Managing Director

Homesure Property

 

Tel: 07758 240 799

Email: ns@homesureproperty.co.uk

Follow me on Twitter @ncstott

www.homesureproperty.co.uk

Homesure Property on Facebook

Homesure Property on Twitter

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Realised this couldn't wait.

 

If anyone wants a copy, see here:-

 

https://docs.google.com/spreadsheets/d/1VTY9yaIKKHba8wc9IaVbVxRCH3AtKihfWYbprMd1wDE/edit?usp=sharing 

 

If there are any errors/suggestions/tweaks, please let me know.

Nick Stott

Managing Director

Homesure Property

 

Tel: 07758 240 799

Email: ns@homesureproperty.co.uk

Follow me on Twitter @ncstott

www.homesureproperty.co.uk

Homesure Property on Facebook

Homesure Property on Twitter

Link to post

Hi Nick

 

A decent start here!

 

You were probably still working on it when I looked, as the monthly payments were only showing for the first option.

 

I like the attempt to show what I like to call the 'total cost of financing' (TCF) over a set time period, in your case 5 years. The only thing is whether you would in fact repeat another fixed-rate deal (including assumptions on rate and fees) or would you realistically roll over onto the standard reversion rate at the end of the fixed term? I suspect the former, so some assumptions around rate and costs to renew after the initial fixed term would probably be handy to show the TCF. I tend to look at the costs over somewhere like 5-10 years, which might have up to 5 renewals if you are looking at 2-year fixes. The only thing is that I don't have a standard template model, unfortunately, otherwise I would share it with you.

 

Another useful calculation would be the interest rate break-even point and if you really want to get technical, introduce tax as well.

 

For complex these reasons, I do not have a template version, but it would be handy if we could 'crowdsolve' a solution between us. However, at the least, I can share some of the wider considerations behind how to select the right mortgage product, for those that stumble upon this post, here: http://www.thepropertyvoice.net/5-steps-in-our-buy-to-let-finance-strategy/

 

Thanks for kicking us off...if I get a sec tomorrow, I will see if it can be developed along the lines suggested.

 

Best

Richard

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

Facebook Page | TwitterLinked In

Let's connect...mention The Property Hub :)

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Thanks, Richard.

 

Yes - I was still working on it, but only had 3 deals to compare anyway.

 

One of the reasons I put 5 potential deals in there is - for the same reasoning around searching for properties - I wanted to be able to see MORE deals in a QUICKER timeframe by having a funnel. I usually gloss over and give up after a few deals!

 

Re the TCF - yes, I would probably refinance but I usually get too bogged down in these variables and end up not doing anything - or getting distracted! This way, at least there's some sort of progress in the right direction...

 

 

Every time I update my own version, I'll update the public link above too.

 

Thanks for the link - will check it out now.

Nick Stott

Managing Director

Homesure Property

 

Tel: 07758 240 799

Email: ns@homesureproperty.co.uk

Follow me on Twitter @ncstott

www.homesureproperty.co.uk

Homesure Property on Facebook

Homesure Property on Twitter

Link to post
On 20/03/2018 at 3:40 PM, nick stott said:

Hi everyone, 

 

I assume/hope that I'm not the only person who's head spins when comparing mortgage deals?

 

 

Morning Nick,

 

Does your broker not give you a detailed breakdown?  I am just going through a couple of remortgages and my broker email's me the list of available lenders with a complete breakdown of costs along with the total loan cost for comparison?

Darren

 

www.fmp-investments.com

www.f-m-p.uk

property@f-m-p.uk

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Yeah, I get the detailed breakdowns but I use several different brokers and they have their own formats and many different variables.

 

Do you have the contact details for your broker,  please?

 

It'd be great to see what you get, in case it's different to the others.

 

Many thanks!

Nick Stott

Managing Director

Homesure Property

 

Tel: 07758 240 799

Email: ns@homesureproperty.co.uk

Follow me on Twitter @ncstott

www.homesureproperty.co.uk

Homesure Property on Facebook

Homesure Property on Twitter

Link to post

Hi Nick

 

I had a bash at updating your sheet based on adding in a Total Cost of Financing (Borrowing) or TCF. You can find a link here: https://docs.google.com/spreadsheets/d/1UHoJSeYY5HTqIV2lPk8cBrI4DtiYV7ilCI_Mvkuhths/edit?usp=sharing

 

Notes:

  • There are 2 tabs - Full and Simplified - Full shows all the workings in long-hand, which a more technical whizz can probably more easily consolidate...but at least it shows how the logic hangs together!
  • I added in some comments to explain certain elements, assumptions or queries
  • I made up a 3-year deal just to illustrate how to deal with multiple renewals that overrun the 10 year time frame
  • It's built around a 10-year TCF, so it would need some changes to look at say 5 or 7 years instead
  • It ain't prettified ;)

Hope it helps some...

 

Best

Richard

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

Facebook Page | TwitterLinked In

Let's connect...mention The Property Hub :)

Link to post

Done! Thanks.

 

Well, I've got two brokers giving me the same deal BUT one can only offer me 5 years - the other only 2 years! 

 

It's a confusing space.

Nick Stott

Managing Director

Homesure Property

 

Tel: 07758 240 799

Email: ns@homesureproperty.co.uk

Follow me on Twitter @ncstott

www.homesureproperty.co.uk

Homesure Property on Facebook

Homesure Property on Twitter

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