the richest man in atherstone

I recently wrote that, as part of my expenditure review for 2008, I would be looking to remortgage to a better product.

I spent a lot of time in March trying to find mortgage that improves upon the 6.09% Standard Variable Rate I am currently getting with ING Direct. I checked a number of price comparison websites and consulted with ten mortgage brokers but none of them have a mortgage that I believe to be better.

My personal view is that basic mortgage rates won't rise too much higher than they are at the moment so I was looking for something that was around quarter of a percent less than the 6.09% I was on at the moment and with no fees. I also wasn't too bothered about it being another standard variable.

Despite hunting high and low, there doesn't seem to be anything better than the deal I have at the moment. The mortgage brokers I spoke to were actually more of a hindrance than a help. A couple went through a lengthy process of collecting my details before telling me they couldn't offer me anything and the others lured me in with their promises of superior products that weren't available to the general public and then went on to offer me mortgages that were significantly poorer than what I currently have. There was also a certain amount of what I would describe as 'scaremongering' with regards the UK economy. One broker even advised me that if I didn't fix at 7% right now, I'd be paying over 10% by the end of the year as the world goes into economic meltdown!

On the whole the advice and experience was poor and I went away feeling very sorry for the people that don't know better and are convinced to remortgage. It will be a long time before I use the 'expertise' of a mortgage broker.

So, I will be sticking with my current mortgage for a little while longer. Although it's not the absolute best, it's at the right end of the scale and with no redemption fees, it will be easy to change once a significantly better product comes along. Plus there's an unlimited overpayment facility which I plan on making the most of this year.

Of course, I'm just a common bloke and these brokers may be completely right and I completely wrong...but I doubt it