Pat_McCrotch 0 Posted February 17, 2012 Trying to get the best deal possible for a First Time Buyer mortgage. I have a couple in principle already but feel there is still better value to be had out there. Anyone a broker? Want some commission for a super cheap deal ;) Share this post Link to post Share on other sites
robrado974 1 Posted February 17, 2012 Nationwide offering some great deals , halifax , post office , and natwest all good as well , er in doors used to be a mortgage adviser, now working for nationwide but keeps her eye open on whats goin on . Share this post Link to post Share on other sites
BILLCOR 1 Posted February 17, 2012 Give these guys a call http://www.lcplc.co.uk/ I've used them for our last 5 house moves Share this post Link to post Share on other sites
carrots 1 Posted February 17, 2012 i am no expert but i would fix the payments for as long as poss with these low interest rates Share this post Link to post Share on other sites
robo22sri 10 Posted February 17, 2012 base rate tracker is one to look at, we fixed our rate for 4 years thinking it was a good idea and our friends pay a hell of a lot less than us! and they are on a base rate tracker hard any intrest costs Share this post Link to post Share on other sites
Pat_McCrotch 0 Posted February 17, 2012 Nationwide offering some great deals , halifax , post office , and natwest all good as well , er in doors used to be a mortgage adviser, now working for nationwide but keeps her eye open on whats goin on . Nationwide doing some good deals, but they will only lend 3 1/2 times your income. I'm single so that rules me out :( Share this post Link to post Share on other sites
mimjed 0 Posted February 17, 2012 All comes down to deposit at the end of the day, the more you have the better you will do. Aim for 25% ltv and you'll do fine. Splitting with my bitch at the mo so I'm on the look out again! Share this post Link to post Share on other sites
VAG-hag 0 Posted February 18, 2012 base rate tracker is one to look at, we fixed our rate for 4 years thinking it was a good idea and our friends pay a hell of a lot less than us! and they are on a base rate tracker hard any intrest costs I'd avoid trackers like mad at the mo because rates won't be dropping as they did a few years ago, they simply can't! This makes new trackers look good currently but they will only go 1 way..... up! This may catch you out. The base rate is so so low currently...... Some good discounts out there and a good deposit is key to keeping rates low and options open. Fees are something to look at closely, will you get value from a product with a fee (ie will the product save u the fee amount over x years) I avoid fee products unless really attractive because my mortgage is small-hope that makes sense! Christ I'm getting old! ---------- Post added at 08:01 AM ---------- Previous post was at 07:59 AM ---------- iI'd Google it for now to get an idea then go shopping..... Share this post Link to post Share on other sites
Pat_McCrotch 0 Posted February 18, 2012 Yeah fees seem to be the stumbling block, with my deposit (shade over £25k) they are all coming up at about £450 a month. But the fees vary wildly. My only hope really for better deal now is Santander as they give you £300 back when you open a current account at the same time. Share this post Link to post Share on other sites
vornwend 0 Posted February 18, 2012 Give these guys a call http://www.lcplc.co.uk/ I've used them for our last 5 house moves I've used these people too. They are very good and often have access to deals that you won't see advertised. Share this post Link to post Share on other sites
lauraJ 0 Posted February 18, 2012 we're on the look out for a mortgage, I think we'll give these LCplc a try. Share this post Link to post Share on other sites
VAG-hag 0 Posted February 18, 2012 Be warned they will call you loads after you speak with them..... Id take the best they can give & then shop around further. Share this post Link to post Share on other sites
mimjed 0 Posted February 18, 2012 My current one is with Santander, 25% ltv got me 3.29% fixed for two years and £250 cashback on completion. They're fookin hopeless as a bank so try and avoid swapping your current account if you can Share this post Link to post Share on other sites
Pat_McCrotch 0 Posted February 19, 2012 Santander seem to be offering a good rate with a 25% deposit; 3.49% with no fees and £100 cashback when you open an account with them. Works out at £428 a month though? Only £20 cheaper than if I put a 20% down I'm sure there must be better value out there though, so I shall keep hunting :) Awaiting a call back from LCPLC Share this post Link to post Share on other sites
VAG-hag 0 Posted February 19, 2012 oh they will call you mate!! Share this post Link to post Share on other sites
KIPVW 0 Posted February 19, 2012 oh they will call you mate!! lol! bit like me asking you for a Sprinter article. You WILL submit one this year Morris :) Share this post Link to post Share on other sites
VAG-hag 0 Posted February 19, 2012 hahaha Dad should do it really.... he is retired!! Ill start one, I promise Mr Chair Share this post Link to post Share on other sites
oxfordpaul 0 Posted February 19, 2012 I'm in the midst of applying for mortgages myself too and the best rates by far imo are with HSBC. They have 5 yr fixed at 3.49% with 70% LTV or lifetime bank of england tracker at 2.09 above boe so current rate 2.59% and this rate has no redemption penalties (one to watch out for if you don't think you'll be in the house for long) and no charge for overpayments, plus it's completely portable. Only thing is I've found them a bit of a nightmare - have to jump through hoops to get the mortgage and I find out tomorrow! Personally I've never fixed and this has always paid off for me with falling rates. I agree with others above that the only way is up now but then you have to consider how quickly they will rise because the banks always factor that in and charge you a higher rate to fix. So for example if you get a fix for 2 yrs at 4% but you can get a tracker for 2.59% then the boe rate has to rise by 1.5 for you to be worse off and that's very unlikely in the next 2 yrs. The other thing to watch is good deals for 2 yrs but if they default back to their own SVR (rather than boe base rate) you might get stung. SVR's for building socs seem really high and therefore not such a good deal (4-5% quite often). Dominic Morrison has been very helpful for me, he's in Oxford and is contactable on 01993 812636. Share this post Link to post Share on other sites
Pat_McCrotch 0 Posted February 20, 2012 (edited) Well, looks like it's getting even worse :( LCplc were useless. Way off my cheapest quote at Santander; 25% deposit and all fees apart from solicitors paid, even so it was hardly an amazing rate at 3.49%...the additional 5% deposit was offered by my Dad but I want to do this on my own. Unfortunately, having spoken to my next best bet (Woolwich) I have now been informed that they will only take half of one years bonus into consideration and not half of four years. This means that they will not lend to me unless I can come up with 25% either. Because I am heavily bonus paid no one seems interested (god knows how comission based jobs like car salespeople survive!), even when I wave over £25,000 in their face. And they wonder why no one is buying houses! It's because the lenders aren't being realistic! So my options are; 1. Accept my Dad's offer; this isn't charity, he will want it back. He has barely lent me anything in life and will doubtless start now, LOL! The worry is I doubt I will be able to afford to for at least two years after I move in. 2. Break the chain and pull out of the sale, loose my dream home but keep saving! 3. Tell estate agent I have to re-evaluate my offer in order to get the mortgage I want and drop my offer price by £1250? Edited February 20, 2012 by Pat_McCrotch Share this post Link to post Share on other sites
vornwend 0 Posted February 20, 2012 Option 3 is worth a shot surely. Nothing to lose. You could always revert to Option 1 It may be worth checking what other houses nearby have sold for recently - Zoopla is your friend I'm surprised how big a deposit people want these days Share this post Link to post Share on other sites
smudge 0 Posted February 21, 2012 Hi Mate - sent you a few PM regarding sump but don't think you are getting them? I am get your messages ok but don't think you are getting mine - was trying to send you my address. Maybe you could pm me your mob. no. Thanks, Smudge Share this post Link to post Share on other sites
