General Mortgage Advice

i'm very surprised L&C tried to just upsell stuff to you. can only assume the mortgage advisor you spoke to was a cretin. Myself and others i've recommended them to have only good experiences from using their services.
 
Teknobry said:
i'm very surprised L&C tried to just upsell stuff to you. can only assume the mortgage advisor you spoke to was a cretin. Myself and others i've recommended them to have only good experiences from using their services.
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Spoke today, and mentioned I wanted to sort mortgage advice first and later life insurance will be discussed. Maybe it's routine but as I said I'm new to all this maybe they felt the need to advise as much as poss from the start.

The adviser seemed to slow down and concentrate on the mortgage so all good.

They have offered

10 Year Mortgage on £37,100
5 yr Fixed rate of 2.19% for 5 years.
After 5 years, Building Society's Standard Mortgage Variable Rate, currently 3.74%, for the remaining term of the mortgage.

What do you think?
 
Assuming no arrangement / valuation fees etc, that sounds OK. Personally I'd just take a 5 year mortgage rather than 10 year but depends on your income obviously.
 
Cheaper 5 year fixed out there. A quick mse search shows 1.89% 5 yr fix with several lenders. Need to consider the effect of the fee

Can you pay £630 a month? Will be clear in 5 yrs.

However I don't know what the rush is. 1.89% is lower than inflation so it's hardly bad debt.

The deal they offers looks rubbish to me. Barclays do a 2.19% fixed for the term of the mortgage
 
Simon said:
Cheaper 5 year fixed out there. A quick mse search shows 1.89% 5 yr fix with several lenders. Need to consider the effect of the fee

Can you pay £630 a month? Will be clear in 5 yrs.

However I don't know what the rush is. 1.89% is lower than inflation so it's hardly bad debt.

The deal they offers looks rubbish to me. Barclays do a 2.19% fixed for the term of the mortgage
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But as a first time buyer are rates different for me? Can't understand why L&C are offering me deals with slightly higher rates than the comparison sites
 
snappyfish said:
But as a first time buyer are rates different for me? Can't understand why L&C are offering me deals with slightly higher rates than the comparison sites
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Maybe because you opened the conversation by telling them you are clueless :D
 
Find a 5 year product with no early repayment charges and clear it before the term finishes.

Nationwide do, or did, offer similar products for existing Flex account customers with just a £99 product fee.
 
snappyfish said:
LOL, maybe! But comparison sites are not far away. So they would be silly to offer very poor deals to me I would presume.
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Poor for you maybe. But their incentive is to offer a mortgage with the best commission for them.

If you went in clueless then they probably saw this and you as an easy target (maybe).

Never forget the fee. I have spoke to people intent on the interest rate on a £150k mortgage who are fixing for 2 yrs. £1500 fees vs no fee has a big effect
 
BennyC said:
Find a 5 year product with no early repayment charges and clear it before the term finishes.

Nationwide do, or did, offer similar products for existing Flex account customers with just a £99 product fee.
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Nationwide 5yr, fixed, no fee cheapest I see is

2.19 Initial rate
5 years fixed
no fee
overall cost for comparison 3.2% APRC
 
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