Soldato
Hi,
I am looking at buying a new build property, which will be ready approx 2nd quarter 2013.
The price of the property after discounts is £153k.
I have a deposit of 40% after saving for the last few years, so an LTV of 60%.
I've spoken to a mortgage broker, and the best deal they can get me at the moment is this:
This seems like a decent deal, I've shopped around a bit and I may be able to do a little better (1.99% with Tesco for example).
I think I would have a lot more headaches than letting the broker deal with it, and as it's a new build the mortgage will elapse before the house is ready.
This broker was recommended to me by the Developer (Taylor Wimpey) as they are used to this happening, and can handle it on my behalf.
Taylor Wimpey will pay £1k towards my legal fees if I use their solicitors (Coffin Mew).
Question 1).
Do you guys think this is worth taking up? Calculated that it would be £425 p/m over the term of the mortgage, and I will easily be able to afford this with bills on top and general living.
I should even be able to save a bit each month so I could overpay.
Question 2).
What should I check and double check before applying? I don't want to be rejected. These are all the things I can think of:
Can't think of anything else.
I am looking at buying a new build property, which will be ready approx 2nd quarter 2013.
The price of the property after discounts is £153k.
I have a deposit of 40% after saving for the last few years, so an LTV of 60%.
I've spoken to a mortgage broker, and the best deal they can get me at the moment is this:
- 2.69% fixed for 2 years.
- £999 arrangement fee.
- Early exit fee of 3% of the balance before 31/12/2014. After then 0 exit fee.
- Max overpayment of 10% a year.
- 25 Year term.
This seems like a decent deal, I've shopped around a bit and I may be able to do a little better (1.99% with Tesco for example).
I think I would have a lot more headaches than letting the broker deal with it, and as it's a new build the mortgage will elapse before the house is ready.
This broker was recommended to me by the Developer (Taylor Wimpey) as they are used to this happening, and can handle it on my behalf.
Taylor Wimpey will pay £1k towards my legal fees if I use their solicitors (Coffin Mew).
Question 1).
Do you guys think this is worth taking up? Calculated that it would be £425 p/m over the term of the mortgage, and I will easily be able to afford this with bills on top and general living.
I should even be able to save a bit each month so I could overpay.
Question 2).
What should I check and double check before applying? I don't want to be rejected. These are all the things I can think of:
- I'm on the electoral roll at this address.
- I don't have a passport.
- I have a 1k Limit CC with Tesco that is set to take Max payments by DD every month.
- I have no other outstanding debt.
- I have just sent my drivers license off to the DVLA and my car registration form to get the correct address put on them (was my parents).
- I don't have any other monthly outgoings other than the cost to run my car/insure it/tax it.
- I did check my credit report with Noddle a while back and it said I had no red markers, and my credit score was "OK", 3/5 of whatever they mark it on. I haven't checked it recently, don't want checking it too much to go against my credit score.
- I've changed my bank statements to go to my home address rather than on-line only. I will ask them to send me one anyway as I understand this will be needed as proof of identity.
- I've got a solid job. I've had full time employment for 6 years and am earning enough to cover the cost of the mortgage + living expenses. Work can prove my earnings if needed.
Can't think of anything else.