Spec me a mortgage?

Jakeee · 21 Apr 2013 at 15:08

I've been searching for a mortgage all day and starting to burn out, I'm looking for the best 5 year fixed-rate mortgage? £80K with a LTV of 90% or 85% (depending if there is much difference in overall charges over the 5 years)

PapaLazaru · 21 Apr 2013 at 15:11

The Co-operative Bank

Product Rate: 3.69% Fixed to 30/06/2018; Reverting to an Existing Borrowers Rate of 4.74% for the remaining term of the mortgage
Loan To Value: 85%
Fee: No additional product fees

AFK_Matrix · 21 Apr 2013 at 15:19

Or you best bet is to go with a all of market mortgage broker and save your self the hassle.

Kutter · 21 Apr 2013 at 15:34

make sure he gets his fee from the mortgage company too.

fastwunz · 21 Apr 2013 at 15:59

doofski said:
make sure he gets his fee from the mortgage company too.

Why? If he gets his fee from the mortgage company, the likelihood will be they the rate on offer is not the best. I would rather pay a broker £400 who will save £1000's than one who will save me £100's.

Advice ain't free for a reason.

Jakeee · 21 Apr 2013 at 16:03

So what should I do? Looking at my funds I think I will only be able to have a 10% deposit due to the amount of work needed on the property. Would broker fees be worth it? I know Which offer one for £199?

Theophany · 21 Apr 2013 at 16:03

fastwunz said:
Why? If he gets his fee from the mortgage company, the likelihood will be they the rate on offer is not the best. I would rather pay a broker £400 who will save £1000's than one who will save me £100's.

Advice ain't free for a reason.

This.

Most importantly, get yourself a decent broker if you're going down this route, ahead of next year mortgage advice is going to get very expensive and less accessible.

Jakeee · 21 Apr 2013 at 16:04

Theophany said:
This.

Most importantly, get yourself a decent broker if you're going down this route, ahead of next year mortgage advice is going to get very expensive and less accessible.

Know of a good one?

Theophany · 21 Apr 2013 at 16:13

Jakeee said:
Know of a good one?

I know a few that I would personally trust, but they're based in the south east of England and London as that's my patch. I can get you some names of good advisers in the South Wales and Bristol area though if you'd be interested?

Jakeee · 21 Apr 2013 at 16:31

Theophany said:
I know a few that I would personally trust, but they're based in the south east of England and London as that's my patch. I can get you some names of good advisers in the South Wales and Bristol area though if you'd be interested?

Defiantly, please send in trust

And just to confirm, the savings are guaranteed to out weigh the fees?

PMKeates · 21 Apr 2013 at 16:39

Jakeee said:
Defiantly, please send in trust

And just to confirm, the savings are guaranteed to out weigh the fees?

Do you believe anyone would guarantee that?

Jakeee · 21 Apr 2013 at 16:41

PMKeates said:
Do you believe anyone would guarantee that?

Then why use a broker?

Jakeee · 21 Apr 2013 at 17:13

This any good?

5 Year Fixed Current Account Special Fee Free*
90% LTV
4.65% Rate
No booking fee

Works out @ £406pm

OpenToSuggestions · 21 Apr 2013 at 17:22

Jakeee said:
5 Year Fixed Current Account Special Fee Free*
90% LTV
4.65% Rate
No booking fee

Works out @ £406pm

That HSBC? I'm going with them for a 2 year deal @ 4.15% fixed no fees.

OpenToSuggestions · 21 Apr 2013 at 17:30

Double post.

Jakeee · 21 Apr 2013 at 17:33

OpenToSuggestions said:
That HSBC? I'm going with them for a 2 year deal @ 4.15% fixed no fees.

I was considering the 2 year deal but I thought 5 year would be better for security? You think I'd be better off being tied in for a couple of years?

Slade2 · 21 Apr 2013 at 17:38

I was always under the impression that mortgage offers where based on the circumstances of the person applying for the mortgage. I wonder how many people actually get the advertised rate?

Adam · 21 Apr 2013 at 19:14

www.money.co.uk is the best place to look, a mortgage broker who was recommended to me and was supposedly whole of the market couldn't get within 0.5% of the best rate I found via the website.

Tom_ed1987 · 21 Apr 2013 at 19:18

+1 for mortgage broker. Save yourself the stress.

Adam · 21 Apr 2013 at 19:40

Tom_ed1987 said:
+1 for mortgage broker. Save yourself the stress.

I don't understand this approach, if you are what I would call a "normal" individual without adverse credit issues and are in full time employment (not self employed) it's pretty easy to do yourself.

You want to keep an eye on the rate, term, fees and any early repayment charges. Some products offer freebies such as cashback or free surveys, it's pretty easy to factor this in to the deal with a simple spreadsheet.

The only situation I have found where the knowledge of a broker would be useful is some lenders penalise you for not using their own solicitors. One lender told me this after I went through my affordability etc with them so a bit of a waste of time really.