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mortgage advice
- Thread starter mr sheen
- Start date
Zukey Seagull
Well-known member
what bank is best to go for a mortgage? any one got a idea at all please. first time buyer looking at a flat in Worthing for 229,000
KingstonSeagull
New member
How much have you got to put down?
Zukey Seagull
Well-known member
38000
Depends on circumstances. Do you need help, or are you confident you can do this yourself?
If you need an IFA, I've used Richard Tiltman (yes him..) who is Worthing based. Reasonable fees and always provided very good service, been helpful and clear when explaining options.
KingstonSeagull
New member
so 74% LTV(ish)
You can get a 5 year fixed with First Direct for 2.54% increasing to 3.69% APR SVR after those 5 years which is a pretty good deal if you want to lock it in for 5 years. You can always switch to another fixed rate at the end of that term if rates are still low.
Alternatively you can get a 2 year fixed at 1.64% with HSBC increasing to 3.94% SVR at the end of that period once again can switch to another product if rates are low at end of this period.
Failing that I think rates are gonna stay low for a while and HSBC are currently doing a 1.79% tracker mortgage....However I think that is a Max LTV of 60%.
Let me know if you need any more advice. (I work in Mortgages, not sales but I can let you know if it's a good deal or not)
You can get a 5 year fixed with First Direct for 2.54% increasing to 3.69% APR SVR after those 5 years which is a pretty good deal if you want to lock it in for 5 years. You can always switch to another fixed rate at the end of that term if rates are still low.
Alternatively you can get a 2 year fixed at 1.64% with HSBC increasing to 3.94% SVR at the end of that period once again can switch to another product if rates are low at end of this period.
Failing that I think rates are gonna stay low for a while and HSBC are currently doing a 1.79% tracker mortgage....However I think that is a Max LTV of 60%.
Let me know if you need any more advice. (I work in Mortgages, not sales but I can let you know if it's a good deal or not)
WonderingSoton
New member
- Dec 3, 2014
- 287
Myself and the misses (late 20s) going through the mortgage game for the first time currently whilst looking for (ideally) a little house together. Exciting, and daunting.
Being in Soton, there doesn't really seem all that much decent housing stock around at the moment. What there is doesn't set the pulse racing. Have no problem getting my hands dirty to work on a place, as long as the raw ingredients are there to work with.
Being in Soton, there doesn't really seem all that much decent housing stock around at the moment. What there is doesn't set the pulse racing. Have no problem getting my hands dirty to work on a place, as long as the raw ingredients are there to work with.
Zukey Seagull
Well-known member
thank you so much, very nice of you
Zukey Seagull
Well-known member
we was thinking if we should go direct to a bank or see someone who can get different rates. not to sure though as we are first time buyers. thanks for the information though
KingstonSeagull
New member
No worries, personally I would go for the 2 year fixed as I think rates will still be as low as they are now in two years time and you can just fix it again then.
I'd agree with this.
KingstonSeagull
New member
You have to be careful with IFA's they don't work for nothing so either have deals with Mortgage providers therefore probably not giving impartial advice or they will charge you a fee... So although the obligation isn't there it may end up costing you regardless.
Yea but many are part of a large platform so get access to most if not all. Can often obtain better rates but of course could charge a fee.
I'd be surprised if an IFA charged for an initial consultation
True. And I actually think they're very helpful with all the form filling, knowing how the particular lender works etc etc. They can make your life a lot easier and get you a good deal.
If they do have deals they have to be fully transparent about them.
Bad Ash
Unregistered User
If you think that then why not go for a tracker, which usually have slightly lower % rates and cheaper arrangement fees?
I thought the point of going for fixeds were if you thought rates were going up, or if you didn't but couldn't afford to risk it if they did.
KingstonSeagull
New member
The difference is marginal and it gives you that little bit of comfort. To each their own, I don't know what this chaps risk profile is, I was just expressing my preference.
And as seen on my previous example you can actually get a better rate on the fixed 2 year than the SVR with HSBC and the best Tracker I have seen is only about 15bps better. I would take the 15bp hit for comfort.
Shropshire Seagull
Well-known member
Anyone considering a first time mortgage in the next 10-15 years absolutley must check out the "help to buy" ISA from Halifax.
Go Google the details but basically:
4%
reg payments in between £10 and £200
max opening deposit £1k
but best of all, when used to complete a first time only house purchase conveyance your solicitor can apply to government for a 25% top up to a max of £3k
So, if your partner has one too and you can get your balance up to £12k in each account [aka £200 pcm for 5 years or £100 for 10 years, each] you will be gifted £6k [£3k each] courtesy of the UK Treasury.
Get in !!
Just got my 24 & 21 y/o "children" to sign up.
Go Google the details but basically:
4%
reg payments in between £10 and £200
max opening deposit £1k
but best of all, when used to complete a first time only house purchase conveyance your solicitor can apply to government for a 25% top up to a max of £3k
So, if your partner has one too and you can get your balance up to £12k in each account [aka £200 pcm for 5 years or £100 for 10 years, each] you will be gifted £6k [£3k each] courtesy of the UK Treasury.
Get in !!
Just got my 24 & 21 y/o "children" to sign up.
£ 191000 mortgage, £ 38000 deposit and £ 229000 purchase price is 83.4% loan to value so these rates will not be available
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