Home Home, Law & Money
If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Read the community guidelines before posting ✨

can you recommend a good mortgage lender?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
well due to circumstances it turns out im going to buy a house sooner than i planned, hoping to sort it out over the next few weeks.

now looking for a lender that is good for FTB's. also it would be a joint mortgage but not with a partner, would be a mate of mine.

can anyone recommend anywhere?

i keep getting told northern rock are great but was just wanting other peoples oppinions.

turns out ive actually found a house i want so might just go for it.

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You should get an independent financial advisor or mortgage broker to do the leg work for you. It's best to get expert advice on a financial commitment as significant as a mortgage. I can't recommend a specific company, but there are loads around.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    yaeh ive been in touch with some financial advisors who are coming back to me later.

    was just gonna check out some lenders myself like to get a idea of what im getting myself in to.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Fair enough. You can do the usual google thing. I looked up Scottish Widows a few weeks back - they seem quite competitive.

    ETA: In the Sunday Times money section, they have a table of the best mortgage rates.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thanks, i'll have a lookie at them.

    i was gonna wait till after summer but looks like my parents are moving to a house miles away, where i dont want to go!

    so i need to get my act together.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Check out

    http://www.moneysupermarket.com/mortgages/mortgage.asp

    You can compare loads of different mortgages.

    But I would echo Kentishs' words and go with some kind of professional advice.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Bradford and Bingley website searches thousands of mortgages for you as they are independant.

    Be careful of rate changes, fees to enter and get out clauses - also check for if you can make overpayments, and by how much (otherwise you will be charged)

    Good luck :thumb:
  • PearlyPearly Posts: 345 The Mix Regular
    Independent advice

    I met this guy at a property show and he has been really helpful -

    Bob Rixon
    > INDEPENDENT MORTGAGE ADVICE BUREAU
    >
    > 96 Easton Street, High Wycombe, Bucks HP11 1LT
    > TEL: 01494 510501
    > FAX: 01494 510383

    bob.rixon@imab.net

    Good luck with it all!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    OMG EXCITING STUFF.

    one of the mortgage advisors say they can find us a 100% mortgage to cover as much as we need to buy a house that we are looking at and also a bit extra to pay off some existing debts that we owe to start on a level pegging.

    THIS IS EXCITING!

    what to do now? oooooooooo
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Find a house?
  • PearlyPearly Posts: 345 The Mix Regular
    Just make sure they are not charging you a horrendous level of interest or you will never feel like you are paying it off (especially if you decide to go for interest only and not interest and repayment..)

    :p
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well thats the thing, ive found a house that i like, but the guy im sharing with aint seen it yet, so im arranging for him to go and have a look.

    i dont really get those things, i guess intrest and repayment is the normal way right? i'm just waiting for some details back from the mortgage woman.
  • PearlyPearly Posts: 345 The Mix Regular
    Not sure if you have seen this, but it may help explain things?

    http://www.thesite.org/homelawandmoney/home/buying/typesofmortgages

    Just don't feel rushed into choosing a mortage, they are all highly skilled in selling their product and will say what you want to hear, but may not always go through the finer points. And don't even talk to me about estate agents (!), I am in the opposite position of selling and have learnt all about the games that are played with offers and negotiations!! Oh isn't it fun being a grown-up!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    As pearly said dont' get rushed into it as it normally takes a while to get the paperwork sorted and stuff on the house so you have a while to find a good mortgage advisor.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    When you are looking around, keep an eye out for the FAs that are tied to one or two lenders, and always keep an eye out for the kickbacks that they receive. Most IFAs will get a kickback from the mortgage they sell you, and its usually about £800, but make sure they're selling you the mortgage with the highest benefit to you, not the highest benefit to them.

    Your Move estate agents have a very good IFA service, and we got our mortgage through them. We are with the Coventry Building Society, who have lent us a 95% mortgage and it's a very very good rate of interest. It's also locked for five years, with no early redemption penalties.

    If you go for a cheap mortgage look at the small print carefully- many mortgages, such as with Northern Rock, have very prohibitive lock-in penalties, often in the thousands.

    And speaking of estate agents, I would highly recommend Your Move, as they are courteous and professional and don't act like twats with fake offers, etc.

    When it comes to the conveyance, though, I would recommend that you search for a local firm rather than using the solicitors that the estate agents recommend. I work for one of the big firms that do volume conveyancing, and whilst we do a very good job, our fees can be quite high if you need anything above the bog-standard package, and our caseload can be very large so you won't get a very personal service. I work in remortgage conveyancing if you want to ask any questions in PM.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    im quite good friends with a conveyancy solicitor so she can sort us out fairly cheap through her work which is always a bonus.

    will the financial advisor im talkign to at the moment tell me the lender before its organised? because what would be to stop me going direct to them? or would there be no benefits doing that?

    she is going to phone me tomorrow to go through the deal that she is trying to sort out.

    just trying to do it as cheap as possible at the moment as neither of us have savings really so cheaper the better.

    our parents have offered to help out with solictor fee's etc... and its below stamp duty so thats good too.

    what questions should i be asking when i speak to the woman again tomorrow.

    also, the estate agent that i have seen the house with have offered us free financial advise, would you recommend seeing them as well? i guess theres nothing to lose.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    expecting to get our preliminary mortgage offer on friday which is nice! woo

    bad news is the house i really wanted has been taken off market :( told them that still interested if things dont go.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You need to find a "fee free whole of market" broker
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You need to find a "fee free whole of market" broker

    thats basically what we have now anyway...we aint paying for our financial advisor and she aint tied to any lender, she's independent.

    she gets her kick back from the lender.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Lenders don't tend to deal directly with customers, and in any event its normally much easier to use an IFA than not. They do all the chasing for you, for instance, and do have a habit of getting things moving. Needless to say, the bastards are the bane of my life, continually nagging and whittering at me. Bad for me, good for you though.

    You won't find one that's fees-free- either they charge you, or they get kickbacks from the lender. Both have their advantages, and both have their disadvantages.

    Taking the estate agent's advice probably wouldn't do any harm- often big IFAs have better access to the market, and are better placed to get good deals because volume of business = bigger discount.
Sign In or Register to comment.