MSE News: New 1.29% five-year mortgage fix lowest-ever 'by a mile' - but you'll...
Comments
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Thrugelmir wrote: »On what grounds? Solicitors themselves are highly regulated.
Everyone has a right to choose their legal representative.0 -
strawberries1 wrote: »Everyone has a right to choose their legal representative.
The lender also has the right to choose whoever they want
You can still use your own solicitor.
It is a concession by lenders to allow the borrowers solicitor to act for them as well.0 -
National Counties wanted me to throw my parents out, when I bought their house, as a condition of the mortgage. You really should have a solicitor acting for YOU.0
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This couldn't have been announced at a better time for me!
On Thursday morning we signed the paperwork to remortgage with HSBC with a 5 year fix at 1.94%. Fortunately I saw the Atom announcement (via MSE weekly email - thank you!) before I put the envelope in the postbox.
After a couple of hours of phone calls with London Country, I ended the day with the 1.29% rate confirmed.
The saving on the HSBC rate, after the £900 fee, is £3.5k.
Mortgages don't tend to be very exciting but £3.5k will help pay for a family holiday that is.0 -
getmore4less wrote: »The lender also has the right to choose whoever they want
You can still use your own solicitor.
It is a concession by lenders to allow the borrowers solicitor to act for them as well.
Yes, that's usually the case but the notification says "We'll contact you with details of your conveyancer"
I just hope their fees are not exorbitant. I'd already instructed solicitors with excellent reviews and at a good price but have to pay them for their costs incurred so far.0 -
FWIW here are my two cents, having explored Atom Bank's mortgage so far:
1 - they seem to have way too many applications, according to my broker and another broker I have spoken to. Naturally, as the rate is very good. I have also spoken to Atom Bank directly, and was told that they were moving more staff to mortgage processing, due to the extra volumes. All this makes me think that it might take a long time to get a mortgage with them due to the backlog.
2 - you have to use their conveyancer. Not much of an issue if remortgaging, but definitely an issue if purchasing. Also you can't bargain on the fees since you have no choice. They only have 3 firms they have approved, so given the huge volume of applications, I also expect the solicitors to be overstretched and delay the process. Not good.
3 - their lending criteria looks quite strict, so make sure you read through their FAQs on the Digital Mortgages website before spending too much effort down the rabbit hole
4 - it is a "limited time offer", which means that anytime before you have been given the offer and pay the arrangement fee (£900), they can pull the offer. I'm also not sure if they can pull the offer after you pay the arrangement fee - haven't gotten an answer on that yet from my broker, who is checking. Judging by how popular this mortgage is, I think there's a high risk the rate will be increased in the next few weeks.0 -
Judging by how popular this mortgage is, I think there's a high risk the rate will be increased in the next few weeks.
Hmm, I suppose they don't care if you are stuck in the queue for a month, and then send you an e-mail like:
"Sorry about the wait, but all the money has been allocated. However, we have put you on our waiting list, in case some deals fall through. Just think of us as the United Airlines of mortgages."0 -
The 60% five year fix is withdrawn at midnight tonight.
Get yer apps in quick folks.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »The 60% five year fix is withdrawn at midnight tonight.
Get yer apps in quick folks.
I saw the MSE article and asked my broker.
She said this;
"When we submit your application, the lender agrees to hold that rate for you for a period of time. As long as we progress to the offer stage within the time period, the rate will be secured, even if it is removed from the market. As of yet, Digital Mortgages have not set a deadline that applications need to be approved by to secure the rate"
I've received a text from Atom today that they've received my valuation report.
I hope it goes ahead.0 -
Hence;-strawberries1 wrote: »I saw the MSE article and asked my broker.
She said this "When we submit your application, the lender agrees to hold that rate for you for a period of time. As long as we progress to the offer stage within the time period, the rate will be secured, even if it is removed from the market. As of yet, Digital Mortgages have not set a deadline that applications need to be approved by to secure the rate"
I've received a text from Atom today that they've received my valuation report. I hope it goes ahead.
"get yer apps in quick folks"
which meant, get your applications submitted before midnight tonight. Sorry I didn't make it completely specific.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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