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  • FIRST POST
    • cashbackproblems
    • By cashbackproblems 13th Mar 17, 2:13 PM
    • 1,481Posts
    • 558Thanks
    cashbackproblems
    Advise on mortgage offer + which survery to use
    • #1
    • 13th Mar 17, 2:13 PM
    Advise on mortgage offer + which survery to use 13th Mar 17 at 2:13 PM
    dear all


    I have just received the below offer through a broker and advised it is the best on the market. I am also being pushed to buy income protection at 18£ pm and will cover for 2k pm in case of sickeness. I have a 12 month policy via work so this kicks in after. I am sceptical whether its worth it?


    Property - 2 bed flat 335k.


    Virgin Money
    3 year fixed 1.84%
    Borrowing 251k.
    Arrangement fee £995.
    Monthly repayments £1049
    LTV 75%. Deposit 85k
    £300 cash back on completion


    Salary 54k. Single applicant. No financial commitments or debts. 2k interest free CC debt but advised this is ok.


    So the basic mortgage company survey (just looking from outside) is £275. A homebuyers report is £510. Given the cashback is it worth doing a homebuyers report? This is a lease hold building.
Page 1
    • Mrs36
    • By Mrs36 13th Mar 17, 2:24 PM
    • 92 Posts
    • 149 Thanks
    Mrs36
    • #2
    • 13th Mar 17, 2:24 PM
    • #2
    • 13th Mar 17, 2:24 PM
    What age is the property, and from your own viewing how do the communal areas look (well kept, untidy, in need of decorating etc?)
    • Futuristic
    • By Futuristic 13th Mar 17, 2:25 PM
    • 705 Posts
    • 354 Thanks
    Futuristic
    • #3
    • 13th Mar 17, 2:25 PM
    • #3
    • 13th Mar 17, 2:25 PM
    If you want income protection then do your own comparison:
    http://www.gocompare.com/income-protection/
    http://www.moneysupermarket.com/income-protection/
    • cashbackproblems
    • By cashbackproblems 13th Mar 17, 2:35 PM
    • 1,481 Posts
    • 558 Thanks
    cashbackproblems
    • #4
    • 13th Mar 17, 2:35 PM
    • #4
    • 13th Mar 17, 2:35 PM
    What age is the property, and from your own viewing how do the communal areas look (well kept, untidy, in need of decorating etc?)
    Originally posted by Mrs36

    the block is around 70's


    it is in need of decoration e.g. corridors/communal windows but not overly scruffy/eye sore.


    There is a cleaning rota which shows a cleaner coming weekly.


    management company: Northleach Property Management Limited, Bromley.
    • cashbackproblems
    • By cashbackproblems 13th Mar 17, 2:59 PM
    • 1,481 Posts
    • 558 Thanks
    cashbackproblems
    • #5
    • 13th Mar 17, 2:59 PM
    • #5
    • 13th Mar 17, 2:59 PM
    Also is it worth going for a 30 year mortgage (£911 pm) or a 25 year mortgage (£1049). I realise 30 year = more interest, but I don't intend to stay here forever and can overpay by 10% per year?
    • xyz123
    • By xyz123 13th Mar 17, 7:15 PM
    • 1,394 Posts
    • 345 Thanks
    xyz123
    • #6
    • 13th Mar 17, 7:15 PM
    • #6
    • 13th Mar 17, 7:15 PM
    Also is it worth going for a 30 year mortgage (£911 pm) or a 25 year mortgage (£1049). I realise 30 year = more interest, but I don't intend to stay here forever and can overpay by 10% per year?
    Originally posted by cashbackproblems
    As long as you ensure that you do make overpayments and then you reevaluate the term when remortgaging it makes no difference. We did exactly that. Got mortgage for 25 years and after 5 years reduced term to 16 (from 20) as we r more comfortable with our outgoings now than 5 years ago (touch wood)
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