1st time buyer req,s 100% mortgage

sarah_elton

meanmachine wrote:

Sarah, you appear to have worked things out. Good luck to you.

I'm an Essex boy, so where generally are you looking to buy?

EDIT: By the way, are you talking about their homestart mortgage? Can't quite work that one out. Looks like you pay interest only in the first few years, then repayment.

I might be wrong. A rate of 4.99% seems quite low for a 100% mortgage.

The wonderful world of Witham.

Used to live in Chelmsford but moved here as I currently work here and can only afford a shoe box on the outskirts when it comes to Chelmsford...

I'm a graduate customer of HSBC, and have banked with them 6 years which may be why. Told them repeatedly it's 100% but they don't seem to care.

It's not their Homestart, just standard capital repayment - just put in on the calculator "Graduate first time buyer" and it'll come up with what I've been talking to them about...

As I think I've said earlier, HSBC are old fashioned with agreements in principle - they base it purely on salary without looking at anything else around your financial setup, and won't go to more detail without me having an offer accepted. So once I've agreed a deal they could still say no but at least do go into more detail before I fork out any fees. If they do, as I said Northern Rock will lend but at a nasty 5.8% so probably wouldn't bother and would look at smaller properties.

It's a scary step - I'm a grown up now.

meanmachine_2

I wonder if Witham would even exist if it werent for its train connection.

That's the only reason I ever end up in the place!!

A bit of a nothing town, but with good train links and the A12 running right through it! So yes, it'll always be a place in demand I guess. But as you say, as a cheaper alternative to Chelmsford, which is now almost as expensive as London, for some mad reason. I'd prefer to take my chances in East London!

Yes it is a scary step, but the HSBC are old school when it comes to lending, so if you qualify, then you're clearly lower risk than some.

4.99% is an excellent rate for a 100%, but check there is no higher lending charge.

sarah_elton

Thanks for the tip.