95% deals disappearing

Gorgeous_George

According to the BBC (clicky).

... Ray Boulger of mortgage broker John Charcol warned the offers might disappear altogether...

GG

koexelek

I think there is only about Nationwide left now

Tiddler_2

koexelek wrote: »

I think there is only about Nationwide left now

It seems like they want all the First Time Buyers to go direct, now I wonder why that would be?????

Halifax, Nationwide, RBS all only offering 95% mortgages if you go direct (though N'wide will offer them via brokers for existing customers)

andrewmp

Tiddler wrote: »

It seems like they want all the First Time Buyers to go direct, now I wonder why that would be?????

Halifax, Nationwide, RBS all only offering 95% mortgages if you go direct (though N'wide will offer them via brokers for existing customers)

Because it makes sense all round not to pay someone to type your details into a computer system when you are capable of doing it yourself?

koexelek

andrewmp wrote: »

Because it makes sense all round not to pay someone to type your details into a computer system when you are capable of doing it yourself?

... or could it be to give themselves the opportunity to cross sell expensive insurance products on the back of the mortgage ? :rolleyes:

andrewmp

koexelek wrote: »

... or could it be to give themselves the opportunity to cross sell expensive insurance products on the back of the mortgage ? :rolleyes:

I went direct and didn't buy a single insurance policy. Saved a few quid evey month for the next 30 years over what a broker found me.

grogdog

andrewmp wrote: »

I went direct and didn't buy a single insurance policy. Saved a few quid evey month for the next 30 years over what a broker found me.

just because you are saving money initially as you havent bought any insurances could be costly in the longer term, what happens if you have a critical illness and cant work to pay your mortgage.?

I,_Brian

To be honest, if you need a 95% mortgage, it may be worth thinking twice about buying the first place when property prices are down 10+% pa. 95% LTV is an invitation to negative equity, surely?

andrewmp

grogdog wrote: »

just because you are saving money initially as you havent bought any insurances could be costly in the longer term, what happens if you have a critical illness and cant work to pay your mortgage.?

You are making assumptions, you assume just because I didn't source insurance from my lender that I am uninsured.

I am saving money on the mortgage element of the deal, the broker said the best deal was some 0.5% higher than the one I sourced direct.

sodamhall1

If you want a 95% mortgage through RBS please be quick as this MAY be reducing to 90% soon. Direct Line and First Active both own by RBS are offering 6.49% with a £499 fee also this rate maybe changing.

andrewmp

Can anyone tell me the benefit of mortgage brokers?