Advice from Mortgage Brokers

m1ntie

Hi, my friend sold her house a year ago and has been living with her parents since. She has just had an offer accepted on a house which is a good deal for her.
She is anxious to proceed as quickly as possible but is concerned about reports that mortgage applications are taking a long time to process - especially the best deals. She has looked at First Direct trackers but has been put off by reports of 10 - 12 weeks to process.

Can anyone advice of a mortgage provider who offers a competative rate and a reasonably quick processing time.

She is a 55 year old single teacher earning £40,000 with no adverse.

The house is £230,000 and she would like to borrow circa £115,000.

Any advice would be appreciated.

opinions4u

m1ntie wrote: »

Hi, my friend sold her house a year ago and has been living with her parents since. She has just had an offer accepted on a house which is a good deal for her.
She is anxious to proceed as quickly as possible but is concerned about reports that mortgage applications are taking a long time to process - especially the best deals. She has looked at First Direct trackers but has been put off by reports of 10 - 12 weeks to process.
A broker will be able to help her find a mortgage company that can process quickly. One of the problems First Direct has is a great price increasing demand. If speed is more important than price, go elsewhere.

Can anyone advice of a mortgage provider who offers a competative rate and a reasonably quick processing time.
The brokers will be along soon.

She is a 55 year old single teacher earning £40,000 with no adverse.
I thought teachers were low paid lol!

The house is £230,000 and she would like to borrow circa £115,000.
How the hell will she repay that when she's retired?

Any advice would be appreciated.

Go direct to a broker. Do not pass go.

feisty1

quote=m1ntie;discussion/1390431]Hi, my friend sold her house a year ago and has been living with her parents since. She has just had an offer accepted on a house which is a good deal for her. She is anxious to proceed as quickly as possible but is concerned about reports that mortgage applications are taking a long time to process - especially the best deals. She has looked at First Direct trackers but has been put off by reports of 10 - 12 weeks to process.
Can anyone advice of a mortgage provider who offers a competitive rate and a reasonably quick processing time. She is a 55 year old single teacher earning £40,000 with no adverse. The house is £230,000 and she would like to borrow circa £115,000. Any advice would be appreciated.[/quote]

As you say advice is what is required, therefore your friend should consult a mortgage advisor. This forum offers opinion not advice. The difference is I could tell u I am an adviser (you have no proof I am not) I could post on here for yr friend to apply to xxxxx Building Society/Bank which they could possibly do online, then they find out my recommendation wasn't the right one......What do they do then??........No comeback, that's what happens...Mortgages are tailored to the needs of that person, one fit doesn't suit all.........They should ask a friend/family member to refer them to one they have happily used..........That's how most of us get our business (on recommendation)

m1ntie

Unfortunately, she has previously had two bad experiences with local brokers.

caracal_77

m1ntie wrote: »

Unfortunately, she has previously had two bad experiences with local brokers.

Ask her not to use those two...:think:

There are plenty of decent ones out there.

dwsjarcmcd

Leaving the mortgage broker thing to one side, I would add
- Very few mortgage providers are as slow as FD
- If she is buying, then that process can be slow and would run in tandem with the mortgage application process. All it means is that she can't exchange until she has the mortgage offer.
- I don't think anyone can tell her what a 'competitive' rate is, because we don't know her thoughts on fixed/trackers, fees/no fees, how long for etc.

She could also do a bit of research herself at a site like www.moneyfacts.co.uk or similar before she sees a mortgage broker.

RobertoMoir

m1ntie wrote: »

Unfortunately, she has previously had two bad experiences with local brokers.

If she had to wait for two trains that turned out to be late would that mean she should never use public transport ever again?

opinions4u

RobertoMoir wrote: »

If she had to wait for two trains that turned out to be late would that mean she should never use public transport ever again?

It's exactly the reason why I saved up for a car and have rarely used public transport since!

m1ntie

RobertoMoir wrote: »

If she had to wait for two trains that turned out to be late would that mean she should never use public transport ever again?

No - but it would mean that she could not expect to recieve a good and reliable service.

feisty1

so why do u think brokers on here are different? & as i said earlier we could post we're a broker and we may not be..................then people wonder why they have the wrong product!!.........have u not gone to a restaurant where u rcvd poor service? does that then mean an end to eating out!

RobertoMoir

m1ntie wrote: »

No - but it would mean that she could not expect to recieve a good and reliable service.

*sigh*
That whooshing sound would be my point passing over your head. Don't worry about it. Don't even look up, it's already gone by.