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Please Help Ftb
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SparklyRed
Posts: 4 Newbie
I am most of the way through buying my first house but am now very confused about what to do about a mortgage and need good advice so please, please of you can, help! I am almost in tears as I am writing as I am so confused.
Nationwide have offered me a mortgage, 3 years fixed at 6.68% with a £299 fee.
When the interest rate went down again today I wondered whether a better deal might be available to me via Nationwide but there wasn't.
However, the co-op bank are offering a 3 year discounted variable rate currently at 4.54%. The discount os 0.2% below the lenders Standard variable rate. I had a fee of £995 and I would need to have a second valuation done at a cost of £275 as they don't accept a valuation already done for another lender.
Which deal do you think would be best? I am so confused. I am buying by myself and I am just not financially minded in a way that makes me confident to choose. I don't want to mess it all up by choosing a deal that is not very good. Right now, my friend, whose mortage amount is £40,000 more than mine (she completed her purchase jus a few weeks ago), is paying less than £100 a month more than me as she is on a base rate mortgage. It seems so unfair that her mortgage is so much higher than mine but she much cheaper. I know interest rates are probably going to drop again, but I assume they will rise also in the next 3 years.
Please, if you can, help and advise. I appreciate every bit of advice I get. Thank you.
Nationwide have offered me a mortgage, 3 years fixed at 6.68% with a £299 fee.
When the interest rate went down again today I wondered whether a better deal might be available to me via Nationwide but there wasn't.
However, the co-op bank are offering a 3 year discounted variable rate currently at 4.54%. The discount os 0.2% below the lenders Standard variable rate. I had a fee of £995 and I would need to have a second valuation done at a cost of £275 as they don't accept a valuation already done for another lender.
Which deal do you think would be best? I am so confused. I am buying by myself and I am just not financially minded in a way that makes me confident to choose. I don't want to mess it all up by choosing a deal that is not very good. Right now, my friend, whose mortage amount is £40,000 more than mine (she completed her purchase jus a few weeks ago), is paying less than £100 a month more than me as she is on a base rate mortgage. It seems so unfair that her mortgage is so much higher than mine but she much cheaper. I know interest rates are probably going to drop again, but I assume they will rise also in the next 3 years.
Please, if you can, help and advise. I appreciate every bit of advice I get. Thank you.
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If yr a FTB do you not feel taking advice from an independent mortgage adviser would be appropriate0
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