mortgage application advice needed!

daisy9974

Hi there
we are in the middle of applying for our first mortgage, our hands are tied a little as we are using a shares equity scheme on a new build and have to go through the developers financial advisor. We had agreed to go for a tracker mortgage, but were phoned to say that the halifax has removed all it's trackers from the market awaiting the bank of england decision on the base rate, so in order to push forward with the mortgage application to apply for a fixed rate and we should be able to switch onto a tracker when halifax has released them. As I have no experience of the mortgage process does this sound right? I don't want to get stuck into something!! Thanks

Met_Bobby

Ask the adviser to confirm in writing that you can switch your application to a tracker. If it can be done then this should not cause a problem for your adviser. (who will probably ask Halifax to confirm it ). Is a fixed rate such a bad idea anyway?

daisy9974

thanks for the advice, it's a bit of a minefield trying to navigate through all this, it was just with the way interest rates are going the tracker seemed like it should work out cheaper, although that is a gamble!

Robert_Sterling_3

If your advisor is the sellers adviser there will be a conflict of interest. I would think that would be the last thing you would want.