The FTB club

sal_strawberry

Hi We are FTB too...have 10% deposit (16k) for up to a £160k house. Are just deciding on what mortgage to go for have a few options of rates.

Can I ask a couple of questions: are any of you in my situation wth 10% deposit only. If so how long on average did it take to get your mortgage approved - i'm hearing horror stories of it taking months!

Also - we have a 6.59% morgage rate quote through our boker for C&G 5 yr fixed but there are cheaper ones 5.85 or 6.29% onlnie direct with banks. Is it quicker and better to go through a borker, do they work harder for you? or have any of you gone direct to a bank and had a successful experience?

Thanks....we are so desperate to have our own home and can't wait to get a mortgage approved...this is such a long journey!

Wickedkitten

6.59 is pretty high is it not?

sal_strawberry

if you only have a 10% deposit...it is reality i am afraid! the cheapest io've found is with the Post office direct (not available through a broker) and it is 5.85%. I have been researching nearly every day for months...arghhh

Basically on a £160k house with 10% deposit payments per month are between £850-£960 depending on how many years the mortgage is for. We are opting for 30 - 35 yrs to keep payments down while we start out.

Wickedkitten

Have a look here as well

http://www.fsa.gov.uk/tables/

bobbadog

We have a 10% deposit and cheapest SVR we found was 4.79 through Britannia, and their fixed was 5.29ish... x

OfficeSpace

sal_strawberry wrote: »

Hi We are FTB too...have 10% deposit (16k) for up to a £160k house. Are just deciding on what mortgage to go for have a few options of rates.

Can I ask a couple of questions: are any of you in my situation wth 10% deposit only. If so how long on average did it take to get your mortgage approved - i'm hearing horror stories of it taking months!

Also - we have a 6.59% morgage rate quote through our boker for C&G 5 yr fixed but there are cheaper ones 5.85 or 6.29% onlnie direct with banks. Is it quicker and better to go through a borker, do they work harder for you? or have any of you gone direct to a bank and had a successful experience?

Thanks....we are so desperate to have our own home and can't wait to get a mortgage approved...this is such a long journey!

You're spending exactly the same as we are with same size deposit. We went with C&G, but it was at 6.09% for a 5yr fixed rate. That was back at start of Jan. We went through an IFA, but she's my best friends wife to be and did it all for free.

C&G have been very good so far. They did the valuation quickly and got the offer out afterwards quickly too. Pretty happy with how it has been dealt with to be honest.

If the sellers side had got everything together quicker we could be moving in by now! Lucky waiting until April gives us more money in the bank to have some savings left once we move!

Wickedkitten

Well we got a letter from the Solicitor earlier asking if we knew anything about the conservatory and when it had been put up and also informing us that he has received the final contract.

Then the OH got home and said he phoned him up whilst at work and the Solicitor has asked that the deposit be transferred over for the 4th so hopefully we should be exchanging soon.

Xinpei

Wickedkitten wrote: »

Well we got a letter from the Solicitor earlier asking if we knew anything about the conservatory and when it had been put up and also informing us that he has received the final contract.

Then the OH got home and said he phoned him up whilst at work and the Solicitor has asked that the deposit be transferred over for the 4th so hopefully we should be exchanging soon.

exciting stuff! keep us updated!

We are exchanging tomorrow.... have been doing nothing about the house (ringing people, reading stuff...) for more than one day now - feels really odd. Fingers crossed we get our keys tomorrow!

nementai

Sal - we're in the same position and went with C+G as well.
We applied last Friday (20th), passed the financial checks there and then, had the valuation on Tuesday and I got a call yesterday to say it'd gone smoothly and I should have the paperwork today or tomorrow.
Not bad
It's all handled in-branch for C+G too, I'd definately recommend them.

woody252506

OfficeSpace wrote: »

You're spending exactly the same as we are with same size deposit. We went with C&G, but it was at 6.09% for a 5yr fixed rate. That was back at start of Jan. We went through an IFA, but she's my best friends wife to be and did it all for free.

C&G have been very good so far. They did the valuation quickly and got the offer out afterwards quickly too. Pretty happy with how it has been dealt with to be honest.

If the sellers side had got everything together quicker we could be moving in by now! Lucky waiting until April gives us more money in the bank to have some savings left once we move!

We have ours agreed with C&G too. I am liking to positive opinions of them.

Hopefully soon we will have a offer accepted on a house so we can get things going