Post Office/Bistol&West/Bank of Ireland mortgages?

TangoFiver

Another FTB here, and with 10% deposit, the Post Office seems to have one of the best deals I can find.

But after speaking to a couple of brokers, they told me that Bristol & West have gone under, and that the Bank of Ireland are in trouble etc...

So what would this mean for me if I got a mortgage with the PO (who i'm told use Bristol&West who are part of the Bank of Ireland)?

Does anyone have a mortgage with any of the above? Was it easy to set up? Another broker warned me that if something went wrong and I needed to get in touch with them, it could be difficult and problematic as its not face-to-face? I wasn't too sure if he just wanted me to use his service or not :rolleyes:

Many thanks,

Joe

aKtechno

Hi, I'm no expert and it sounds like the broker is playing some hard ball sales tactics.

I am in the same situation, and have got approval in principle with post office as it is the best deal I have seen for our 10% deposit gang

If Bristol and West were going under, it would be all over the media, especially as they are linked as underwriters to the post office. Also they wouldn't be offering market leading deals.

Broker I went to said he nor he imagines can any other broker beat the current Post Office offer for 10% deposit, especially with the low fees involved.

Now I just need to find a house I like at the right price, that is the bit I am stuck on at the moment.

TangoFiver

Thanks aKtechno,

So how have you found the PO to deal with? Does it all seem to be going smoothly so far?

Ta,

Joe

aKtechno

Yeah, so, I had a slight problem, because I selected "houses less than 12 months old" when asking for a mortgage in principle. That resulted in decline.

House must be over 12months old for 90%. I called them up to get this changed as was in a panic over why it declined, and within 30secs they sorted it and gave me my online certicifate that I am pushing in front of estate agent noses.

I am a little disappointed I didnt do all this ealier as they have just increased the deal I went for from 5.85% to 6.02%, but it is still the best deal out there.

I'll keep you posted on progress.

geordiepaul2001

aKtechno wrote: »

I am a little disappointed I didnt do all this ealier as they have just increased the deal I went for from 5.85% to 6.02%, but it is still the best deal out there.

I'll keep you posted on progress.

My agreement in principal went through on 5.85% - will this be honoured or will I pay the increased percentage.

S_Swede

GP2001: As long as you complete a full application before the 3rd of March (i.e. tomorrow!) then the 5.85% will be honoured, otherwise it'll go on to the new rate.

Just completed my application and paid the valuation fee so will have to see what fun and games are in store...

Good luck.

PS, if you miss the boat on this one, Yorks Bank seems good @ 5.99% with 10% deposit (not sure if that has restrictions on the property location)

Tipton & Coseley has a similar deal but the property has to be in a Midlands county (West Midlands, Staffordshire, Shropshire, Derbyshire, Nottinghamshire, Leicestershire, Warwickshire, Herefordshire, Worcestershire, Oxfordshire, Northamptonshire and Gloucestershire.)

aKtechno

I doubt that I am going to find my dream house before tomorrow so will have to accept the new rate.

But wasnt aware about the Tipton & Cosely deal, not bad considering I am looking in Northampton. Thanks S_Swede, I'll check that out.

Yep, so we got by close of business tomorrow to catch that 5.85% deal. Good luck!

8am start for my viewings..... :rolleyes:

TangoFiver

Yeah keep me posted please

Like I said, I'm not sure if the brokers were just trying to scare me or whether there would be implications on myself if I got a mortgage with the PO/B&W/BofI...

I understand that if anything did happen to the lenders, another company would be found to take on the mortgage? Or is that becoming more and more questionable in todays climate? :huh:

Ta,

Joe

Phirefly

To clarify, Bristol & West haven't 'gone under' They were the UK mortgage arm of the Bank of Ireland and have closed to direct new business probably due to lack of confidence in the uk market. They are keeping a minor stake in though by offering products through the PO. My B&W mortgage is still being serviced as before.

TangoFiver

Yeah I didn't think they had gone under, but just wanted some sort of clarification like you said, thanks!

Anyway, they can't/won't lend enough anyway

Joe

samay007

Post Office are the best deals at the moment for FTB with 10% deposit. i recently got offer for 5.85% and the process was straight forward

if you go through the broker, the current deals on WOM are abbey, C&G, RBS and Halifax