Advice on mortgage please - worried we are being screwed

mr_clarkson

Hi i was hoping to get some advice!

my wife and i are buying our first home. we have found a house with beresford adams and our offer was accepted. there financial advisor set up a acceptance in principle with the natwest (in my wifes name only) we started going ahead and paid £470 to the advisor for a homebuyer survey/valuation to get the mortgage setup. but the evening after we paid this my wife and i decided that the interest rate on this mortgage wasd far to high (7% fixed for 5 years) so we started looking on the net for a better deal and found one for 6% fixed for 3 years! my wife applied online and got an "acceptance in principle"
the following day my wife phoned the financial advisor and told him that we had found a much better deal and he has said that we should let the natwest one go through first before applying for the post office one because of credit checks ect???? but we already have the aip and i am really worried that we are going to be tied to this natwest one if we leave it to go through.
my wife is unsure of what has been signed because she was trusting the advisor but now we are quite worried. The natwest mortgage is going to cost us £750 a month but the post office will only be £600 this will make a HUGE differance to us.

sorry if that is a bit garbled i hope you can see what i am asking. Basically is this financial advisor spinning us a line to get us tied to this 7% mortgage, or is he right in what he is saying? once you have an AIP arnt the credit check side of things already done?


thanks
jon

michael1983l

If the post office have given you an acceptance in principle that means they have already done their credit check I believe. I think your mortgage advisor is scared that he may lose some commission. Mortgage advisors do not always act in our best interests.

Robert_Sterling_3

Is there some reason why the mortgage is in your wife's name only?

mr_clarkson

yes, because i have a poor credit history, and we can get enough for the house on her sole income

mr_clarkson

would it hinder the application if we were to proceed with the post office one now? even though the natwest one is still going through?

michael1983l

mr_clarkson wrote: »

would it hinder the application if we were to proceed with the post office one now? even though the natwest one is still going through?

ring the underwriters at the post office, they will tell you for sure either way.

samay007

Hello, if you have AIP with post office mortgages then tell teh advisor that you are going with the post office deal and won't be proceeding with Natwest anymore. advisor based at Bresford adams work for countrywide mortgages and always try to sell their mortgages. Bristol & West (Post office) will contact your solicitor after you signed the declaration.

betmunch

If you allow the Nat West one to go to offer then pull out they will come after you for any set up fees, that would probably be £999!

Cheers

Conrad

Stick with which ever is the best deal and cancel the other. Beresfords are part of Countrywide, where the staff are under extreme pressure to sign up new business.

F/A's cannot access the Post Office deals.

As ever, we are here ONLY for complex cases. All straight forward clients should apply direct and get better deals.

mr_clarkson

thanks for the advise it is very much appreciated, turned out the countrywide advisor had been lying to us about a few things, and has cost us the best part of a grand! however we have cut all ties with them now and will save more than the lost grand with other deals.

thanks again.
jon