Post Office Mortgage 5yr fixed

Trig1903

That's strange as it was B&W who sorted out my solicitor through LMS. Might be worth just phoning LMS directly ?

springerholic

Quick question anyone.. probably a silly one, we are looking at Post Office 4.15 or 4.35, we are fortunate in that we have about 50% equity but this is still the best rate I can find for 5 year fix. We are not moving just remortgaging as our fixed rate finishes next month.. what sort of legal fees could we expect to incur if we went for the 4.15 percent. Am trying to decide which is our best bet. :cool:

matt987106

springerholic wrote: »

Quick question anyone.. probably a silly one, we are looking at Post Office 4.15 or 4.35, we are fortunate in that we have about 50% equity but this is still the best rate I can find for 5 year fix. We are not moving just remortgaging as our fixed rate finishes next month.. what sort of legal fees could we expect to incur if we went for the 4.15 percent. Am trying to decide which is our best bet. :cool:

i am in the same boat as you

so a quick bump

MinMoz

springerholic / matt,

I recently took out a post office mortgage. They quoted £1800 for legal fees for a house at the £175k mark. Went elsewhere and get it for £1500 but expect something in that region.

springerholic

Gave in and phoned Post Office today, legal fees would be in region of £411, valuation £360. Offer is valid for 6 months. no commitment to buy their insurance products. I am considering applying for the 4.35 with no valuation and legal fees and then if offer comes through okay leaving it to see what the market does for a few months and if it goes pear shaped then I have this to fall back on which is still a very good rate and one I would be happy with

gzed

I'm buying my first house with my wife and so far I also found the post office to be the best deal for a 5 year fixed rate.
I have a LTVof 75% (possibly lower). Before processing for the AIP, the various fees listed on the Kfi are:
Arrangement fees: £599
Valuation fees £270
Lending fees £195
Other fees £115

As I already have a solicitor ( I am not sure if he is listed in the post office recommended list) I may have to pay an extra £150 (plus any other legal fees ~£500 for us).

Overall I found this quiet reasonable and all offset by the lower rate.

I'll should find out tomorrow whether my solicitor is a LMS one, but if he is not how much hassle this is or not?

PS: we are getting a new build which is due for completion around november this year. Do you know if there is a deadline between the agreement and actually using it?

alex69

springerholic wrote: »

Gave in and phoned Post Office today, legal fees would be in region of £411, valuation £360. Offer is valid for 6 months. no commitment to buy their insurance products. I am considering applying for the 4.35 with no valuation and legal fees and then if offer comes through okay leaving it to see what the market does for a few months and if it goes pear shaped then I have this to fall back on which is still a very good rate and one I would be happy with

Don't you have to pay 599pounds upfront?

springerholic

No I have just double checked on the post office website, arrangement fee is payable on completion and can be added to the loan. As far as I can tell on the 4.35% rate we wont have to pay anything up front

mummytofour

Kuztardd wrote: »

Oh well, looks like we wont be able to get the mortgage anyway..

Although we have savings, could even supply a guarantor (parents) the failing part is that my partner is on contract/temp work so they wont consider their wage, and my single salary is only a a couple of grand a year less than what they require..
Bum!

Anyway u could increase your deposit slightly ( the house plus some cash) have a play with the figuers as it might be doable.

kai666

Kuztardd wrote: »

my partner is on contract/temp work so they wont consider their wage, and my single salary is only a a couple of grand a year less than what they require..
Bum!

I am an agency worker, and just got a mortgage. If he puts his wages through an umbrella company,it will appear to the mortgage company that he is fully employed. You have to pay a small commission each week/month, but worth it to help get a mortgage