Has anyone heard of Lifetime planning ltd?

swh1978

Hello,
Hopefully someone can help, We are looking to buy our first property in Edinburgh for £139,995 with a deposit of £25,000. The property is a new build and recently many mortgage brokers have stopped giving out mortgages for new builds without a 25% deposit, this would be an extra £10,000 which we don't have.

We have met two different IMA's with a quote around the 6.99% mark which roughly works out at £740 a month for 2 years over a 35 year period. Now here comes my question, we were put in contact with lifeplanning (another mortgage advisor) who can get us a deal with llyods at 4.45% making the payments around the £540. This is obviously much more appealing but it does seem "too good to be true" as no-one else can get anywhere close to that percentage.

Does anyone use lifeplanning? and if so am I about to get stung? or is it all above board and i'm worrying about nothing!

Any help would be much appreciated.
Thank you,

swh1978

Mrs_Bumble

I can't see that deal on the sourcing system??

Been on the direct Lloyds site and copied this snippet for you:
Where your mortgage is for a new-build property (one which was first occupied less than six months ago) you will only be able to apply to borrow up to 80% of your home's value.
http://www.lloydstsb.com/mortgages/mort_how_much_can_i_borrow.asp

So if that Lloyds deal is really available I would a) want proof that it was still available and b) that the new build element of what you are looking to do isn't an issue?

Gayle1983

Hi

We used lifetime planning when we bought our newbuild property 3 years ago and we've used them since for other financial matters. They've always been nothing but helpful and were very good at keeping in touch with us and letting us know what was happening. The Advisor we were using was called Gail Robinson.

Don't worry, you're not going to get stung - they are a reputable firm and one I would give my recommendation to!