FTB Mortgage..sound like a good deal?

underthematress

Broker has suggested 3.14% tracker FTB mrtgage for 2 years with 25% deposit. No arrangement fee. Think its with the woolich or Abbey.

Does this sound competitve,? what have other FTBs on here been offered?

I have credit score of 455/500 with eqifax (not on electoral roll has lowered it) will the lender knock us back for this? flat mate is on the electoral roll though.

Its so nerve-wrecking not knowing what they are looking for in borrowers.

Have had our offer accepted so want to try and get in beofre stamp duty comes back!

Thanks.

kevturner100

Abbey are a nightmare at the minute with their free valuation.I would stick to Nationwide,Woolwich, C&G.Abbey deals taking 5 weeks + and they are understaffed

underthematress

Thanks for the advice. I think it is with the woolich. I hope we can get it done before stamp duty!!!

jill2002

kevturner100 wrote: »

Abbey are a nightmare at the minute with their free valuation.I would stick to Nationwide,Woolwich, C&G.Abbey deals taking 5 weeks + and they are understaffed

By going through the branch rather that a broker, Abbey are taking less than a week to have valuation done and offer issued !!! The free valuation is exactly the same as a standard mortgage valuation - so not sure why you would think it was a nightmare

jill2002

underthematress wrote: »

Broker has suggested 3.14% tracker FTB mrtgage for 2 years with 25% deposit. No arrangement fee. Think its with the woolich or Abbey.

I think you need to re-check the deal that you have been offered - the Abbey 2 yr Tracker 3.19% has a fee of £995 but -free valuation and £250 cashback towards legal fees, but the Woolwich 3.19% lifetime tracker has no fee but probably £295 valuation fee and no cashback. Oh and it is only available for 70% loan to value - so you need to provide a 30% deposit.

underthematress

You are right... I have made a typo!!... It is 3.34% with no arrangement fee.

Another broker is suggesting the abbey as well. It is 2.99% but with £999 arrangement fee but £250 cash back. He says they are easier to deal with than the woolich. The flat is in scotland so there ahs been a home report done so the broker said they brobably wont need another survey done.