FTB Mortgage - now found potentially better deal ?

musicboy

Folks,

Me and the Mrs are currently renting, although I used to own a house about 5 years ago. When you look at mortgage calculators there is usually only the option of 'FTB' or 're-mortgage', so we said we were FTB's - but did say to one advisor in the NatWest branch that I had owned before some years ago.

We were then accepted in principal for a NatWest FTB 90% LTV mortgage on the tracker rate which you can switch to fixed rate if required, which worked out at the same we are paying in rent - approx £525 a month - and told to go put some offers in - great!!

We have had an offer accepted on a property and went back in the branch to sort it out. We saw another advisor who said that because we weren't FTB's that our credit file would still show the other mortgage and would be rejected on that basis, so it wasn't worth the risk. We were then offered a 90% fixed rate which comes out at approx £695 a month !!

We are waiting for the paperwork guaranteeing the offer to come out, the solicitors etc are doing what they do ... but I have just seen that Nationwide are now doing a branch-only 90%LTV tracker which works out at £550 a month - nearly £150 a month less - and according to their calculators we can easily afford the amount based on our incomes...

Now my question is, are we too far down the Natwest line to cancel and try and get this Nationwide deal or will the credit file reject the Nationwide anyway based on a recent mortgage application ?

Thanks for any help / any one else done this ? etc etc,

Musicboy

loopyanna

I am in the exact same position as you, bought years ago and sold and been back with parents since then.

I'm waiting on the outcome of a mortgage application with natwest (the same FTB tracker as you refer to above it seems) and they told me that my old house wouldn't make a jot of difference!!

Fingers crossed for my application now....

As for yours, even when you have a formal offer from Natwest i'd call them, tell them the situation and, quite simply, ask!

Anna

musicboy

thanks for that, how long ago was it since you owned ? Mine was sold in Feb 2005

loopyanna

It was sold about 18 months ago... i made the mortgage advisor fully aware and she said that it wouldn't be a problem at all...

Anyone else got experience of this with Natwest?

musicboy

Anyone got any ideas about how I can see if I can get the Nationwide deal without affecting my Natwest application?

loopyanna

Hi,

I've just spoken to my mortgage guy, my application has been approved subject to valuation.... i checked and my old mortgage was paid off in December 2007.... i can't see why you wouldn't be classed as a first time buyer!

If i were you i'd be tempted to get back onto Natwest and ask them to put you back on the FTB deal!!

Anna

musicboy

I still haven't had a call back, I am gonna ring the mortgage centre .. brb !!

loopyanna

Hope you get an answer - let us know! Fingers crossed for you

musicboy

they have said I should get in touch with the branch manager if I'm not happy about how it's been sold ... mine is also awaiting valuation as of 24th November ...

Can you tell me whether it was a branch application or elsewhere (the girl on the phone said something about 'was it a first active application?) and if so PM me the branch ?

Cheers !!

loopyanna

It was an in branch application. I don't know if it makes any difference that i am one of their private banking customers, but i can't see that that would change my status as an FTB?!?!

musicboy

hmm well we had to open the singing and dancing account first ... whereabouts did you apply (if you can / want to say?)

I am gonna ring the branch in a bit