FTB Mortgage - now found potentially better deal ?

musicboy

cheers loops for the pm

musicboy

Just rang the branch back and they keep referring me back to the 2nd advisor ... she said she would e-mail the advisor and her line manager about it

Strictly speaking we aren't FTBs but like has been said before you get Moving House or FTB - well we aren't moving mortgages are we ....

loopyanna

I agree with you music, keep trying!! If not, i'd be tempted to ask them directly whether you can cancel your application and go elsewhere, might kick their a**es into gear! Just be careful though becuase you would then have more than one check on your credit rating....

Good luck.

musicboy

Just waiting for a call back from Nationwide for a chat ...

There is one other thing, there is a £995 fee with Natwest ... would I be liable to pay that if we cancelled at this stage ? They are at the 'awaiting valuation' stage ...

musicboy

Just had the call returned from Natwest mortgage advisor ... she said that she could try and put it through but it might show up on credit file and be rejected. I said well my 'friend' has been accepted so why should this be different ?

She has said she can put the application on hold until we see what's what, she has said that she would be the same herself ! We're talking about £160 difference a month here .... she is ringing the mortgage centre and seeing what we can do ...

musicboy

ok .. well mine is now being put on hold, advisors boss rang me and said they couldn't just transfer it as they class a FTB as 10 years. To be fair the advisor and her boss have been really good about it. However I now need to see if we can get the Nationwide deal (and quick!) and also have to take their account to get it - which is what we had to do with Natwest .... sigh ....

loopyanna

I think you're doing the right thing.... don't know about the fees with Natwest though Good luck!

Hopejack

This is interesting - sorry to hear you've been messed about music

We are hoping to sell a house we own outright next year and buy another. We have not had a mortage on the house since September 2003 when we paid it off. I was hoping we'd be classed as FTB and I believe some lenders will (some have a 6 year rule but I don't know which!). I would have thought we will sell and then buy i.e. with a small gap in between as we are in rented accom so can stay here until then. So, effectively when we come to buy again we will not have a property and will not be moving house as such i.e. mortgages.....

I think I'm going to have to see a broker and ask. Tbh a lot of the deals seem to be similar it's just the fees that are different for a FTB but tbf, £160 ish a month more is bad! I've heard this happen a few times recently though - they tell you for some 'nonesical' reason that you can't have that super duper rate but they can offer you x deal which is surprisingly a higher rate = more money in their pockets!!! Call me cynical!

Hopejack

In answer to your question re fees with Natwest, I should think if they've done a valuation or anything then you will have to pay. Also, that fee is an arrangement fee for setting the mortgage up - you've started the process now so I can't see you getting the dosh back... Let us know though.

kinglewis

I know it's clearly something non of you want to hear.. but non of you you are first time buyers! Not one of you have bought for the first time(hence the term fitst time buyer) so you must have known you were taking a risk going for these mortgages????

Always somesone elses fault.