Some odd questions about lenders

EvilMonkey

Watcha,

I'm in the process of trying to buy a house, but I've a couple of odd needs (from a mortgage).

The first is that for future flexibility I want an interest only mortgage. I plan to overpay this (to the level of a repayment mortgage or beyond), but it gives me the flexibility to reduce it with no penalty come maternity time for the wife.

So my question is, which lenders are sticklers for seeing the repayment vehicle documentation up front? I'm currently looking at Britannia, Nationwide and Natwest.


Secondly, I'm currently 1 and a half weeks off finishing a years teacher training PGCE. I've got a job lined up, and although I start in July the first month is on a per day temp rate, my full time contract starts in August.

What will mortgage companies look for around this. When would I be able to complete. Just 1 thing to bear in mind, the bursar (financial officer) of the school will probably be away for most of August...

I'm seeing a mortgage advisor, but so far I'm, not hugely impressed. I've another property I need to shift on to a BTL mortgage, so am looking for 2 products. I've found products to beat both her recommendations so far (but is it a case she knows that certain lenders are flexible on my 1st 2 points?)

Rambled on long enough, sorry.

Any help or advice on this would be great.

Thanks

E.M.

AndrewSmith

Hi,

In order from your post:

It is acceptable by the majority of lenders to take an interest only mortgage with the intention of making capital reductions thus repaying the balance this way. You simply have to tell them that this is your intention.

The worst case scenario would be the lender holding off completion of the purchase until August and you being full time permenant contract (dependant upon the probationary period applied to your new contract). I have however just sucessfully placed a mortgage for a chap who is currently a supply teacher beginning new full time jobs in September. It depends on your own circumstances and the stability of the contract being offered.

The bursar being away in August may not necessarily cause too great a problem as long as he can be contacted prior to this for confirmation of the contract / position offered.

Can't really comment on the suitability of what the other adviser has offered as she is privvy to all your details whereas I, sadly, am not. It may well be a case that she has knowledge of a particular lender/product that is specifically suitable.

Ask the adviser to quantify the recommendations.

Hope this helps

Andy

EvilMonkey

Thanks for the help Andy,I think I'll stick to my guns, the mortgage I found at britannia will cost me £430 less a year than the one she found at natwest. S'lot of money if everything else is equal.just for reference am looking at the three year fixed rate for both the residential and BTL mortgages...Thanks for your help, anyone else with specific experience of britannia would be v helpfulE.M.