FTB mortgages

phildamb

Hello all,

We are about to take the plunge we have 15% deposit as we are looking at properties of 100k or less (plenty in our area). I'm not sure who to go with for a FTB mortgage as all the packages look pretty much the same and not very competitive, most also seem to want you to have your account with them before they will even consider you for a mortgage.

Any experiences of any recent FTB's would also be appreciated. Our info....

Joint income of around 50k debt payments of £150 a month...

VIGILANT22

Dont go to a bank as they can only offer you their own products...ask family/friends/colleagues to refer you to a whole of market mortgage adviser they have used and been happy with........

herbiesjp

phildamb wrote: »

most also seem to want you to have your account with them before they will even consider you for a mortgage.


Joint income of around 50k debt payments of £150 a month...

Not really true about needing to have your account with them.

A few offer deals if you bank with them but otherwise plenty lenders will offer you a deal.

At 85% LTV you are not going to get the market leading rates.

The mortgage amount looks fine based on your income.

Are you looking at fixed or variable?

phildamb

herbiesjp wrote: »

Not really true about needing to have your account with them.

A few offer deals if you bank with them but otherwise plenty lenders will offer you a deal.

At 85% LTV you are not going to get the market leading rates.

The mortgage amount looks fine based on your income.

Are you looking at fixed or variable?

I think we would prefer a fixed rate just for the stability of payments.

phildamb

So we have been to get an idea of mortgage costs from Santander.

2 Year fixed mortgage @ 5.99% for 85% LTV would be £509 pm payment for an 85k loan.

Im interested in hearing anyones opinion on this.

Dom3663

I'm in just the same boat, although my income is ALOT less than yours.
We've bought a 70k house, 10.5k deposit (15%) with Nationwide, 5.74% fixed for 2 years (option for 3 years too).
Its over 30 years and payments are around £350 a month

phildamb

Dom3663 wrote: »

I'm in just the same boat, although my income is ALOT less than yours.
We've bought a 70k house, 10.5k deposit (15%) with Nationwide, 5.74% fixed for 2 years (option for 3 years too).
Its over 30 years and payments are around £350 a month

oddly enough I was just looking at nationwide as they have a really good tracker:-

2yr Tracker A4.99 % (Variable) £443.61pm

Fees £495
It looks like a good deal but Im concerned about the mentioning of needing a nationwide account but that may only be for the 90%.

Dom3663

Yea thats a good rate for now, depends on your circumstances I guess. Too risky for me if the Base Rate was to go up, I'd be !!!!!!ed lol

Caracul

Im not sure whether the debt payments make a difference (debt, or just monthly bills like insurance?) but I think you can get better than both of those:

http://www.moneysupermarket.com/mortgages/

and select FTB tab.

YBS 2 yr fix with 0GBP fees at 5.39 (MSE calculator is say 516 pounds a month compared to 547 for the 5.99)

or variable = Leek United BS discounted (from here: http://moneyfacts.co.uk/compare/mortgages/first-time-buyer/) - 495 pounds fees and 3.94% = 445 pcm

phildamb

Caracul wrote: »

Im not sure whether the debt payments make a difference (debt, or just monthly bills like insurance?) but I think you can get better than both of those:

http://www.moneysupermarket.com/mortgages/

and select FTB tab.

YBS 2 yr fix with 0GBP fees at 5.39 (MSE calculator is say 516 pounds a month compared to 547 for the 5.99)

or variable = Leek United BS discounted (from here: http://moneyfacts.co.uk/compare/mortgages/first-time-buyer/) - 495 pounds fees and 3.94% = 445 pcm

That does look good for YBS except for this:-

We are currently offering a first time buyer mortgage that is exclusively available to existing YBS members

This is unfortunately what we are seeing on most of the good deals for first time buyers.

Caracul

I've had a reasonably thorough scan of their website, and I believe that the above quote is only in relation to their Member Exclusive First Time Buyer Mortgage - not the normal one. In fact just go to their mortgages and search fixed. There is an 85%LTV with a fix at 5.19% now, for two years. It states available for:

First Time Buyers
Customers remortgaging from another lender
New customers moving home <

---

Existing YBS borrowers moving home

HTH