95% Mortgages

Phil_rich

Afternoon all,

I am in the process of looking for a 95% mortgage, I have got an independant adviser but he seems to be pushing a certain company all the time. Therefore i have been using the online comparison sites but I can seem to find one that lets you filter out the Higher Lending Charge for borrowing over 90%.

Does anyone know of such a site? Also does anyone know of a mortgage with a better rate than 5.44% fixed for 2 years.

Thanks

Phil

Joe_Bloggs

The Nationwide say they will do 4.67% for two years with a 5% deposit and £499 reservation fee. They are cautious lenders. This is not a recommendation.
Have you checked your credit files ? Do you have other debts? Applying for credit when your files are a mess tends to result in refusal of credit and a worse looking credit file. HLC has been abandoned by a few lenders. The alternative is to pay a slightly higher rate until you remortgage with more equity.
J_B.

MortgageMamma

Hello there

There are plenty of companies that do not charge a higher lending fee. which company is your advisor pushing and have you asked him why? a good advisor will never push a specific company without good reason and you have a right to know the reason.

Have you checked if your advisor is tied or whole of market? Some whole of market advisors are actually tied but get to use the term "whole of market" through a silly loophole. Ask your advisor if he could recommend a mortgage from any UK lender for you - if he says "I'm whole of market" say, "yes I know that, but can you confirm to me that you have access to EVERY LENDER on the UK Market?" If he can't answer it, you might be as well to walk away especially if you are paying a fee for the service.

Make sure you ask your advisor can you see his sourcing results, whilst you can't keep these as they are not designed for the untrained eye it will be useful for you to see the other companies that came up when he entered your criteria into his/her sourcing system. A good advisor will offer to show you the sourcing results without you asking.

Let me know if you have any questions.

MM