Mortgage help

marc5180

I've just agreed a price for a new build house that will be ready for June, the price of which is 250k.

I have 20% deposit to put down and have been speking with a mortgage broker ever since we have been looking to buy (12 months).

He gave me a price of 1060 per month for 30 years ( i will be making as many overpayments as possible to shrink this asap) but he seems adamant that i should go with Nationwide but i'm wondering if he has his own interests in mind ie comminssion rather than finding me the best/cheapest deal.

I have looked on money supermarket and have found both Post office and Chelsea BS offering the mortgage well under 1000.

I haven't asked him if he searches all of the market but i will do tomorrow.

Any advice?

happybroker

you haven't mentioned what sort of rate you are being advised to take but Nationwide are way down the list if you include all lenders.

There may be other reasons for his recommendation however, Nationwide have their unique selling points which may include taking your annual income from P60 (which will include overtime/ commission etc) for instance.

Without a greater understanding of your circumstances I would be reluctant to "do down" this broker's advice.

beecher2

Can you post the rates rather than the cost per month? Are you looking at fixed or tracker, are they for the same period of time.

Also, do the Post Office and Chelsea definitely offer deals for new builds at 80% as I found this on the Post Office site

We do not accept:

• loans over 75% on properties that are newly constructed. (Built or converted within the last 12 months), are being purchased for the first time since completion or are subject to first registration of a lease

marc5180

I only spoke with him briefly and i only remembered the cost per month rather than the percentage but i can find this out tomorrow.

It would be fixed for 5 years and i earn 26k basic but earned 15k over time this year with my girlfriend earning 23k