Best Mortgage with £250k deposit

jules335500

I am looking around for a mortgage for £150k over 20 years and will have £250k deposit. HSBC can offer 1.99% fixed disount over 2 years which seems a good deal.

Any advice welcome on mortgages!!



Applicants: My partner and I
Term: 20 years
Type: Repayment

getmore4less

salary multiple?

jules335500

Yes
2 salaries of £40k each

herbiesjp

Any other debts?
Any dependants?
Any adverse credit history?

1.99% fixed disount

Be careful here.

The discount may well be fixed, but the rate is not fixed at all - it is a variable rate.

Also, the discount is based on SVR. So in theory HSBC could put that to any level they wish - above and beyond any increase in BoE if they were to happen.

jules335500

Thanks

We are aware of this....Is this the best deal around?

We intend to over pay by 20% which is the max allowed aswell!

fabs35

If you're after a tracker (and do not have any BTL/credit/self employed complications), First direct are offering base + 1.89% with an arrangement fee of £499.

jules335500

No debts
Full time job
one dependant who lives with ex

betmunch

I hate to trawl up an old arguement, but.....

..... isnt this asking for advice, which of course should not be given without the proper documentation.

If someone were to pop in and say hey, you can get 1.89% with Bank XYZ, the OP goes there, gets the mortgage, and then later finds out their are some horrible conditions like ERC overhang or something.

Wouldnt to OP have some kind of claim against either MSE or the helpful guy who suggested Bank XYZ?

Just playing devils advocate here, but surely a full fact find should be completed before anyone were to suggest any bank or product, not just deposit and house value?

Cheers

Cannon_Fodder

See the footnote;

This website is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to specific circumstances. All tips are followed at your own risk and should be followed up with your own research. See Full Terms & Conditions and Privacy Policy. ® Martin Lewis and MoneySavingExpert.com. 'Martin Lewis' and 'Money Saving Expert' are registered trademarks belonging to Martin Lewis.

VIGILANT22

betmunch wrote: »

I hate to trawl up an old arguement, but.....

..... isnt this asking for advice, which of course should not be given without the proper documentation.

If someone were to pop in and say hey, you can get 1.89% with Bank XYZ, the OP goes there, gets the mortgage, and then later finds out their are some horrible conditions like ERC overhang or something.

Wouldnt to OP have some kind of claim against either MSE or the helpful guy who suggested Bank XYZ?

Just playing devils advocate here, but surely a full fact find should be completed before anyone were to suggest any bank or product, not just deposit and house value?

Cheers

I agree 100%, however if people are foolish/lazy enough to think they can come on here and people will find/research a deal for them and it goes wrong, they deserve all they get....I wouldn't go on an electrician's site and ask for DIY instructions as how to fix my electrics....

betmunch

Thanks, like I said was just playing devils advocate as was concerned about fabs35 comment, the OP's request for advice, and the history of this particular arguement.

I must say I have never noticed that footnote before Cannon Fodder mentioned it!

Cheers