New FTB mortgages with increased salary multiples released today?

spend_thrift

My EA called me this morning and told me that there are a couple of brand new FTB mortgages that were released today and may only be around for a few days, and that she's going to try to get me approved for one and get the rate reserved for me.

She didn't tell me who they are with, just to come in on Saturday to register and find out more and she would see what she could do in the meantime to reserve one for me.

She mentioned increased salary multiples up to 5 or even 6 times salary for FTBs with a good deposit (which I have).

Has anyone heard about these?

luckyfool

Sounds like a sales gimmick to me.

spend_thrift

luckyfool wrote: »

Sounds like a sales gimmick to me.

That's mean of her if it is true, as it means a good 2 hour train journey for me to go into the office! (and she knows that)

luckyfool

Ask her to run through them with you over the phone instead then? I don't see how a new lender will suddenly start offering 5 or 6 times salary, but only for a few days though.

spend_thrift

She was saying that is happening more often - that lenders offer a new rate and then pull it only a couple of days later. Is she trying it on with me?

luckyfool

That can happen with rates sometimes. I would be pushing to deal with it over the phone. The worry is that it is just a teaser to get you sitting down in front of her.

spend_thrift

That's what I was wondering, because she was very keen that I come in and discuss it and then we go out looking at houses once we know what mortgage I can get. :think:

I've had several mortgage meetings, so I currently know *exactly* what I can borrow, and I also prefer to look at places online before making a trip, so I think I'll insist we talk on the phone first. It seems that every EA wants you to have an appointment with their own mortgage advisor, and then when you do, they all say the same thing.

I'm annoyed that she'd try it on when she knows it is a long way for me to travel tbh. :mad:

herbiesjp

Unfortunately EAs have a bad reputation - and this does nothing to improve it.

There is nothing stopping her from discussing anything over the phone - I do it all the time.

And trying the old nugget of higher multiple and better rates is the oldest trick in the book.

It may well be true *does not hold breath* - but if it is, there is no reason why she cannot discuss over the phone/internet.

If that is how they try and get you to see the adviser, I'd dread to think what they would do to get the sale of the house?!!!

spend_thrift

It has put me off them certainly!

So far I have met a real mix of EAs. Some have been very experienced and genuine and have listened to what I'm looking for and what I can afford, some have been sneaky and underhand and have tried to push things with me. Bet you can't guess who I call back when I see something on with more than one agent?

I was 50/50 about the area she covers anyway, so I think I'll tell her where to go and focus on places I like that also have halfway decent EAs.

TMSL

Let me guess part of the Countrywide

herbiesjp

EAs should be grasping for FTBs like you.

Not treating FTBs like idiots and pushing them away.

Good on you!

Are you moving out of London?