Speed Of Setting up a mortgage

Gerrard_8_lfc

Hi Guys

Just a bit of advice really. Im a first time buyer with a large deposit so most banks will give me a small mortgage to cover the difference for the house im buying. I have now bought the house I want but I have agreed with HBOS to go with them (not signed anything yet.) but they say the money is there no problem. Now I was on a comparison site and found that I could have the same mortgage (5 year fix deal.) for 0.5% cheaper and £1000 less in fees with First Direct.

The problem I have now is am due to move at the end of this month so the money has to with my lawyer before the move in date FD have told me it may take up to 5 weeks to set up the mortgage leaving it far to close to wire tbh but I can save £1700 by going with them.

Now im thinking.

Will they arrange it before then and leave me a happy man with the savings or will it all go belly up which is the last thing I need.

now would HBOS match the offer for me meaning I don't have to take a gamble or is there no chance ? and FD want £99 upfront to start proceddings but I don't really want to pay that unless they guarantee the money will be processed by them by the end of this month.

What would you guys do ?

As I said first time buyer so not too sure on the market and how it works really.

Cheers

_Andy_

HBOS won't match it.
FD won't guarantee timescales (no lender would). Probably doable but I wouldn't want to risk missing completion etc for it.

Thrugelmir

I have now bought the house

The problem I have now is am due to move at the end of this month

You need to slow down and get organised. You are far from buying the house. Sourcing the mortgage should have been your first priority.

At the moment you've made an offer, which has been accepted.

Decide which lender you wish to make a mortgage application with and take it from there.

There's no possibility of setting moving dates until you've exchanged contracts. Which currently isn't even remotely close.

Gerrard_8_lfc

Thanks for the reply.

The people that are buying my property have requested a move in date for the 28th of this month. In which I though as part of the sale I had to agree too ?.

Its a nightmare doing this first time . Ive been told to go in branch to get a result faster which I'm now doing (nationwide). Im only looking for a 30% LTV so I dont see much problems with any banks but its the buyers of my current property that are pushing for a move in date.

Ps Nationwide are cheaper but not as good as FD but FD don't have branches. I was Naive in thinking because HBOS had a mortgage cut and I was a current account holder id get a decent deal.It all great in Hinesight.

opinions4u

The irony is, assuming you're employed, that the Halifax underwriting system for a 30% loan would probably give you the fastest mortgage offer!!

He Gets The Ball And Scores Again.
Fernando Torres Liverpools Number 9.

Those were the days eh

sophievenusdoom

Gerrard_8_lfc wrote: »

now would HBOS match the offer for me meaning I don't have to take a gamble or is there no chance ?

You can but try. Call them. Tell them if they cannot match it, you will be going elsewhere!

sophievenusdoom

Gerrard_8_lfc wrote: »

Thanks for the reply.

The people that are buying my property have requested a move in date for the 28th of this month. In which I though as part of the sale I had to agree too ?..

You don't have to agree to anything. Is there a reason why they are pushing you?

Gerrard_8_lfc wrote: »

Its a nightmare doing this first time . Ive been told to go in branch to get a result faster which I'm now doing (nationwide). Im only looking for a 30% LTV so I dont see much problems with any banks but its the buyers of my current property that are pushing for a move in date.

Ps Nationwide are cheaper but not as good as FD but FD don't have branches. I was Naive in thinking because HBOS had a mortgage cut and I was a current account holder id get a decent deal.It all great in Hinesight.

FD are part of HSBC. Have you tried in-branch at HSBC? They are running similar deals

sophievenusdoom

opinions4u wrote: »

Those were the days eh

Haha, I had to refrain from commenting on the footie

opinions4u

sophievenusdoom wrote: »

You can but try. Call them. Tell them if they cannot match it, you will be going elsewhere!

I think it's a waste of time to be honest. Lenders don't have any "under the counter" offers these days.

They'll shrug their shoulders and hold the door open to assist the OP's exit from the branch.

Gerrard_8_lfc

sophievenusdoom wrote: »

You don't have to agree to anything. Is there a reason why they are pushing you?

It was part of the sale contract I just assumed I had to oblige to it as part of the sale.

sophievenusdoom wrote: »

FD are part of HSBC. Have you tried in-branch at HSBC? They are running similar deals

Im going in branch to nationwide next week it appears everyone is cheaper than my dear HBOS. Customer Loyalty I should of known better.

Opinions4u - So true about Torres today was a disgrace