Step-Up Mortgage" from First Trust - what exactly does it entail?

dsab

Hi,

looking at Mortgage options on the FT Website I saw that they offer a "Step-Up Mortgage" for certain new Developments.

http://www.firsttrustbank.co.uk/servlet/ContentServer?pagename=FTPersonalPortal/FTContent_C/ft_article&c=FTContent_C&cid=1265186085456&channel=P005

As the Development we are considering buying in seems to be part of this "Scheme" I was wondering what exactly makes this mortgage so special compared to a standard mortgage. Unfortunately the website doesn't give any details at all.

And I thought I would ask here first if someone inquired about it at FT, before calling them up.

Cheers,
dsab

steveymp

The Step-up Mortgage features:
• Competitive interest rate
• Refund of your valuation fee
• No arrangement fee
• Borrow up to 90% of the property value
• No higher lending charge
The overall cost for comparison is 4.5% APR

Doesn't seem too bad an offer, no arrangement fee is handy and can save over £1000, valuation refund isn't bad either and 90% mortgage is quiet generous these days too. Be wary of First Trust thou, not exactly a financial institution with a great track record:o

Get an appointment with an Independant Financial Advisor to see what else is available, and try your current Bank or Lender, Abbey/Santander gave us some very good fee waiving offers to change our Mortgage, but I still can't get the house sold:o