Best mortgage deal...

suljka

... for us?

We'd really appreciate some advice on the best mortgage deal in our particular circumstances.

Have about 16-17% deposit, so need to look at 85% LTV deals.
Would prefer either a fixed deal (2-3 years) with a good rate or a capped tracker or a lifetime tracker without ERC, all on repayment.

Need to ensure that the lender will accept the following:
- ex-council property in East London
- 6 floors block
- flat is a maisonette on 4-5 floor

Preferably also we'd be looking to get a deal that does not have 65 year as a cut-off for retirement age.

Nationwide seems like a good option but have received some conflicting info regarding number of floors they'll go up to - anyone has any experience of similar?

Or please recommend good WOM broker.

Many thanks

herbiesjp

You are good in being specific in what you are looking for.

However an open forum board is not really the place to get product specific advice, as it all depends on many variables which you have not posted.

Your best bet would indeed be a WOM broker.

The 6 floors in an ex local block will cause problems, along with going past age 65.

Construction type will also need to be verified to make sure all is ok on that front.

suljka

herbiesjp wrote: »

You are good in being specific in what you are looking for.

However an open forum board is not really the place to get product specific advice, as it all depends on many variables which you have not posted.

Thank you for your reply. I am willing to input any more details as needed. As for getting specific advice I found this forum invaluable in providing exactly that!

Your best bet would indeed be a WOM broker.

Could you recommend anyone?

The 6 floors in an ex local block will cause problems, along with going past age 65.

Well aware of that, that's why I've mentioned it and that's why I thought it would be good to ask here as well as someone could recommend a lender based on personal experience - I found that when talking to lenders the iinfo given quite often depended on the person who was giving it. If however you are coming with questions from position of knowing more about their lending criteria from others person experience the answers seem to be more precise?

herbiesjp

Other details would include all information that would be requested on an application form ie.e address/employment history, incomes, debts, credit history, children, actual mortgage and deposit etc

So a long long list of things.

I am not allowed to do so, as it is against board rules for advisers to recommend.

Brokers can normally get a feel for whether or not a lender would be happy with a property, by speaking to the surveyors used, and seeing if they have agreed on property suitability in the past.

littlemissfavored

I bought my London ex-council first floor flat in a 10-storey block last year. I am currently with Halifax.

Most lenders declined, only Halifax and Abbey were willing. My neighbour in the same block uses Nationwide.
I did the hunting myself, didint use a broker as I didnt want to incur extra fees.

However, as pointed out earlier there is other criteria to be considered as well.
All the best!

herbiesjp

Lenders also do not want to over expose themselves in particular blocks - so whilst they may agree a mortgage for one person, they may decline another applicant simply because it takes them over the threshold of lending they wish to expose themselves in the block.

Lots of things need to be considered.

diable

Is this for investment as you will have problems selling it in the future.