Need a mortgage for 150k whats best... where do i go for advice?

fertyskids

Im a bit lost ..

i need a mortgage for 150k i think i want fixed rate for 5yrs. the mortgage will be for 25yrs.

deposit for house is 235k

i have tried to look at supermarket comparision site but a little confused.


any ideas welcomed please ?

GMS

If you are confused by comparison sites you will probably benefit from a broker.

If you have 235k deposit and require 150k loan there should be plenty of options for you.

fertyskids

ive had a look at money supermarket

i think the best rate is 3.8% with FIRST DIRECT

5yr fixed £782.67pcm

early repayment 3% first yr then 2%

valuation £270
booking fee £ 99
arrangement fee £0
free overpayment
free closure
no extended tie in

how do i find out the rate that the mortgage will go to ? and does it matter because i will then get a new product

im not sure if i should go for 3 or 5 yr fixed at the moment

are there any other sites could try please.

thanks karen

GMS

You need to make sure that you fit the criteria of lenders before applying. First Direct are strict on criteria.

Be careful of applying for the cheapest rate. It is more important to apply for the correct product for you, and if it happens to be the cheapest then great.

If an application fails you may lose fees paid.

First Direct are hard to beat rate wise so if you can get with them then it could well be your best bet.

Check First Direct website for more info on the mortgages

fertyskids

I phoned them just now. they were helpful and asked lots of questions said at the end that we fulfilled the criteria.

so thankyou for that advice

roughly how long do mortages take to process now..... is it 6-8 weeks or longer

also if by some chance we were not successful then would it affect another application? i am concerned about the time scales as our buyer is a cash buyer and wants to complete by the end of feb .

GMS

Times vary from lender to lender. Valuations can throw up problems as can any underwriting requirements.

First Direct are quite picky but you are a low LTV so that will help.

If you are declined it would mean starting again with another lender so make sure all looks fine before application. A credit search would show on your record but not a decline. Too many searches can affect credit score.

fertyskids

thankyou

i really appreciated your advise

i think we are going to put in an application with first direct