Just been approved on a mortgage

Ste.._2

iKennett wrote: »

Dont forget to move over to the Mortgage-Free Wannabe boards now :eek:

dorset_nurse wrote: »

Just out of interest... what rate is the mortgage at?

PS, don't stop at 10% below the asking price. This place I got 14% off for having no chain.

Clydesdale Bank 95% 6.99% 3 year fix :eek:

kford224

Orpheo wrote: »

Magic beans financial advice followed up with an emotive and fallacious statement of rhetoric.

Nobody puts their life on hold.

Well I very much would have been putting my life on hold, I don't think I can put it any simpler :wall:

kford224

dorset_nurse wrote: »

Just out of interest... what rate is the mortgage at?

PS, don't stop at 10% below the asking price. This place I got 14% off for having no chain.

Definitely agree, you can always go up

Ste.._2

Just one more thing about my phantom "full mortgage approval", the person I'm dealing with contacted me after I made an enquiry through the banks website, and his email address is at the bank itself. He introduced himself as a mortgage advisor from the bank.

Seems a bit disingenuous to mislead me about this not being just an agreement in principle, no? Perhaps he was just relying on my choice of wording enabling him to call it a full approval, whereas it seems it's just secured this rate for 3 months. :huh:

Orpheo

kford224 wrote: »

Well I very much would have been putting my life on hold, I don't think I can put it any simpler :wall:

You should write LIFE ON HOLD at the top of your CV.

dorset_nurse

Are you sure that is the best mortgage offer you can get?
Call London and Country mortgages 0800 953 0304 for some free advice on mortgages you may be able to afford.
I'm a bit suspicious about the quote you have been given- I would definately do a bit or research to see if you can find you a better offer.

Ste.._2

As far as I'm aware, it's the only 95% product on the market currently

If I hold off until I have 10% deposit, then obviously that opens up a lot more of the market to me

dorset_nurse

Its harmless to check but make sure you get the best deal. If you are sure you can manage the payments and have a plan for when your fixed rate ends then go for it.
I wish you all the best!

Salz

Ste.. wrote: »

Just one more thing about my phantom "full mortgage approval", the person I'm dealing with contacted me after I made an enquiry through the banks website, and his email address is at the bank itself. He introduced himself as a mortgage advisor from the bank.

Seems a bit disingenuous to mislead me about this not being just an agreement in principle, no? Perhaps he was just relying on my choice of wording enabling him to call it a full approval, whereas it seems it's just secured this rate for 3 months. :huh:

So what you are saying here is that a banker lied. Surely not;)

Ste.._2

Thanks for the advice, I can use as much as possible right now!

With the base rate as low as it currently is, if things were as they are now when my fix ends, it would be great news as I'd drop to 4.59% from 6.99%

So I'm going to assume, and if I'm wrong please let me know, that after 3 years I will have made zero impact on the repayment, so will be looking at re-mortgaging at 95%, or simply falling onto the SVR

So the big gamble is, is the SVR likely to be higher than 6.99% in 3 years? have SVRs ever been that high in recent memory?

This is where I'm thinking getting used to an expensive mortgage might work in my favour when it comes to the end of the fix period. My hunch is that it's unlikely that my mortgage will be going up

But I've never had a mortgage before so this is all supposition on my part