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Anyone used a mortgage broker?
dazeruk
Posts: 313 Forumite
I'm a prospective FTB. I have a good deposit and have just had my civil service job confirmed as safe.
My friend suggested contacting a mortgage broker (London and Country) they had used.
I had a general chat over the phone, but as I hadn't even started to look for a property it was only general guidance they could give from the outline details I gave them.
I'm looking for a property in the region of £190,000 - £210,000 and have £55,000 saved. I'm currently living in a small studio flat and don't have much furniture. I'd probably need to keep about £10,000 back for decorating and furniture such as sofas/beds/wardrobes etc So my deposit is around £45,000. I earn £38,000.
So if I found a property for £200,000 that would be a deposit of 23% and a mortgage of 4 times my wage.
They said that I could probably get a mortgage rate of around 4.2% I checked using the above figures on my banks website (LloydsTSB) and they quoted a figure of around 5.5%
This reduced rate sounds too good to be true.
Am I missing something?
My friend suggested contacting a mortgage broker (London and Country) they had used.
I had a general chat over the phone, but as I hadn't even started to look for a property it was only general guidance they could give from the outline details I gave them.
I'm looking for a property in the region of £190,000 - £210,000 and have £55,000 saved. I'm currently living in a small studio flat and don't have much furniture. I'd probably need to keep about £10,000 back for decorating and furniture such as sofas/beds/wardrobes etc So my deposit is around £45,000. I earn £38,000.
So if I found a property for £200,000 that would be a deposit of 23% and a mortgage of 4 times my wage.
They said that I could probably get a mortgage rate of around 4.2% I checked using the above figures on my banks website (LloydsTSB) and they quoted a figure of around 5.5%
This reduced rate sounds too good to be true.
Am I missing something?
0
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