Mortgage advice

lisa1981_2

I need some advice. I am a first time buyer looking to get a mortgage on a property we wish to make an offer on. Looking to borrow 3.5 times joint salary with a 15% deposit.

Met today with Leeds Building society today who do:
199 booking fee
800 complettion fee
3.45 tracker if we take their insurance
3.69 if we don't

Spoke to First Direct my bank who do:
199 booking fee
3.49 no strings attached

This obviously looks better but i have concerns around my chance of being accepted. We have ok credit history but I have had 5 addresses in the last 5 years. What should i do! It sounds silly as one deal is clearly better but I just don't want to get rejected and end up with too many searches on my credit file looking suspect!

Can anyone recommend which of these lenders has the best reputation?

kingstreet

First Direct is definitely pickiest of the two you've mentioned. A couple of searches aren't going to do you too much damage, so I'd at least give it a go getting the better deal. Never buy insurance products from any lender. They are normally expensive and not great quality.

lisa1981_2

Thanks - it was Leeds Building Society giving us the scare tactics about searches!

Do the deals seem good - plan is to over pay over these two year so we can have a ltv of 80% after the two years to negoiate better deals.

kingstreet

lisa1981 wrote: »

Thanks - it was Leeds Building Society giving us the scare tactics about searches!

Do the deals seem good - plan is to over pay over these two year so we can have a ltv of 80% after the two years to negoiate better deals.

If the offers meet your requirements then they sound good for you. Everyone is different and I wouldn't want to make any kind of recommendation without a lot more information.

Thrugelmir

lisa1981 wrote: »

Do the deals seem good - plan is to over pay over these two year so we can have a ltv of 80% after the two years to negoiate better deals.

If your remortgage to a different lender then you'll incur additional costs. So the follow on rates after the 2 year period has elapsed are worth looking at closely.

Also if house prices were to fall in the next 2 years. Then you would miss your 80% LTV target.