Are mortgage advisors so busy earning money that they don't need to return calls?

maryjane01

That is exactly what we want to do now Kingstreet, get an offset product on our current house and wait for the right place to come up, then at that point in time we will hopefully only have 1 mortgage to arrange then (fingers crossed we would be allowed consent to let). Although we will have only 25% equity in our current house we will have £65,000 offsetting, that is why we need a high loan to value (5x :eek:). With 25% equity in our current property it stacks up as a BTL. We have totally gone through all the rough figures for this, we don't need hand holding, just somebody who can direct us to the right product for us, any ideas of which lender might suit?

(only other complication is another BTL mortgage in the background in my husbands name, self funding currently, but was not 2-3 years ago as we had it on the market and was not rented out for 6 months)

kingstreet

I'm not sure if they'll be able to handle every "sticky-outy" bit of your circumstances, but if we use the best rates and offset provisions as the first priorities, Yorkshire Building Society is the first place I'd look.

http://www.ybs.co.uk/mortgages/index.html

They don't accept business from intermediaries, so you're on your own with how much they'll lend and the chance of consent to let later on. Have a play with the affordability calculator.

maryjane01

On the 'how much can you borrow' section of the website it works out to 4.5x our income they will lend, so that leaves us short on a deposit for a new place. With all our great little extras like being self employed I can't see a lender pushing the boat out to help. They do have very good rates though.

One of the advisors we spoke to did mention Abbey/Santander as doing 5x income, and the woolwich if you have a really good credit score (I think we do, might have to look into it). Any other suggestions would be greatfully received.

kingstreet

You're likely to be stuck with Abbey or Halifax if that's essential. As you say, you might squeeze through with Woolwich.

If you don't get a Woolwich deal, your offset option is going out the window as I think they are the only one out of the three to offer it.

maryjane01

Abbey do offset so I think I will look into Abbey and woolwich directly if this latest mortgage advisor I was dealing with doesn't get back to me in the meantime. Thanks for your suggestions kingstreet.

smartiedriver_2

Just ask your bank's mortgage arranger. They're not all the spawn of the devil!

kingstreet

smartiedriver wrote: »

Just ask your bank's mortgage arranger. They're not all the spawn of the devil!

or maybe;-

Can any body recommend a lender with good offset rates that generally allows consent to let? (we are currently with First Direct and they do not)

Hollie_Boyd

Hi Mary Jane,

I have just bought my first house and obviously needed alot of help to get the right mortgage for me. I went through a broker who were so helpful and did everything they could to get me the best deal. I didn't have to do any chasing what so ever and I only had to pay a fee on completion, which was very reasonable (£495!)

kingstreet

Hollie_Boyd wrote: »

Hi Mary Jane,

I have just bought my first house and obviously needed alot of help to get the right mortgage for me. I went through a broker who were so helpful and did everything they could to get me the best deal. I didn't have to do any chasing what so ever and I only had to pay a fee on completion, which was very reasonable (£495!)

Was that on top of commission from a lender or was that rebated to you if any was payable?

dunstonh

kingstreet wrote: »

Was that on top of commission from a lender or was that rebated to you if any was payable?

I know where you are heading with that question. We both know what the likely answer is as well. And we know what your next comment will be after that as well