5 Year Fixed Rate Offset @ 5.35% - Who ???

mchu6am4

Hi,

I am led to believe that there is a someone (by IFA who wants to charge me £800 for arranging it which I simply cannot part with) out there (UK) who is offering the above mortgage deal.

I've searched the net for a few hours without much luck. Anyone know who is doing this deal for is it too good to be true?

Thanks in advance, Ash

herbiesjp

Is this for a purchase or re-mortgage? You definitely want the offset facility?

What are the figures involved? Purchase price or property value. Mortgage amount needed?
Your gross annual income?

mchu6am4

hi,

It a FTB mortgage - with lending of £97k over 25 years (salary £23k). Not started looking for properties yet but was willing to put up £30k deposit. I am led to believe it is a 5yr fixed offset.

Ash

roswell

I think this may be barclays / woolwich.

edit,

Just had a look at there site it seems not

""5-year fixed rate 5.49% until 30/04/2012, then BBBR (variable) currently 5.25% + 0.95% = 6.20% for the remaining term of the mortgage. The overall cost for comparison is 6.2% APR.
£595† Up to 80% of the value of your home 3% of the balance repaid will apply if the mortgage is repaid in whole, part of transferred to another scheme until 30/04/2012 ""

MortgageMamma

If you don't want to pay the fee you should never have proceeded with the advice. I'm not one to advocate fee charging as I don't do it, but you can get advice off a non fee charging broker for nothing, so it would be kinder not to waste the time of those who wish to charge fee's. We all do this job to earn a living, not to waste time advising clients who then go elsewhere.

mchu6am4

MortgageMamma wrote:

If you don't want to pay the fee you should never have proceeded with the advice. I'm not one to advocate fee charging as I don't do it, but you can get advice off a non fee charging broker for nothing, so it would be kinder not to waste the time of those who wish to charge fee's. We all do this job to earn a living, not to waste time advising clients who then go elsewhere.

This was the very first time I met her, so i didn't know whether fees would be involved (on website it said fees or commission) and how much (£800 seems a bit too much to me). I've told her this may lead to nothing (i.e. I may decide not to take it or opt for going direct to a bank and she was fine with that.)

I can get a similar deal myself so why should i pay her?

mchu6am4

roswell wrote:

I think this may be barclays / woolwich.

edit,

Just had a look at there site it seems not

""5-year fixed rate 5.49% until 30/04/2012, then BBBR (variable) currently 5.25% + 0.95% = 6.20% for the remaining term of the mortgage. The overall cost for comparison is 6.2% APR.
£595† Up to 80% of the value of your home 3% of the balance repaid will apply if the mortgage is repaid in whole, part of transferred to another scheme until 30/04/2012 ""

This is not offset though, is it?

MarkyMarkD

5.35% sounds too cheap for a 5 year fixed with offset, IMHO, unless it has a huge fee which your £97k loan wouldn't warrant.

mchu6am4

MarkyMarkD wrote:

5.35% sounds too cheap for a 5 year fixed with offset, IMHO, unless it has a huge fee which your £97k loan wouldn't warrant.

That's what I thought. I don't want to start dealing with this IFA only for her to turn round with a higher rate (coupled with a possible excuse for the rise and then it will be difficult to pull out).

Madjock

the point is that you may not be able to get the same deal as the IFA can get you.
Look for a fee free broker.

toonfish

mchu6am4 wrote:

This was the very first time I met her, so i didn't know whether fees would be involved (on website it said fees or commission) and how much (£800 seems a bit too much to me). I've told her this may lead to nothing (i.e. I may decide not to take it or opt for going direct to a bank and she was fine with that.)

I can get a similar deal myself so why should i pay her?

why not ask her who the lender is?