N&P 10 yr fix - income multiples ?

Phil3822

newgirly wrote: »

Thanks for the replies everyone, I guess the only way to know for sure is to ask them! Phil3822 do you mind me asking why you prefer using a broker? Just being nosey but I have never used one in the past, is there a benefit even if you know which deal you want to go for?

Sorry for the late reply. I just like someone to hold my hand really. I have also found my broker supportive as I lack confidence due to previous past poor credit. I just feel reassured by the broker in what I find a daunting process for some reason.

SG27

I phoned them up earlier this week. They are calling me back to make the application on Thursday. They sounded quite busy, hope the 10 yr fix is still available when I come to make the full application. Not had an offer accepted yet! I'll let you know how much they will lend (in my case) next week.

SG27

Well they don't give you a maximum like other lenders. (unless it says so on the key facts) but I asked to borrow £100,000 with £100,000 deposit and our incomes are £23,250 and £11,500.

So we are only borrowing 2.8 times our joint income at 50% LTV which they have approved in principle. Don't know if that's any help.

kingstreet

The 10 year fix has been withdrawn. Tuesday IIRC. If you haven't got an application in and paid any fees, you've had it.

http://www.moneymarketing.co.uk/mortgages/np-forced-to-withdraw-399-10-year-fixed/1045659.article

Norwich & Peterborough Building Society has been forced to pull its 3.99 per cent 10-year fixed rate mortgage due to high levels of demand.

The lender will withdraw the product at the end of the day, although it says all customer appointments with its own mortgage advisers will be honoured.

SG27

kingstreet wrote: »

The 10 year fix has been withdrawn. Tuesday IIRC. If you haven't got an application in and paid any fees, you've had it.

http://www.moneymarketing.co.uk/mortgages/np-forced-to-withdraw-399-10-year-fixed/1045659.article

They seemed to be happy to give me an AIP based on this product yesterday evening!

I'm not happy

kingstreet

TBH I don't know any lenders who link a product with an AIP.

Have you spoken to them about it?

SG27

kingstreet wrote: »

TBH I don't know any lenders who link a product with an AIP.

Have you spoken to them about it?

Not since I applied last night. He told me what my. Repayments would be at 3.99% and said he would send all the key facts documents out today.

It seems strange that he would quote my repayments and allow me to make an application based on that product if it had already been withdrawn. I'll email the advisor when I get home.


It's a shame but we have not had an offer accepted yet so we will have to look at other 10 year fixes. Although now I have a wasted search on my credit file!

SG27

found this:

Norwich & Peterborough (N&P) has pulled a 3.99 per cent 10-year fixed rate mortgage in order to maintain customer service.
The home loan was pulled yesterday (6 February).
All customer appointments already arranged with N&P’s mortgage advisers will be honoured.
Richard Barker, product manager of N&P, said: “We were confident it was the right time to offer a 10-year fixed rate mortgage and have been proved correct that there is high demand for longer-term fixed deals, especially with incentives such as low fees and cashback.
“In order to maintain our high standards of customer service, we have reluctantly taken the decision to withdraw the product but, in the face of such interest from borrowers, hope to be able to return with a similarly competitive product in the future.
“We have been reviewing our mortgage range since our merger with Yorkshire Building Society at the end of last year and aim to offer more exciting and competitive deals throughout 2012.”


So looks like they pulled because it was taking too long to get back to people. I had to book a telephone appointment a week in advance with them which wasnt a problem for me.

So hopefully they will re introduce a another good one. or maybe I can convince them to let me have it if I find somewhere in the meantime?

kingstreet

SG27 wrote: »

So hopefully they will re introduce a another good one. or maybe I can convince them to let me have it if I find somewhere in the meantime?

The were probably inundated and found themselves quickly filling the allocation of funds and trying desperately to administer the increased business levels. I imagine someone else will see this and come up with a similar product to fill an obvious gap in the market.

SG27

I emailed the adviser and he said that it's no longer available for new applicants but existing applications have until the 2nd march to go through.

So I better get searching!