We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
First time buyer needing mortgage help!
foxwales
Posts: 590 Forumite
Hi,
Myself and my partner are buying our first home and I have religiously been using this site as a source of advice in how to go about the process.
We have used London & Country as a mortgage broker so far, and considering we want to borrow 100% LTV they have found us a mortgage with Portman Building society at 5.99% fixed for 3 years on a £110,000 property.
I had a meeting with Bradford and Bingley yesterday and they have offered us a 100% LTV mortgage at 6.19% fixed for 10 years on a £110,000 property, but we can change after 5 years due to there being no charges incurred from leaving after 5 years so we have the flexibility but also a bit of security if rates rise.
Now the difference is that Portman want us to pay a non-refundable arrangement fee of £499.00 where as Bradford and Bingley don't have an arrangement fee. The mortgage adviser in B&B punched some figures and worked out that they would be relatively cheaper than Portman due to them not having an arrangement fee. So over the period of 5 years they would be more competative.
I just don't know who to go with, the lower rate is obviously ringing my bells, but then the initial costs of buying a house are quite substansial when you have little saved.
House prices are rocketing in our area so its a matter of urgency that we buy now because rental prices are also on the rise and were fed up of chucking away dead money.
I would be grateful to hear points of view on these current offers.
Kind Regards,
Steve & Sion
Myself and my partner are buying our first home and I have religiously been using this site as a source of advice in how to go about the process.
We have used London & Country as a mortgage broker so far, and considering we want to borrow 100% LTV they have found us a mortgage with Portman Building society at 5.99% fixed for 3 years on a £110,000 property.
I had a meeting with Bradford and Bingley yesterday and they have offered us a 100% LTV mortgage at 6.19% fixed for 10 years on a £110,000 property, but we can change after 5 years due to there being no charges incurred from leaving after 5 years so we have the flexibility but also a bit of security if rates rise.
Now the difference is that Portman want us to pay a non-refundable arrangement fee of £499.00 where as Bradford and Bingley don't have an arrangement fee. The mortgage adviser in B&B punched some figures and worked out that they would be relatively cheaper than Portman due to them not having an arrangement fee. So over the period of 5 years they would be more competative.
I just don't know who to go with, the lower rate is obviously ringing my bells, but then the initial costs of buying a house are quite substansial when you have little saved.
House prices are rocketing in our area so its a matter of urgency that we buy now because rental prices are also on the rise and were fed up of chucking away dead money.
I would be grateful to hear points of view on these current offers.
Kind Regards,
Steve & Sion
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards