Getting 100% mortgage Advice please

topdealman

I am sorting out a 100% mortgage through a mortgage consultant.

My partner and myself have been told we can borrow upto £167k with Northern Rock, but we want to borrow much less than that really tops of around £120k.

I have a few questions that I would like some impartial advice on.

1. The mortgage that appeals is the fixed rate of 5.75% for two years, but the arrangement fee is a hefty £1995 is this correct or am I being done, it sounds a lot of money to me?

2. With any mortgage can you go between repayment and interest only at any point.

3. Can anyone recommend a good online solicitor to appoint as I am being quoted about £1100 by my mortgage consultant?


Thanks for you help

K9COOP

I have gone for a northern rock mortgage which is interest only with the option to overpay.

I'm FTB so have no idea how my bills are going to pan out just yet. I want as much of my money as possible to get the house how I want it. If and when I want to repay off the capital I can then begin making overpayments... ive taken 2 year fixed int only in 2 years will change to repayment but will again look for option of overpayments.

the solicitors fee seems high shop around.... we got ours for around £700

hope this helps.

frogula

What does the £1100 include?

topdealman

frogula wrote:

What does the £1100 include?

Not sure I assumed it was the cost of buying the house and associated fees

Slayerx

Have you checked out Legalmove ?

Matt1069

topdealman wrote:

2. With any mortgage can you go between repayment and interest only at any point.

Nope, although you could go for IO, then pay off some capital each month...?

The_Big_Yin_4

HSBC do a 10yr fixed at 5.49% Arr Fee £499 If thats any help to you

prutter

topdealman wrote:

1. The mortgage that appeals is the fixed rate of 5.75% for two years, but the arrangement fee is a hefty £1995 is this correct or am I being done, it sounds a lot of money to me?

We have a 100% mortgage with NR - although remortgaging (moving) shortly so moving to a repayment one also with NR.

Anyway, as it's a 100% deal, few lenders do it and as it's more risky for them - they will sting you a little either with a hefty arrangement fee, or a slight less than competetive interest rate.
Unfortunately AFAIK that's the deal with 100% mortgages and just one of those things....