first time mortgage.

christhescott

Hi everyone.

I just got a mortgage agreed in principality today. It was an 80% mortgage with the woolwich at 3.9% with a £500 fee. Fixed rate for 3 years.

I have a independant mortgage adviser who does charge a fee, though he will be being paid commission by the mortgage provider and not me.

I have a few questions.

Do you think I was wise to pick a fixed rate mortgage? I picked it because i like having a fixed rate to pay each month.

Is the arrangement my mortgage adviser has with regard to comission the norm? he said I could also pay by the hour.

Also Im aware that before I get a mortgage finalised they will do credit checks against my name. I once upon a time went to do an experion credit check against my name for curiosity but didnt complete it because they wanted a one off payment from me, since then they badger me with emails weekly, is this likely to affect my chances of getting a mortgage?

Thanks for any advice.

-Chris

Spider_Queen

I think the rate your are getting and the arrangement fee is good. It all depends on what you are comfortable with but like you I prefer to know what I am paying so I think fixed rate is sensible.
Mortgage brokers have to make money somehow so I expect that the fee he has agreed with you, you are happy to pay or if he is getting commission from the mortgage lender he must ba happy with this otherwise he wouldnt have advised you this way, although its his job to give advice, its also his job to make money.
Good Luck!

PS-Cant help with the experian thing but I imagine that if you do encounter any problems, if you pay what you owe them then it will all straighten out.

christhescott

Hi thanks for replying to my post, fingers crossed i get the mortgage OK.

I was down at my advisers office today to go over some things and he recommended I get mortgage life insurance cover, stating that some mortgage lenders insist on it. I am a 26 year old male, non smoker and I have nobody dependant upon me. Do i really need this insurance? The cheapest quote he got me was £14 a month with aviva but I notice he gets paid about £330 commission.

I dont have a problem with the comission, he has to earn a wage so what happens if I agree to the insurance, pay if for a month until I have the mortgage sorted out then cancel it if I can get a cheaper deal elsewhere?