Mortgage with Penrith building society... any feedback?

mamamoi

We are trying to secure a mortgage asap as we have had our offer accepted on a private sale. We are FTB's with no chain on either side. We have found a good deal on a discounted mortgage with Penrith BS.... has anyone had any experience with them, or heard anything. http://www.penrithbuildingsociety.co.uk/mortgage_rates.php

We obviously want things to move as quickly as poss, we are not in Cumbria, but meet their 75% LTV criteria for being outside of their area. They are sending out the forms by snail mail but suggested a turnaround of 2 weeks from when they receve our completed forms (subject to them speaking to employers and landlord). Does this sound about right?

Any feedback will be very much appreciated, as I feel a bit overwhelmed by everything that needs to be done and all that I need to learn in the process!!! Thanks in advance.

The_J

I've not used them so don't know what their service levels are like. Generally smaller building societies are OK without being spectacular.

Good rate though, no mention of fees?

mamamoi

The_J wrote: »

I've not used them so don't know what their service levels are like. Generally smaller building societies are OK without being spectacular.

Good rate though, no mention of fees?

no fees at all that we have found, (but we are a bit bogeyed from looking at so many!!)

When you say OK..... what exactly do you mean? OK in timescales or chance of offers?

The_J

OK in timescales.

For chance of offers, it would depend on their criteria. What kind of income multiple are you looking for?

mamamoi

The_J wrote: »

OK in timescales.

For chance of offers, it would depend on their criteria. What kind of income multiple are you looking for?

I've been made redundant recently from my P/T job, so we are applying just on DH salary .... and it will be just under 3x his salary for the amount we want to borrow after our 25% deposit.

I'll hopefully be back in work soon, so would they even take that into consideration?

The_J

No they won't but if it's under 3x salary I can't see that being a problem. They will probably take you as a dependent and without being sure of their affordability approach I can't say for certain. Do an agreement in principle and they will generally say within a couple of days if you're OK.

Otherwise you'll definitely be able to get something from somewhere else.

mamamoi

The_J wrote: »

No they won't but if it's under 3x salary I can't see that being a problem. They will probably take you as a dependent and without being sure of their affordability approach I can't say for certain. Do an agreement in principle and they will generally say within a couple of days if you're OK.

Otherwise you'll definitely be able to get something from somewhere else.

many thanks for your advice J

mamamoi

*bump* in case anyone has any personal experience with the Penrith BS that they can share???

Thanks in advance