Need urgent advice regarding mortgage product

hope4debtfree

hi guys,

I need urgent mortgage product advice as i have an appointment with our mortgage advisor tomorrow.

Today I nipped over to halifax with the missus to discuss remortgaging from TMB to Halifax and put my name on the property too. The mortgage advisor after taking our income details did a credit check and she also said that since TMB was a sister business, they can check how we dealt with our mortgage. She was very pleased to say our credit history is brilliant and said we are okay to borrow upto 50k, although we only plan to borrow approx 45k.

The advisor said that the product she recommend was fixed for 2yrs @ 4.09 with £0 upfront fee.

What do you guys think? Can you recommend any other HALIFAX product?

NOTE: I have to stick with halifax, because they are they only ones willing to give us the mortgage as i haven't been in employment for very long.

thanks!

harvey115

Hi

I think the advisor in Halifax branch can only show you what they think about your application. It does not mean that your application will be passed 100%.

Currently Halifax is giving the following for

25% deposit
4.09% fee free
3.59% for £995 fee

20% deposit
3.94% for £995 fee

Taken from their website with 2 years fix.

Best of luck

GMS

If the 'adviser' chooses to 'recommend' a product then there should be justification for it. However as it will be non-advised then you will need to make your own choice.

Find out what rates and products are available. Assuming all products revert to the same rate at the end of the fixed term then look at the cost of the product, specifically the arrangement fee. If the fee can be saved in payments over the fixed period then consider it. If the fee is £995 and monthly payments are £20 cheaper then consider if it is worth paying £995 to save £480 (24 mths x £20) etc. Compare valuation costs too if applicable.

Being in employment for a short period may not necessarily mean you need to stick with Halifax. Was this 'advised' too?

betmunch

hope4debtfree wrote: »

NOTE: I have to stick with halifax, because they are they only ones willing to give us the mortgage as i haven't been in employment for very long.

Who told you that?

hope4debtfree

Thanks very much guys!

@ harvey - its a remortgage mate, so deposit is not needed as the amount we need should be less than 40-50% of the property value. For example the property was worth £110k but is now worth £100k and we're only borrowing £45k or even less, so we should not require a deposit.

@ GMS and betmunch - No the halifax advisor didn't say anything...it was actually that i went into a few banks and all of them turned me down, saying its a "temp contract" etc or i haven't been in employment long enough, so the only ones who have accepted me in principle are halifax.

What happens next after the computer has accepted our application?

The_J

A man comes to your house and gives you candy.

harvey115

Remortgage or New mortgage

I think the LTV is looked at normally.

Since you only want under 60% of the actual house price you are given the best rate Halifax has for you I think (from looking at their website):

2 Years fix with 0 to 60% LTV
4.09% fee free
3.49% for £995 fee

betmunch

Not being in employment "very long" doesnt exclude you from a lot of lenders.
However being on a temp contract AND not very long will restrict you a lot more.

I dont agree that Halifax is the only lender that will take you based on those facts alone though.

betmunch

The_J wrote: »

A man comes to your house and gives you candy.

You owe me a new Sarcasm Detector, this comment blew up my one!!!

The_J

betmunch wrote: »

You owe me a new Sarcasm Detector, this comment blew up my one!!!

Sorry wrong thread. I thought this was "How do I tell if my neighbour is a !!!!!phile"

edit: WHAT?! !!!!! is an offensive word?!

gaznolan

If you have a loan of below £100,00o forget paying fees for the mortgage definataly go for a fee free option, I would suggest however that a longer fixed term would be better, although you will pay a little more now you will have much better long term security as the rates available in 2 years time when you re mortgage will be much higher in my opinion