What do you make of this quote

proteuspal

Hi I visited my mortgage broker and discussed a mortgage as a first time buyer. After saving hard, myself and my other half have a 30% deposit. We discussed the 5 year fix as being a safe bet. The best quote he could find us was a 3.99% 5 year fixed rate with nationwide and fees of about £1200. He said he was 'whole of market'. Ive just done a search online and I have found some better deals, one being 3.59% for a 5 year fix with post office. Im no expert guys, im just trying to save money. Ive also done some pretty detailed reading around to fina better deals. But its such a minefield-I wonder can anyone inform me if I can beat the post office deal at 3.59%?
PS Post office fee is £1495. So the post office deal is the best one I have found thus far. Its overall cost for comparison is 4.3%.

Your opinion is greatly appreciated and many thanks in advance.
Proteuspal

CLAPTON

proteuspal wrote: »

Hi I visited my mortgage broker and discussed a mortgage as a first time buyer. After saving hard, myself and my other half have a 30% deposit. We discussed the 5 year fix as being a safe bet. The best quote he could find us was a 3.99% 5 year fixed rate with nationwide and fees of about £1200. He said he was 'whole of market'. Ive just done a search online and I have found some better deals, one being 3.59% for a 5 year fix with post office. Im no expert guys, im just trying to save money. Ive also done some pretty detailed reading around to fina better deals. But its such a minefield-I wonder can anyone inform me if I can beat the post office deal at 3.59%?

Your opinion is greatly appreciated and many thanks in advance.
Proteuspal

as you know by now the LTV is a vital bit of info

GMS

Do you fit criteria for Post Office?

You need to look beyond the rates. Cheapest rates are not always the best overall deals.

Post Office do not deal with brokers which is why your broker hasn't recommended them.

Check you fit criteria with lenders before applying

kingstreet

proteuspal wrote: »

Hi I visited my mortgage broker and discussed a mortgage as a first time buyer. After saving hard, myself and my other half have a 30% deposit. We discussed the 5 year fix as being a safe bet. The best quote he could find us was a 3.99% 5 year fixed rate with nationwide and fees of about £1200. He said he was 'whole of market'. Ive just done a search online and I have found some better deals, one being 3.59% for a 5 year fix with post office. Im no expert guys, im just trying to save money. Ive also done some pretty detailed reading around to fina better deals. But its such a minefield-I wonder can anyone inform me if I can beat the post office deal at 3.59%?
PS Post office fee is £1495. So the post office deal is the best one I have found thus far. Its overall cost for comparison is 4.3%.

Your opinion is greatly appreciated and many thanks in advance.
Proteuspal

What's the mortgage amount? Borrowers of smaller amounts are better off with higher rate/no fee deal.

Dave_Ham

Post Office do have good rates, be careful that they do not like properties in the background, have lower income multiples and not all solicitors are on the Bank Of Ireland panel..

Aside from going in with your eyes open, check you meet criteria as typically they also take and instruct valuation before fully underwritten...

Good luck

proteuspal

Hi all, our deposit is in the region of 60,000 with property in the region of 200k. Apologies for leaving this out. I was disappointed to hear that chelsea BS removed their 5 year fixed rate at 3.29% at end of March. It seems as though I would be ok for post office criteria but I will call them too. do you reckon we can get better than 3.59% over 5 years?? cheers everyone