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mortgage help please

Options
lettie
lettie Posts: 52 Forumite
in Mortgages & endowments
Can anyone help please, my daughter and her partner are looking for a mortgage. they have been to a mortgage broker who have looked at the whole of the market. best one was with northen rock, what i would like to know should they try another mortgage broker before accepting the offer from northen rock

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You would need to see the research the first broker has carried out, and find out why he has recommended NR over the other options

    What kind of figures are they looking at?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lettie
    lettie Posts: 52 Forumite
    need a mortgage for 125000.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    lettie wrote:
    need a mortgage for 125000.

    Do they have a deposit?

    What kind of incomes do they have? Do they have any other debts?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    What size deposit do they have?

    Any issues with their credit - missed/late payments, defaults etc.

    Are they in permanent jobs?

    What rate have they been offered with Northern Rock?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lettie
    lettie Posts: 52 Forumite
    sorry forgot to say they have no other debts.
  • lettie
    lettie Posts: 52 Forumite
    yes they are both in permanent jobs they have a deposit of 6,000
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    Ok so near enough 5% deposit.

    I would need to see what product that they offered but NR very rarely come top of the tree for me unless looking at 100%.

    Whilst it could be best advice having done a full factfind with them, I get very sceptical about people who have had this recommended to them because I can usually prove otherwise and the commission fees for them are pretty healthy.

    I would get a 2nd opinion if I was you, not based on the fact of what I have said but based on the fact that if you are asking the question, the adviser hasnt explained his reasons why NR are best very well to allow your daughter to explain to you?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lettie
    lettie Posts: 52 Forumite
    thank you.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Have to agree with Homer - hence the questions I asked earlier

    NR fees are pretty high so they would need to make sure the overall cost would be beneficial to them.

    There are other lenders that will do a 95% mortgage without charging a Higher Lending Charge, so you/they may want to speak to a nother fee free whole of market adviser

    HTH
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    Just an after thought - make sure your daughter explains that their deposit is 5% or 6250. If they say 6000 then it may not bring up the 95% deals.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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