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mortgage help please
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lettie
Posts: 52 Forumite
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
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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 AdviserYou 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.0 -
need a mortgage for 125000.0
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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 AdviserYou 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.0 -
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 AdviserYou 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.0 -
sorry forgot to say they have no other debts.0
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yes they are both in permanent jobs they have a deposit of 6,0000
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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 AdviserYou 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.0 -
thank you.0
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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
HTHI am a Mortgage AdviserYou 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.0 -
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 AdviserYou 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.0
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