Negotiating a Good Mortgage Deal??

keeko

Hello everyone,

I'm rather new to the world of mortgages and I've found 2 similar mortgage products that I'm trying to decide between, for my first mortgage.

Seems to me that the lender could potentially make a lot of money out of me by lending me the money I need. With interest rates from the 2 lenders the same, my choice will ultimately come down to which one has the lowest fee.

So Money-savers, has anyone here ever managed to negotiate with the lender over fees (or even the interest rate!)

I know it's a long-shot but any tips will be gratefully received.

Thank you

dimbo61

the deals and rates they offer are a take it or leave it choice!
What you need to do is pick the best mortgage deal to suit YOU!
Now are you a spender or saver ?
Do you want the mortgage paid off ASAP or need to live life to the full with lots of holidays/hobbies/time off ?
I prefer offset mortgages and like the security of fixed rate deals ( not in one at the moment :-) ) but this may not suit you at all.
Time to speak to an expert ?
A bad decision now could cost you thousands ££££

Dave_Ham

There are many other variables to factor and this is why you would be better getting advice formally, not just opinion.

Do you save more by fixing for a longer period of time, no product fees in 2 years, take advantage of lower rates. Against is if you are 85 ot 95% loan to value as you may be better on shorter and then rebrokering in 2 years.

Is your situation likely to change, how old do you want to be to retire?

Are you expecting any large bonus, windfall, inheritance. Is it just you or partner..?

There are so many variables and as Dimbo said, it is borne out of you, your needs and your circumstances. I may like an offset mortgage, but that may not work for you in your employment and lifestyle..

If you are new to this, I would also guarantee that a professional would find you a better rate than you can find yourself...

Good luck...

ACG

With all respect, your not in a bargaining position. You accept their offer or you dont.

Also dont forget, the amount they are earning is nowhere near as much as if they used that money for loans rather than a mortgage or invested it. The amount they will earn is over a long period of time so in reality its not actually that much. If you said £100k over a 20 year mortgage thats only £5k a year for taking on all that risk.

If i had £100k in my back pocket im confident i could get more than £5k a year out of it.

Lets hope THEY accept you!

The_J

I have plugged all your information into my chance of success calculator.

The answer is 0%