New build mortgage

minniemaus1970

I would never just see one broker, at least 3 and then see whats on offer, the brokers fisrst and top favourites are the ones that pay the higher commission!!!!
I seen 3 different ones and then did a search and ended up going to a building society who beat the lot and gave me £500 cashback, even the broker said to take the offer cause they couldn't match it:j
Always remember - they work for themselves!!!
MM

harvey115

minniemaus1970 wrote: »

I would never just see one broker, at least 3 and then see whats on offer, the brokers fisrst and top favourites are the ones that pay the higher commission!!!!
I seen 3 different ones and then did a search and ended up going to a building society who beat the lot and gave me £500 cashback, even the broker said to take the offer cause they couldn't match it:j
Always remember - they work for themselves!!!
MM

Good stuff...

Although its an overkill, but if in doubt run your case through another broker to check if better deals are available by them. Always make sure:

- That you clarify the fee structure and the amount paid is refundable
- Avoid credit checks by broker unless doing an AIP/full application

I think before going to a broker a little homework should be done to make sure you understand what to expect at least i.e. use the comparison website to check any good rates etc

littlesparkles

Good replies. Thank you. I am going to phone the Yorkshire BS in the morning. I tried tonight but couldn't get through. Nationwide changed their rates two days after the broker provided me with their mortgage details so I had a look and like a deal that is not available through the broker anyway. Is there any difference applying myself and through a broker? I am a pretty organised person and our finances are in good order and our credit history is good/excellent. The next problem is that the new house won't be built until Dec/Jan (still waiting on a more specific date range) so when will I be able to apply for a mortgage? The builder has me under some pressure to sort it ASAP. Is this even possible at this stage in the process? Are mortgage rates likely to increase or decrease over the next few months (anyone with a crystal ball?! ).

kingstreet

minniemaus1970 wrote: »

I would never just see one broker, at least 3 and then see whats on offer, the brokers fisrst and top favourites are the ones that pay the higher commission!!!!
I seen 3 different ones and then did a search and ended up going to a building society who beat the lot and gave me £500 cashback, even the broker said to take the offer cause they couldn't match it:j
Always remember - they work for themselves!!!
MM

Employ a broker on a flat-fee independent basis, having any commission rebated to you to offset the fee. Problem solved.

kingstreet

littlesparkles wrote: »

The builder has me under some pressure to sort it ASAP. Is this even possible at this stage in the process? Are mortgage rates likely to increase or decrease over the next few months (anyone with a crystal ball?! ).

Regardless of the completion date, you'll be expected to exchange within 28 days, so delaying arranging a mortgage isn't an option.

Ask the builder for details of their exchange requirements, if in doubt.

littlesparkles

Yes at first I had no problem at all with getting a mortgage sorted ASAP. However the lenders are saying that it's too far in advance and the mortgage offer might expire. So what to do? The builder has asked for exchange by the end of July but the solicitor (recommended by them) and the sales rep say that this is unlikely and hardly ever happens so not to worry. I'm still going to try and sort a mortgage out as I would like to have the security of this. I know that income and credit wise we will not have a problem getting a mortgage. It's just that we need a lender who will accept the incentives and will agree the mortgage quite a long time in advance of the house being built.

kingstreet

Lenders often have special newbuild products with longer drawdown deadlines.

Halifax, for example, has a drawdown deadline of 30 November 2012 for its normal products, while its newbuild products last until 31 January 2013.