Accord or Woolwich. Panicking FTB!

MelaBella

Dear forum, I am a FTB borrowing relatively small amount (less than 100K) trying to choose the mortgage deal, currently left with 2 choices:

Accord 3yrs fixed at 3.19%, 1000 aplication fee and booking fee, free valuation, 250 cash back on completion, SVR after that is 5.6%
Woolwich 3 yrs fixed at 3.89%, 499 application fee, 435 valuation, SVR after is 3.89%

Woolwich 2 yrs fixed at 2.89%, 499 application fee, 435 valutaion.

Obviously, I'm inclined towards Accord 3 yrs fixed at 3.19%, but I have read all the negative comments about the Accord processing times and strick criteria, also the broker advised it is 1 month on average to process, that seems long to me any advice on that???

Woolwich adviser told that the application takes just a few days to process which is good, but then i have to probably go for 2 yrs deal with them.

Given the conditions and also current economic climate, 2yrs fixed or 3 yrs fixed, which is more prefered?

Any advice is appreciated:):T

Conrad

Both are often dire with service. Sure in theory Woolwich will 'take just a few days', but then they all make this claim, and sure enough the odd one does whistle through in a few days but on the other hand it can easily turn into months especially once the Indian call centre get thier hands on your case!!!!!

I find Halifax are not bad service wise, and some of the smaller lenders such as Building Societies can be reasonable.

Have you considered your small local Building Society? Often these work own competetive in the longer run anway.

Accord I would never deal with again, the service is just too appauling to contemplate.

MelaBella

Conrad wrote: »

Have you considered your small local Building Society? Often these work own competetive in the longer run anway.

Accord I would never deal with again, the service is just too appauling to contemplate.

Thank you for the feedback Conrad.

Unfortunately, I am very limitted in my choice (as im residing in the UK on visa) , so I am down with those 2 at the moment,also EA is chasing me asking about mortgage application. So, just have to weight the things up: low rate or slow processing times, but since you mentioned that Woolwich can be slow too, I am even more confused now...:eek: Woolwich or Accord...

Dave_Ham

Accord are incredibly selective so cannot believe you are down to them as a last 2.

Woolwich are about 5 days to review and then another few to instruct valuation and then a few more.

Both them and Accord do get there in the end though...

BrightStart

I would not touch accord with a barge pole. I have had a very bad experience with them. Had i knew i would not have gone there. Steve

MelaBella

Dave_Ham wrote: »

Accord are incredibly selective so cannot believe you are down to them as a last 2.

Woolwich are about 5 days to review and then another few to instruct valuation and then a few more.

Both them and Accord do get there in the end though...

Consulted 2 brokers, both refered me to Accord, I was told I dont satisfy UK residence requirements of the most lenders...i bank with barclays so went directly with their mortgage advisor who seems to be nice, so I am more inclined towards them, not sure about Accord as even the broker told me I need to wait one month on average to get approved, also have heard of their strict requirements, so not sure if i should take the risk.... But again, 3.19% and 3.89% seems like a big difference, though SVR rates with Woolwich seem more attractive at the moment...so confused...still can go with Woolwich 2.89% 2 years fixed though...

any comments if it is better to fox fir 2 or 3 years?

MelaBella

BrightStart wrote: »

I would not touch accord with a barge pole. I have had a very bad experience with them. Had i knew i would not have gone there. Steve

Hi Steve, could you please give more details, what exactly you didnt like about them?

Thrugelmir

5.6% or 3.89% is a wide differential in SVR.

Remortgaging can be be an expensive process. Which would wipe out any initial saving.

MelaBella

Thrugelmir wrote: »

5.6% or 3.89% is a wide differential in SVR.

Remortgaging can be be an expensive process. Which would wipe out any initial saving.

thanks. Thats how i felt about it, but at the same time i dont know what SVR barclays is going to have in 2 or 3 years time, its BBBR +3.39 fixed for the rest of the term, once the fixed term expires.

getmore4less

Do like for likes in a calculator I use

http://www.whatsthecost.com/mortgage.aspx


add the fees make the monthly payment the same and see how much is owing after 3 years

lower SVR is a critical factor since you may not be able to remortgage once the fix runs out.

How much are you borrowing

BrightStart

Hi Mela,

Obviously i do not want to get into the specifics. They did not accept my initial application. The reason they gave was a strange one. It wasn't to do with my credit score as i have since been credit scored and acccepted by a different lender. They have a specific criteria that is out of touch with reality. But as you can imagine i was really upset as they would've done a credit check and this will stay on my footprint.

Sorry could not reveal more. Steve