Confusion - 2 or 5 year mortgage

ukcitizan13

yes , thinking on same points... as chances of going up are higher then going low but may remain same as well

but worried about effect of this change ? - any effect to credit history or timelines as I have already wasted 3 weeks of time so vendor is already pushing me hard

then lots on uncertainty with banks - I called Santander today morning and they did all the checks over phone and giving me first appointment end of this week when they will confirm anything after full credit check where Halifax said they will do checks after valuation so I am getting mad between approval chances and processing timelines ....


hope starting again would be good decision and will have no bad impact on credit rating etc...

what all you advise here ? - shall I move or not ?

amnblog

UKC

All this confusion is simply because you went direct to the Bank.

Hence ACGs suggestion that the broker route is more prudent, which I of course agree with.

From here you can:

1. Bite the bullet and complete with Halifax without advice
2. if you decide you want to explore other options, dont go running off to Santander without getting some professional advice from a broker.

StuC75

As you are looking at a 20% deposit, so 80% Loan To Value...

Consider from the KFI documents what the likely mortgage balance will be after the 2,3 & 5 year deals are over..

Then take a view re the property value interms of how that would then look if valuation then stayed the same or went Up or down (usefull say if buying a property that you intend to add value to).

This will give a guide of what LTV you will have when considering the Follow on time and what may have access to in terms of products elsewhere.. So worth checking with lenders what there SVR rate is..

After all worse case scenario is you take 2 year deal, value stays steady, maybe drops a little.. you come to remortgage in 2 years and have a similar (or worse) LTV and cant access the better deals.. but find yourself stuck with a poorer SVR follow on rate..

Assuming these all have no fees with them? do they all allow overpayments if needed.. Check for Any Early Repayment Charges? Say if you took the 5 year deal, but found you had a Mobile Mechanic based nearby and so wanted to move on in 2 or 3 years... would the deal rate allow portability..

ukcitizan13

Thanks for the replies , amnblog and StuC75

ukcitizan13

This is my second house and for first (owner pulls back) house I discussed the options with EA mortgage broker and I did not find him useful at all and he was also offering me same deal from halifax with adding his charges and lots of complexity to scare me out.

ukcitizan13

Hence I decided to go with bank directly.
If I try to go with advisor now , what you all advise , who would be good - online or local adviser
like one of my friend advised for 'London and country mortgages' they are big and very good.
I don't know any adviser local to me - around ilford/Grants hill area... please advise if you have used any...

Sorry for message in parts, complete message in one is not going out hence doing like this...apollogies

amnblog

ukcitizan13 wrote: »

Hence I decided to go with bank directly.
If I try to go with advisor now , what you all advise , who would be good - online or local adviser
like one of my friend advised for 'London and country mortgages' they are big and very good.
I don't know any adviser local to me - around ilford/Grants hill area... please advise if you have used any...

Sorry for message in parts, complete message in one is not going out hence doing like this...apollogies

I believe Kingstreet on this forum covers your area.