Is it a good deal?

Abu-Dina

Greetings.

We are FTB and recently started our mortgage with Halifax. We got 84% LTV with interest rate of 4.24% fixed for 2 years.

is this a decent deal?

Thanks.

GMS

Impossible to say without knowing your circumstances. If you were unsure why go ahead?

If it turns out not to be a decent deal what are you going to do now you have completed?

somethingcorporate

If you've already started paying it the time to ask the question is a bit late...!

According to this website you can do better but no idea whether your credit profile will match the lenders requirements. http://www.money.co.uk/mortgages/85-mortgages.htm

I'd go and see a broker if you are not yet tied in.

Abu-Dina

Oh it's too late now we know and we're not complaining! Just wondering that's all.

My partner's credit conduct is near perfect but I did have a settled CCJ for £165 from 3 years ago and a number of PDLs as recent as 6 months ago.

To be honest I still think it was a miracle we got a mortgage! Read my previous posts from April/May and you will know what I mean!

Abu-Dina

.. and before people start having ago about the PDLs and having a mortgage etc. I took them out for very silly reasons.

At the time we were saving for deposit I was transferring all my salary (or what's left of it after rent and bills) into a savings account controlled by the wife. To pay for my smokes and weekly snooker sessions I would secretly take out a PDL for £100. I think I did that a couple of times then deferred the loan 3 or 4 times. That resulted in 8-9 records on my credit report showing as separate PDL loans. That's why I thought we would never get a mortgage with a high street lender. I even lied on here and claimed to have taken out the PDLs to improve my credit report but I never really believed that's possible. Never again though, the PDL account has been closed and will never ever use them again EVER!

Lesson learnt though, if I can't afford to smoke and play snooker then I don't.

somethingcorporate

Sounds like it was lucky you got any mortgage at all so seems like any rate <5% is a reasonable one.

Abu-Dina

somethingcorporate wrote: »

Sounds like it was lucky you got any mortgage at all so seems like any rate <5% is a reasonable one.

Yea I agree. So lucky in fact we were one of the 1 in 12 cases that Halifax audit and we still made it... phewww!

The strange thing is, with all my worrying, all that Halifax requested was 1 payslip and the second time during the routine audit they requested my wife's name to be amended to match the passport! Anyway, it's done..

R_P_W

If there was a prize for stupidest reason to take out a PDL though, well think you would win it....no contest!