Quick reliable lender with good 5 year fix, low ERCs preferred?

redonion

After changing my mind more times than I care to admit, I really have to make my mind up, and I'm looking for a 5 year fixed rate.

I'm looking at 75% or maybe 70% LTV (but the latter only if the lender also has a 75% product, in case valuation comes in low).

Priorities:

1. Quick and reliable lender. Though I've listed this first because it's important to me, what's important is NOT that they're the best on this, just that they're reliable and not SLOW.
2. Good fixed rate
3. Decent SVR after fix, in case I can't remortgage or the expense isn't worth it
4. ERCs that fall off quickly

So, any recommendations based on that?

First Direct has one that looks great, except I'm not sure about their speed and reliability.

Thanks all as always

ACG

You want a cheap rate and a quick turn around time...

The 2 are usually at opposite ends of the scale because everyone wants a low rate, there are more people in the queue.

Speak to lenders to see what their turn around time is. Ive just done a purchase with skipton and it should complete in under 28 days. I had an offer in 7 working days... dont get me wrong i had to pull a favour and the solicitor is a solicitor i use a lot - when everyone works together it can be done.

redonion

ACG wrote: »

You want a cheap rate and a quick turn around time...

Quick is good. But I don't need "Quick", I need "Not slow" and "Not unreliable". I do think that's an important distinction.

How slow do I mean by slow? I mean mid-field or better, relatively speaking, compared to averages and expectations, because my reason for caring about speed is mostly that deals often fall through because the [STRIKE]buyer[/STRIKE] seller pulls out.

Edit: I mean seller pulling out, not buyer! (note to self: I'm the buyer)

The 2 are usually at opposite ends of the scale because everyone wants a low rate, there are more people in the queue.

Sure, but I was trying to take care to make the point that it's top priority to find one "quick enough", NOT top priority to find an especially quick lender. Sorry if that still wasn't clear enough, and I hope it is now!

ACG

What do you class as quick?

I will be honest and say that as a broker im not allowed to suggest specific lenders, but hopefully the questions might allow non brokers to point you in the right direction.

Alternatively you could sit down with a broker?

redonion

ACG wrote: »

What do you class as quick?

I will be honest and say that as a broker im not allowed to suggest specific lenders, but hopefully the questions might allow non brokers to point you in the right direction.

Did the following not explain that? (I don't really know what the seller's expectations are.)

redonion wrote: »

How slow do I mean by slow? I mean mid-field or better, relatively speaking, compared to averages and expectations, because my reason for caring about speed is mostly that deals often fall through because the buyer pulls out.

Alternatively you could sit down with a broker?

I'm doing that too, though not had much luck finding a good one so far...

ACG

It did give an explanation but the one thing it didnt do was give a timescale.

On one post you say sales fall through because the buyer pulls out, on the other you say you dont know what the sellers expectations are. Your the buyer... dont pull out and the job is done isnt it?

A mortgage takes as long as a mortgage takes. Accord/YBS being the exception for shockingly bad/slow/anal in my opinion. If its a straight forward enough case and you give them everything they need in one go then there is no reason why a valuation can not be instructed within a week with the majority of lenders.

redonion

ACG wrote: »

It did give an explanation but the one thing it didnt do was give a timescale.

Well, that's really because I expect people here know the averages and expectations better than I do, and my concern is relative to averages and expectations, for the reason I explained?

On one post you say sales fall through because the buyer pulls out, on the other you say you dont know what the sellers expectations are. Your the buyer... dont pull out and the job is done isnt it?

Oops, did I say buyer? I meant seller, sorry! I'll see if I can go back and correct that earlier post...

A mortgage takes as long as a mortgage takes. Accord/YBS being the exception for shockingly bad/slow/anal in my opinion. If its a straight forward enough case and you give them everything they need in one go then there is no reason why a valuation can not be instructed within a week with the majority of lenders.

Interesting, perhaps the problems people complain about here are more to do with when any complications arise then?

I'm sure I've read complaints about HSBC, for example. Also, my L&C guy volunteered that speed of processing was a real issue without any prompting.