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analysing mortgage providers
w00519772
Posts: 1,297 Forumite
i am a first time buyer. I am interested to hear how other people decided which mortgage provider to choose. Did you choose the cheapest or the ban with the best reputation or perhaps a mix between the two.
hsbc would be my first choice but their rate is not competitive in comparison to post office. Therefore i chose the post office.
my house purchase is dragging on so unfortunately i have time to over analyse.
hsbc would be my first choice but their rate is not competitive in comparison to post office. Therefore i chose the post office.
my house purchase is dragging on so unfortunately i have time to over analyse.
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Comments
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Better rates = longer waits.
Thats my theory.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Post Office is just a pretty name for Bank Of Ireland, so hope you have no change in circumstances in the next few years, because I would not want to be a BoI mortgage prisoner.
In fact, I'd review your case now and see if you would still have qualified under MMR because if there's no change in your circumstances, that's the regime you'll be under next time...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Personally we had a limted pool to choose from due to circumstances (decided to go direct than through a broker) but out of the options avaliable we went for the better rate overall.
We were originally set on Leeds as thier inital rate was good but svr was massive in comparison to elsewhere and if for any reason we couldnt remortgage in the future we didnt want to be stuck paying over the odds after the fixed term ended.
We went with Natwest in the end (I bank with them anyway and Ive only ever had the odd issue) but as their svr is so much lower it works out to a differnce of 60k over the term of the loan, which when you look at it like that puts it into perspective!0 -
kingstreet wrote: »Post Office is just a pretty name for Bank Of Ireland, so hope you have no change in circumstances in the next few years, because I would not want to be a BoI mortgage prisoner.
In fact, I'd review your case now and see if you would still have qualified under MMR because if there's no change in your circumstances, that's the regime you'll be under next time...
i assume that you would not choose the post office if you were a ftb. I am choosing their five year fixed with a 25% deposit. Therefore i can simply move after five years?0 -
" Therefore i can simply move after five years? "
That depends on Income, LTV, and the rules in Place then think MMR0
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