First time buyer

Dhrucku

Just searched these and they look reputable.

Will most likely go to my bank first and see what the staff mortgage offers me and then maybe jump on these to see what they offer.

These fees are quite high going up to £1000 which seems a lot to me?

Do these guys offer comprehensively lower rates considering I should be getting a better than market plan being a colleague anyway.

SuzieSue

Dhrucku wrote: »

Just searched these and they look reputable.

Will most likely go to my bank first and see what the staff mortgage offers me and then maybe jump on these to see what they offer.

These fees are quite high going up to £1000 which seems a lot to me?

Do these guys offer comprehensively lower rates considering I should be getting a better than market plan being a colleague anyway.

I thought you were going to get a subsidised mortgage from work, so you don't need to see a broker.


Remember even if you see a Whole of Market broker, there will be some deals that they aren't able to offer you as some lenders don't lend through brokers.

Dhrucku

SuzieSue wrote: »

I thought you were going to get a subsidised mortgage from work, so you don't need to see a broker.


Remember even if you see a Whole of Market broker, there will be some deals that they aren't able to offer you as some lenders don't lend through brokers.

But what's the harm in going to look anyway? Especially if the advise is free.

Are you saying the subsidised one from my bank will outright beat any offer then?

I will see what the bank offer me (which is probably one of the rates the broker can't get me as it's not visible to them) and then see what the broker gives and compare it to the banks.

Dhrucku

So I checked with my bank and they offer me currently in the region of 140k with my current salary which would take my funds up to 200k with the deposit I want to hand in :j

All this would be at a 0.5% rate which from the research I have done is significantly lower than any rate even a broker could get me (assuming that whole of market broker does not get visibility of this offer as it is a colleague rate).

I have another meeting with the mortgage advisor on Monday to gain an AIP but have explained that I will be getting an increase to salary in the coming month which means the loan I can borrow will be tweaked hopefully taking me up to the region of around 210k to borrow which will allow me to hunt in the price range I want.

I will also discuss options in that parents will be able to chip in further decreasing the risk of defaulting on payments etc to see if that effects my loan amount as well.

I am basically wanting to increase as much as I can the loan amount so that I can go for the nicer 200k+ properties.

What do you guys think?

john_white

A subsidised rate would be a BIK and therefore taxable would it not?

Annisele

Dhrucku wrote: »

So I checked with my bank and they offer me currently in the region of 140k with my current salary which would take my funds up to 200k with the deposit I want to hand in :j

Have you checked whether they'll accept your parents' savings as part of your deposit?

Dhrucku

john_white wrote: »

A subsidised rate would be a BIK and therefore taxable would it not?

Yes it would but to not take the 0.5% offer because of BIK payments would be irrational. Just because I have to pay tax on the BIK will not put me off the "across the board" lowest rate.

Annisele wrote: »

Have you checked whether they'll accept your parents' savings as part of your deposit?

Why wouldn't they? A deposit is a deposit. If problems arise, my parents can transfer the money into my account. Planning to pass it off as a gift which is what was discussed above.