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looking at remortgaging... best to go with own bank or try first direct ?
bobbysox1v
Posts: 94 Forumite
I have a good credit rating and want to move my mortgage to clear a personal loan and reduce my outgoings. (I am on SVR with C&G at present).
I have 19 years left to run.
I want to fix for 10 years.
The best deals are with
First Direct (never banked with these)
and
Nationwide (I have a savings account with them that I opened 25 years ago).
Hedging my bets here wondering who would be most likely to accept my application. The difference in cost is about £40pcm between the 2 lenders (FD being the cheapest).
Which way to go ?
I have 19 years left to run.
I want to fix for 10 years.
The best deals are with
First Direct (never banked with these)
and
Nationwide (I have a savings account with them that I opened 25 years ago).
Hedging my bets here wondering who would be most likely to accept my application. The difference in cost is about £40pcm between the 2 lenders (FD being the cheapest).
Which way to go ?
0
Comments
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Age, Income, credit history, DEBTS are all factors a lender will take into account.
Might be a good Idea to speak to a whole of market mortgage broker0 -
bobbysox1v wrote: »I have a good credit rating and want to move my mortgage to clear a personal loan and reduce my outgoings. (I am on SVR with C&G at present).
Is affordability an issue?0 -
Nope... just don't want to harm my credit rating by applying to a bank Ive never done business with.Thrugelmir wrote: »Is affordability an issue?0 -
bobbysox1v wrote: »Nope... just don't want to harm my credit rating by applying to a bank Ive never done business with.
You don't have a credit rating. Lenders will assess you against their own criteria.0 -
so then I think what I am asking is...is loyalty one of them ?0
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"Best to go with own bank...?"
"Own bank" would usually indicate the lender with which you have your current account, or the lender which which you have your existing mortgage.
A savings account and no account. Not a great deal of difference between the two.
Go for what will cost the least money.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 -
bobbysox1v wrote: »so then I think what I am asking is...is loyalty one of them ?
:rotfl::rotfl::rotfl::rotfl::rotfl:"You were only supposed to blow the bl**dy doors off!!"0
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