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FTB new build mortgage help needed
stationairy
Posts: 213 Forumite
Just offered on a new build with Gleeson homes but getting confused at what mortgage to choose so have a couple of questions
I have been offered a help to buy fixed rate at 2.99 % for 5 years then 4.9 after that now I orginally chose this as I expect interest rates to rise within the next 5 years but what I am now wondering is should I look at tracker or variable morgatages as the rate will probably not rise as much as I think. I mean what would it have to rise for me to be worse off.
Also Gleeson homes are telling me I need to use their mortgage provider (meridian) to use help to buy that's not right is it ?
I have been offered a help to buy fixed rate at 2.99 % for 5 years then 4.9 after that now I orginally chose this as I expect interest rates to rise within the next 5 years but what I am now wondering is should I look at tracker or variable morgatages as the rate will probably not rise as much as I think. I mean what would it have to rise for me to be worse off.
Also Gleeson homes are telling me I need to use their mortgage provider (meridian) to use help to buy that's not right is it ?
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Comments
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No, you do not have to use their mortgage broker.
The best type of rate for you can only be answered following conversations with the broker you do use.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
They will probably want you to speak to their broker so they can 'qualify' that you can afford it, and are likely to get a mortgage, you will have to give them financial info to do this, but you do not need to use them.0
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you dont have to give them anything, aip is all thats required and DOES not have to be qualified by themDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Thanks for all the help though I'm still stuck on the to go fixed rate or not
Yes I don't mind being approved but just want to make sure I get best deal so reassuring to know if I find a better deal with another broker I can use them
One further question I have is they have offered us £750 towards legal fees I'm guessing this will be with their recommended solicitor (I know stupid of me not asking the question to them to confirm if it was with any solicitor but it's been a bit of whirlwind ) but is it worth looking around myself and not using the ^recommended^ one even if I lose the £750 ?0 -
it will be, this countrywide by any chance? they will get it plus from the solsDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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