Which mortgage route do i take? please help

Arkious

I don't think it's classed as a staircase purchase when your going for the 100%, but it would be for 50% or 75% for example. Its because your becoming a purchase instead of a shared ownership purchase again. It's a less complicated process than stair casing according to the housing association.

I'm going to get in touch with a mortgage advisor to get the black and white on paper, instead of just asking for advice from them. But that 3.98% if available sounds more inviting than the 5.19% straight away. Can you point me in the direction you found this please? :-)

Thanks for your help

Mortgage_Mark_2

It's a standard Halifax product.

You're still 'staircasing' you're just going straight to 100% - this is the factor that will determine what rate you get from any lender (going to 100% you aren't restricted to just those who lend on S/O property, this is what makes it easier, but some lenders have customer retention products, like Halifax, others offer the same rates regardless of whether you're currently with them or not.

Arkious

Hello Mark,

I called L & C Mortgages today to get some solid info and he said at our current LTV of around 92% he would advice moving and taking up the help to buy, but if we take our LTV to less than 90% it opens doors to more lenders at a rate of around 3.4-3.8%. He said that if the property is valued at 170k and we put down 17k we would pay round 650 a month and if its valued at 190k and we put down 19k we would pay round 740 a month.

In the coming months i will get the valuation carried out and then look at the customer retention products you have mentioned to see which offer is best at the time.

Thank you very much for your help and advice :-)