What type of mortgage?

Doofs69

The Post Office is a great rate for 5 years, however you need to factor in why 5 years ? You need to factor in any personal changes or circumstances (you used "separation" as example), current work situation, your family and requirements needed for them in the next 5 years...lots of factors. Again, base rates have been at an historic low for many years now (who would have said they would have stayed this long) so I can understand the temptation to fix for 5 years with such a good rate, with possible rate rises (looking in my crystal ball and still don't know whats going to happen) but why not a 3 or even a 2 year fix, which will be better rates ?
A good adviser will discuss this all with you, however if your looking to move and can complete by 31st July 2015, then Leek Building Society have a rate of 3.59%, 90% LTV, with £995 arrangement fees, fixed for 5 years, with 3% ERC over the term. Incentives no HLC to pay plus they refund the valuation costs.

jebervic

Contemptuous wrote: »

Is it your intention to separate?

no, but thought it might make it easier to get the mortgage

jebervic

Doofs69 wrote: »

The Post Office is a great rate for 5 years, however you need to factor in why 5 years ? You need to factor in any personal changes or circumstances (you used "separation" as example), current work situation, your family and requirements needed for them in the next 5 years...lots of factors. Again, base rates have been at an historic low for many years now (who would have said they would have stayed this long) so I can understand the temptation to fix for 5 years with such a good rate, with possible rate rises (looking in my crystal ball and still don't know whats going to happen) but why not a 3 or even a 2 year fix, which will be better rates ?
A good adviser will discuss this all with you, however if your looking to move and can complete by 31st July 2015, then Leek Building Society have a rate of 3.59%, 90% LTV, with £995 arrangement fees, fixed for 5 years, with 3% ERC over the term. Incentives no HLC to pay plus they refund the valuation costs.

Thanks for that, just looked at the leek and they deem a flat as an unacceptable property, which I thought was strange.

Doofs69

Didn't know your property type you was looking for, but yes, a flat would be unacceptable for them to lend on - each lender has slightly different criteria, so worth checking what they will and wont lend on. Post office is a good option, but again check their lending criteria and more importantly, fees and ERC.
Also "separation" wouldn't make it any easier to get a mortgage - with 2 dependents (your daughters) you still have a responsibility to them, and would be factored in to your affordability.

jebervic

Doofs69 wrote: »

Didn't know your property type you was looking for, but yes, a flat would be unacceptable for them to lend on - each lender has slightly different criteria, so worth checking what they will and wont lend on. Post office is a good option, but again check their lending criteria and more importantly, fees and ERC.
Also "separation" wouldn't make it any easier to get a mortgage - with 2 dependents (your daughters) you still have a responsibility to them, and would be factored in to your affordability.

Thank you Doofs