Is this a good self-cert deal?

p0rtuk

Hi there,

I am in the process of getting a self-cert mortgage and have been offered the following deal by a reputable whole market broker in my area.

To borrow £192,500 with G MAC (purchase price £247,500)

Mortage fee £795 (total borrowing of £193,295)

Interest rate 6.39% (fixed for 2 years)

Interest only per month £1029.30

Repayment £1291.89

4% early repayment.

Is this a decent deal? Any feedback much appreciated.

Thanx

Leon_W

Impossible to say.

If, as you say, you've been advised by a reputable broker then who could really go against that advice without knowing your personal circumstances ?

There is no such thing as the "best" mortgage, and there could be a million and one reasons why your broker has chosen GMAC over other lenders, but it looks reasonably competitive on the face of it.

Regards

p0rtuk

I understand that rates obviously vary depending on personal circumstances, but i'm sure it's possible for other brokers to comment on the rate and fees that i have been offered? All most all brokers i have seen quote before taking all my details anyway, so i'm a little confused about why it's 'impossible to say'

Thanx for your reply

Leon_W

It is impossible to say.

You've answered your own question in your first sentence.......

"I understand that rates obviously vary depending on personal circumstances"

Without knowing these personal circumstances then there is no basis to compare that deal against anything else. If you have 10 CCJ's , 14 Defaults and are an undischarged bancrupt then I would have said you had a pretty good deal.

As for brokers giving you a quote before taking your details, how does that work ? How would they know you needed self cert, or the loan amount, or a fixed deal if they hadn't taken some details.

Moggett

It quite probably is a good deal for a self cert mortgage, but why do you need to self cert?