Principality - mortgage offer ending

gemma1992

moneyistooshorttomention wrote: »

I'm wondering why you chose Principality for a mortgage?

Given they only have this 3 months agreement AND charge for arranging it.

Did you compare different mortgage providers? I know that the buyer of my last house went to Halifax Building Society for their mortgage (about 2 years back - so things may have changed since). When I mentally "followed their footsteps" to see why they had chosen them - that's exactly who I would have chosen myself (ie as they were giving the best deal out there).

I went to mortgage broker, and considering I had my car on finance at the time (I have paid it off since then) , the broker could only find 3 lenders who would give me a mortgage , Principality was the best interest rate ...They are supposed to be reputable so I had no reason not to go with them. I only found out that my offer would last 3 months when I got my official paperwork through the post.

Unfortunately beggers can't be choosers, and as I had the car on finance and only earn 16K a year, there wasn't many lenders that jumped out to want to give me the money.

moneyistooshorttomention

Ah right...I can see why.

Now you no longer have that car finance then that is out of the equation so maybe you could get a better deal, if need be, now.

There was a "Which" magazine back when I took out a mortgage (many years back now) and it was "What mortgage?" or "Which mortgage?". I expect that magazine might still be on sale. I just went down the comparison tables in there and worked out the best deal for myself and then went and told the firm concerned they would be the ones giving me a mortgage. I confess to never being quite sure why anyone goes to a mortgage broker...

gemma1992

I'm sure I will have more options with out the finance but i'm hoping it doesn't come to that, as I am so close to exchange that I could lose so much money.

I think people go to brokers because its a quicker and more lazy way of getting someone else to do all the searching and applications instead of doing it yourself.
saves stress, time and hassle .

If you know what your doing then there wouldn't be a point in paying a broker - but as a first time buyer, I have no idea , I would rather pay a bit extra and know i'm on the right tracks I guess?