The West Brom BS - 5 yr fixed rate 90% LTV

adpad

I was going to go with Halifax, but having had a look at different banks and offers, this seems to be the best.

Only thing is, I've never heard of this BS. Anyone know of them and are they fine to go with?

Also, I'm thinking of going for a 5 year fixed rate as interest rates are quite low now. Once the 5 years is over, if we were to change mortgage, would we get fined for that?

Thrugelmir

All mortgage lenders are highly regulated. There are no cowboys in the industry. From a consumers perspective its horse for courses.

amateur_house

adpad wrote: »

I was going to go with Halifax, but having had a look at different banks and offers, this seems to be the best.

Only thing is, I've never heard of this BS. Anyone know of them and are they fine to go with?

Also, I'm thinking of going for a 5 year fixed rate as interest rates are quite low now. Once the 5 years is over, if we were to change mortgage, would we get fined for that?

I'm no expert but I think the early repayment charges only apply if you switch your mortgage before the 5 year term ends. It should say what conditions apply in the documentation you get with the mortgage offer so I would check this. Then ask the lender if it is not clear.

AnotherJoe

adpad wrote: »

Also, I'm thinking of going for a 5 year fixed rate as interest rates are quite low now. Once the 5 years is over, if we were to change mortgage, would we get fined for that?

It's not a "fine" but no you won't, apart from a nominal redemption fee if you move to another lender, likely to be around £100 or so (because you'll be ending or "redeeming" that mortgage. That will be clear in the documentation at this point so you can see what it is now. Once the five year period is over you'll be switched to standard variable rate and can also move to other products they have then, some will have fees some won't.

Same for another lenders products, there may or may not be fees to take them out.

Wail

Went through a broker. Does the job! No online access to review your mortgage though if you want to stare at the big number you owe on a daily basis!

There are relatively small charges for changing to a new bank after 5 years but if you're saving thousands, a few hundred is not really a shock.

I understand that they also don't look after your title deeds like some places do. I assume your solicitor will sit on these instead.

AnotherJoe

Wail wrote: »

I understand that they also don't look after your title deeds like some places do. I assume your solicitor will sit on these instead.

Physical title deeds have gone the way of the dinosaur, its all electronic now.

SavingSteve

Wail wrote: »

Went through a broker. Does the job! No online access to review your mortgage though if you want to stare at the big number you owe on a daily basis!

There are relatively small charges for changing to a new bank after 5 years but if you're saving thousands, a few hundred is not really a shock.

I understand that they also don't look after your title deeds like some places do. I assume your solicitor will sit on these instead.

Other than historic significance the physical title deeds don't mean anything anymore, banks don't keep them anymore. All electronic at the land registry now.

SavingSteve

adpad wrote: »

I was going to go with Halifax, but having had a look at different banks and offers, this seems to be the best.

Only thing is, I've never heard of this BS. Anyone know of them and are they fine to go with?

Also, I'm thinking of going for a 5 year fixed rate as interest rates are quite low now. Once the 5 years is over, if we were to change mortgage, would we get fined for that?

Others have explained, one other thing to look at is see if they show what deals they offer existing customers. Some don't offer as good deals to existing customers, drawing new customers in with good deals. The magic combo is a lender that offers competitive new and existing customer deals, such that you don't have the hassle of switching lenders every few years.

adpad

Brilliant, thanks all.

tiff25

I have had my mortgage with west brom for nearly 11 years and had no problems at all, they have been fine.

adpad

Quick update, unfortunately for flats they require 85% LTV and we only have a 10% deposit, so we won't be able to use them. Hopefully that knowledge might be useful to someone in the future