1st Time House Buyer/Morgage advice please

csgohan4

tykesi wrote: »

As above, my broker's fee is only payable on offer of a mortgage and is £90, your £450 sounds pretty expensive. Even the one with a local estate agents (not the one I'm buying through) was only £300.

it is variable, £90 sounds a bit cheap. My broker charges about £500

stormbreaker

Jox wrote: »

Does your son have a mobile phone contract?
That will help with the credit rating/QUOTE]

Yes he does and he took over payment about 18 months ago, we were discussing that last night.

Boy are mortgages a minefield!

Thanks for everyone's input.

stormbreaker

I have another query!

Started looking independently to begin with and see that some banks charge a product fee for some mortgages but not for others. Further the tsb has a further charge on all mortgages!

Why do some have fees? From calculation it costs approx £600 extra over a two year free fixed compared to £995 fee?

Why would you pay a fee?

scottishblondie

stormbreaker wrote: »

I have another query!

Started looking independently to begin with and see that some banks charge a product fee for some mortgages but not for others. Further the tsb has a further charge on all mortgages!

Why do some have fees? From calculation it costs approx £600 extra over a two year free fixed compared to £995 fee?

Why would you pay a fee?

The mortgages with a fee often have a lower interest rate. The bigger your mortgage is the bigger the savings are on a lower rate, and this can outweigh the initial fee over the fixed period. It all depends on individual circumstances!

stormbreaker

scottishblondie wrote: »

The mortgages with a fee often have a lower interest rate. !

Doh! Sorry, can't believe this didn't register! But in his circumstances, he would be paying more for the fee than what he would otherwise. Thanks