Accord mortgages and broker issues

getmore4less

Haz29 wrote: »

Im actually considering the accord mortgages on as the term is 30yrs.
With other ones i have tried ybs 35yrs, halifax 37yrs
30yrs sounds better to me? Meaning i would pay less intrest is that correct?

I have phone app with first direct on tuesday so i will see what they say first. But i got a feeling their term will be amongst the higher ones

The term is somewhat irrelevant as all that does is set the payment.

Longer term == lower payment

what determines how much it costs in the long run is how much you pay, so if the lender offering te longer term because they don' think you can afford a bigger payment you just overpay to the level of the shorter term and then you don't pay more interest unless the rate is higher.

What is much more critical is...

Will they lend enough to buy the place you want.

what is the rate for your current LTV

what is the follow on rate

What is the reputation for retention deals especially when improving LTV

Different lenders have different sweet spots/fee combinations so you need to consider where you will be at the next change point.

starting at £96k it is most likely that the fee free deals are going to be the ones and with small mortgages any fees at all have a bigger impact than larger ones so the ability to get the next rate with the lowest fees is often retentions unless lenders are offering free valuations and legals on a switch.

With a £96k 2.34% 30y over 2 years you will still be over £91k unless you overpay

if that £96k is in the 80%-85% LTV bracket(£113£-£120k) £90k will be 76%-80.5% depending where you are in the you may need to overpay if values don't move up a bit.

Haz29

Okay an update is i have told solicitor to get the estate to mark the property as sold stc
Now im waiting on first direct see what they offer me.
Im going on holiday on thursday hopefully i get much sorted as i can before that