Is this a high interest rate?

ACG

It is high, but you are not going to be getting a mortgage with the likes of Barclays.

Chances are it will need to be placed with a lender who will do manual underwriting, Saffron are one of those but there are others - but most will be in that sort of ball park. Higher rates for higher risks.

deedum

Just wanted to update regarding this. L&C advised me that no one would lend to me until I had been in my job for 6 months atleast. This really stressed me out.
I decided to go to HSBC-been banking with them since 2013. They showed me their rates and initially I was thinking of going for 5 year fixed at 1.95% but then decided to go for the 10 year fixed at 2.59% instead.

Played the waiting game while they did all the checks and me have been approved, pending valuation ofcourse. I’m delighted with this.

minimike2

L&C are not the broker for you.

They model themselves on "pile em high" theories - Anything that isn't "vanilla" is not a case for L&C.

mcpitman

A4445 wrote: »

Seems very high to me! However I’m not sure how you employment status affects your risk.

Really? Employment status affects your ability to earn money, which in turn affects your ability to repay the loan.


This in turn affects your risk.