HTB Mortgage Rates Different to Price Comp Sites?

987percent

I am just wondering whether HTB mortgage rates are different to those that I can see on price comparison sites or not and if they are why isn't there an option on the price comparison sites to choose a HTB option? I am buying a new build and have been given a mortgage broker recommendation by the builder but I don't feel confident that they're offering me the best deal on the market. Whenever I've put the figures into the price comparison sites the monthly payments are a good £40-60 cheaper with some lenders than what I have been offered through the broker and a Halifax mortgage.

As there appear to be mortgages out there with lower introductory 5yr fixed rates, I'm a little confused as well as sceptical about how 'independent' the broker is that I've been put in touch with. At this point I'm tempted to either try another broker like L&C or to look at another lender any apply myself for the AIP.

Although the house won't be ready until the new year I'd like to know where I am with the competitiveness of the mortgage and projected savings until then as I have plenty of time to look for a better offer if they are out there. I've currently had to put £7,000 extra into the deposit to be happy with the monthly payment with Halifax, when it looks like taking that £7,000 back out and using a different lender works out better for me all around.

Any advice or input would be great.

987percent

I forgot to add. My personal financial circumstances are that I'm in a secure job that isn't going to be impacted by the current crisis and there are no negatives on my credit file.
I have no debts, just one credit card that gets paid in full every month if I do spend on it.
Affordability on the multiplier for my mortgage is £8,000 to £15,000 below the max I am able to borrow depending on whether I do or don't put that extra £7,000 in I discussed in my OP.

csgohan4

don't use brokers attached to EA/ developers, they get commission from them and not usually good value for money.. Find one you are comfortable with.

L+C are a conveyor belt broker, you get what you pay for. 

Going direct is fine, if you know what your doing, choosing random lenders and hoping for the best is not the best thing to do, bare in mind the best buy tables are not updated

watch3r

Call all the big lenders, they will not give you AIP or DIP but affordability as Barclays, Lloyds and Natwest don’t do AIP for HTB.

Barclays 5y fixed for HTB is 1.99 . 

HTB you will need to do a ATP on your own but that’s not hard and you will wait depending on agent for the decision ( up to 2 weeks )

So get affordability, reserve you property , apply for ATP ( authority to proceed) from HTB , once you have ATP call you lender and start you application. 
With HTB try to avoid :
- to many developer freebies as you can’t go over 5% of the value of the property 
- when you have administration fees they need to be on point not 800 to 1000 needs to be precise value .
- when you have you declaration to sign and upload scan all the pages not just signed one ( you will wait 10 working days for someone to tell you you should scan all pages and another 10 for revision ) 

[Deleted User]

Some lenders have new build products, some have h2b products, some have shared equity products.   Its a bit of a minefield to know which ones apply sometimes. 

Why dont you just ask the broker why they have recommended Halifax when there appears to be cheaper lenders out there

amnblog

On no account try to sort a H2B mortgage without an experienced broker.
There are numerous ways you can make a mess of it.

987percent

Thanks for the input. I already have a mortgage offer through Halifax and have the ATP from HTB.
I was just concerned that it looks like there are lower rates on the market. I filled out the L&C form online and they called me yesterday. I spoke to a chap called Tim who was incredibly helpful and talked me through all sorts of things including capital erosion benefit that the Taylor Wimpey recommended broker didn't.
He's confirmed the rates are different on HTB than those advertised online, which is quite frustrating as its not exactly transparent for the consumer and I'm surprised the FCA allow that sort of behaviour by lenders these days.

However, it does look like the deal is ok that I currently have and Tim also talked me through the options in a very unbiased way, actually advising its probably best for me to stick with the current broker than to go through him. Excellent service an i would highly recommend L&C.

[Deleted User]

what is capital erosion benefit?  Never heard of the term before

amnblog

You won’t have done JMA, Tim made it up this week.