Mortgage broker - ask me anything

dazzaofdagenham

First time poster on this board.

your opinions please
currently with westbrom mortgage at rate of 1.99 + BOE so paying 2.09

can get a fixed rate with westbrom ( no extra fees ) of 1.44 fixed for 2 years....
brings down payments by 30 pounds per month

my LTV is 24%....
is this a good deal.
im th8nking it’s ok...no upfront fees...just a straight swap and fixed for 2 years.
other lenders...although slightly lower rate...want upfront fees etc 

K_S

@dazzaofdagenham Depends on what your loan size is. Generally speaking, at larger loan sizes, the fee-products might be cheaper on a total cost basis. If you don't want (or can't) pay the fees upfront, most lenders will allow you to add it to to loan. Purely based on the fact that your LTV is very low, if I had to guess I'd assume your loan size means no-fee options are better.

In any case, assuming a loan size of 50k, the 1.44% no-fee rate you've been offered appears to be quite competitive and probably less hassle than a remo to another lender.

dazzaofdagenham

My mortgage is 64k against a property of 300k.
So with no upfront fees and staying with same lender. I thought it was a good deal.
1.44 with westbrom...( I was only with them initially because I was sub-prime)..fixed for 2 years....uncertainly with brexit and interest rates in general ....

wanted a 2nd opinion..

many thanks 

wanabeFTB

Struggling to decide who to apply with. Accord have a rate of 3.69% 90% LTV and Natwest 3.6%. Accord have £750 cashback whereas natwest have £250. I bank with natwest so would it just be easier to apply direct? I’m a straight forward case

K_S

wanabeFTB said:

Struggling to decide who to apply with. Accord have a rate of 3.69% 90% LTV and Natwest 3.6%. Accord have £750 cashback whereas natwest have £250. I bank with natwest so would it just be easier to apply direct? I’m a straight forward case

@wanabeFTB Everything else remaining the same, you'd compare the two on a total cost basis taking into account fees, cashback, etc over the period of the fix. Banking with Natwest does not help in any significant way, at least as far as I can tell.

If you are a straightforward case (eg: salaried employee looking to borrow around 4 times basic income, squeaky clean credit history, no/low debt, etc) then you may be ok for either of these lenders.

Is there any reason why you narrowed it down to these two lenders?

wanabeFTB

K_S said:

wanabeFTB said:

Struggling to decide who to apply with. Accord have a rate of 3.69% 90% LTV and Natwest 3.6%. Accord have £750 cashback whereas natwest have £250. I bank with natwest so would it just be easier to apply direct? I’m a straight forward case

@wanabeFTB Everything else remaining the same, you'd compare the two on a total cost basis taking into account fees, cashback, etc over the period of the fix. Banking with Natwest does not help in any significant way, at least as far as I can tell.

If you are a straightforward case (eg: salaried employee looking to borrow around 4 times basic income, squeaky clean credit history, no/low debt, etc) then you may be ok for either of these lenders.

Is there any reason why you narrowed it down to these two lenders?

Accord has been recommended by brokers but I found natwest through my own research. Silly but I just thought I wouldn’t have to provide statements as they already have access to that and my isa and main account are with them so everything will just be in one place. 

Have a loan with natwest but I’m looking to borrow 3.3x basic salary and one missed payment 2017 which I’ve been told is fine. 

K_S

wanabeFTB said:

K_S said:

wanabeFTB said:

Struggling to decide who to apply with. Accord have a rate of 3.69% 90% LTV and Natwest 3.6%. Accord have £750 cashback whereas natwest have £250. I bank with natwest so would it just be easier to apply direct? I’m a straight forward case

@wanabeFTB Everything else remaining the same, you'd compare the two on a total cost basis taking into account fees, cashback, etc over the period of the fix. Banking with Natwest does not help in any significant way, at least as far as I can tell.

If you are a straightforward case (eg: salaried employee looking to borrow around 4 times basic income, squeaky clean credit history, no/low debt, etc) then you may be ok for either of these lenders.

Is there any reason why you narrowed it down to these two lenders?

Accord has been recommended by brokers but I found natwest through my own research. Silly but I just thought I wouldn’t have to provide statements as they already have access to that and my isa and main account are with them so everything will just be in one place. 

Have a loan with natwest but I’m looking to borrow 3.3x basic salary and one missed payment 2017 which I’ve been told is fine. 

@wanabeFTB Just to be clear, I'm not saying going direct with Natwest will definitely not be easier with an existing relationship. It might well be, I don't know exactly how Natwest handles direct applications so please don't let me dissuade you from exploring that option if that aspect is very important to you.

dodemkat

Hi, I have a question regarding buying houses for profit.  I had several houses 15 years ago but then got divorced and had to sell and cash in my pension leaving me in debt.  Having been helped by the MSE forum over the years I have managed to clear debts and my credit file is now in the very good category across all agencies.  I am now 50 and want to buy one to two houses per year that I can renovate and resell with the option to keep a few over the next few years to rent out and sell to fund my retirement.  I have been to see a local financial advisor who has said I will get a mortgate in principal no problem and we went through some offers which were fine and ok if |I want to buy a house, do it up and sell but I would like to know if there is a better way to fund mortgages with a view to keeping my outlay to a minimum and maybe buying one or more together.

I live in the North east where house prices are reasonable and affordable for first time buyers and these would be the houses I would be looking to buy and turn around to resell or rent depending on the property.  I am employed but also have my own small business which has been affected by covid but my employed wage is enough to get started until my customers come back to work and the world gets back to some normality which I why I am using that time to research as much as I can.

I have seen these multiple online 'FREE' webinas online but there is always a sales pitch at the end of it so I would like to ask the MSE forum if there are any particular ways I could achieve my goals with the minimum outlay.  I do have money put aside to cover deposits and th pay for renovastions but I would like to keep this as much as possible for cashflow reasons and to mortgate the properties.  If anyone could offer any advice I would be grateful.  Any moneys I make from reselling or renting these properties would go into my pension fund to try an claw back what I have lost after divorce.

I have learned to be thrifty and budget well with the tools I have found on the forums and I am trying to be cautious so that I dont get into unneccessary debt.  look forward to your replies.

K_S

@dodemkat Having been in the property industry for a while, the first thing I would recommend is PLEASE DO NOT PAY ANYONE FOR A SEMINAR TO TEACH YOU HOW TO FLIP HOUSES or for that matter, how to make money quickly using property. There are a lot of people selling dreams charging thousands of pounds to deliver such seminars and courses which are of very little practical use to the people who attend.

There are plenty of free resources that will give you all the information you can possibly need to dispassionately evaluate if you have the skills to pull this off and make it a profitable business. A mortgage is an important part of it, but not the most important.

Anne_X1

Hi, I reference this forum a lot but never signed up or posted before, so please be gentle
I have been trying to get a self employed mortgage for a few months now. I used a broker who strung me along and finally said he can't help. I run a succesful business and only want to borrow four times my profit but he said I need 3 years of accounts to stand a chance. Can anyone help?