Am I getting a good deal? [Barclays Timeline 2021]

ChrisJR90

Going through a broker at the moment (one that a new build developer has put me in touch with) and we have been offered 3.48% with Barclays (90%ltv) we are taking a 5% contribution from the builder towards the deposit. My partner and I have zero adverse credit (both full time, permanent, not been furloughed). The broker tells me it's because we are taking the 5% contribution that the rates are higher (as Barclays are one of the ones that accept this)

We have passed the DIP stage (via the broker) which left a hard and soft check, and just about to submit the application.

Are these rates in line with what I would expect elsewhere?

Barclays Timeline:

10th May - DIP Hard check via Broker
19th May - Application submitted
26th May - Offer received

FYI, the delay during the DIP and Application was down to me.

dimbo61

If it was Your 10% deposit you could be looking at 2.99% for a 2 year fix.

Redwino222

How long is it fixed for?

ChrisJR90

Redwino222 said:

How long is it fixed for?

2-Year fix
@dimbo61 Which is the kind of rates I was looking for.

K_S

ChrisJR90 said:

Going through a broker at the moment (one that a new build developer has put me in touch with) and we have been offered 3.48% with Barclays (90%ltv) we are taking a 5% contribution from the builder towards the deposit. My partner and I have zero adverse credit (both full time, permanent, not been furloughed). The broker tells me it's because we are taking the 5% contribution that the rates are higher (as Barclays are one of the ones that accept this)
We have passed the DIP stage (via the broker) which left a hard and soft check, and just about to submit the application.
Are these rates in line with what I would expect elsewhere?

@chrisjr90 Is the broker whole of market? If so, then they would have recommend the most cost-effective product available for your circumstances and requirements (new build house, 90% LTV, ok with the builder paying half your deposit, ok with the incentive at 90% LTV, etc, etc). If you aren't confident that he has done that, you should ask for a copy of the evidence of research (they may call it another name) which explains why the specific product was recommended for you and where it ranks on a total cost basis within the wider market.

getmore4less

Don't forget fees it's not all about the rate.

ChrisJR90

Just an update for anyone curious, our broker submitted the application on the 19th and confirmed today that our offer was in the post!!