Basic mortgage advice please - it's been a while!

My_perfect_cousin

Some friends of mine are first timer buyers. They work full time with good job security, have positive credit histories  and healthy savings. Their plan is to take out a mortgage of £100,000 on a £350,000 house and pay the rest from their savings. They will get married in autumn 2021. The house purchase is at an early stage and may be just before or more probably after their wedding.  They want a mortgage without redemption charges. They are considering the TSB mortgage. They are not keen on a broker as they think that their situation is fairly straightforward.  They'd value any advice please. very many thanks 

MovingForwards

What advice is it they want?

Edi81

Perhaps your “friends” would be better  signing up to MSE themselves rattler than going through you. 

Nothing so far sounds very out of the ordinary but then again, would they tell you if they had a load of defaults and arrears?

getmore4less

They want a mortgage without redemption charges. They are considering the TSB mortgage. 

Why no redemption charges? 
Are they planning to redeem the mortgage in less than,  2,3,5 years?
There are lenders that allow pretty much unlimited overpayment as long as you don pay it all off.


The only TSB no redemption option is 2y tracker  20% more expensive than the equivalent 2y fix.  
£100k over 25 years, 2 year options with TSB

amount	rate	payment	owing	product
£100,995.00	0.99%	£401.82	£93,278.10	fix £995 fee
£100,995.00	1.19%	£401.82	£93,671.87	tracker £995 fee
£100,000.00	1.54%	£401.82	£93,338.57	Fix £0 fee

the tracker would cost £400 more over 2 years

Also I don't think TSB have no ERC product transfers so even if they went for the tracker they would need to fix with redemtion when that finishes. 

brross

They are not keen on a broker as they think that their situation is fairly straightforward.  They'd value any advice please. very many thanks 

So they don't need mortgage advice from a broker because their situation is straightforward, yet actually they would value some advice??? I think your friends need to have another think about this. Seeking the advice of a good professional is well worth doing. They perhaps need to take that leap of faith.

csgohan4

Seeking the advice of a professional is better than an internet forum of strangers. 

But if they provided more info or Posted the question themselves, brokers on here could give some advice

At the very least use best buy tables and take it from there.