Is this a reasonable mortgage quote?

Savingforahouse123

This is the best quote I've had just now. I have up to £155k I could put down as a deposit (so I'm close to being a cash buyer). What's your thoughts on the quote below?

House: £168k

Mortgage to borrow: £70k

Deposit: £98k

Interest: 2.95% fixed over 5 years

Mortgage term: 35 years

JakeMM

Out of curiosity, has your offer been accepted? The stronger your financial position, the less you can usually offer.

I’ve known people accept sometimes £20k+ under other offers when it’s been a cash purchase, as they know the process is quick and usually guaranteed. 

K_S

Savingforahouse123 said:

This is the best quote I've had just now. I have up to £155k I could put down as a deposit (so I'm close to being a cash buyer). What's your thoughts on the quote below?

House: £168k

Mortgage to borrow: £70k

Deposit: £98k

Interest: 2.95% fixed over 5 years

Mortgage term: 35 years

@Savingforahouse123 Have a look at the MSE mortgage finder and see how it compares to the best buys in the market. That should give you an idea, though it won't tell you if you're eligible for that product or whether it's compatible for your requirements.
https://www.moneysavingexpert.com/mortgages/best-buys/

RelievedSheff

Savingforahouse123 said:

This is the best quote I've had just now. I have up to £155k I could put down as a deposit (so I'm close to being a cash buyer). What's your thoughts on the quote below?

House: £168k

Mortgage to borrow: £70k

Deposit: £98k

Interest: 2.95% fixed over 5 years

Mortgage term: 35 years

Why such a long mortgage term on such a small balance?

kingstreet

That Halifax deal sources best on my system, based on total cost over the initial period.

K_S

kingstreet said:

That Halifax deal sources best on my system, based on total cost over the initial period.

@Savingforahouse123 Same here, though it's being replaced by a 3.45% rate tomorrow, at least as per the broker product-guide so you'll need to have an application in by 8pm today to get the current rate. Don't know if it's any different for the direct rate.

ACG

K_S said:

kingstreet said:

That Halifax deal sources best on my system, based on total cost over the initial period.

@Savingforahouse123 Same here, though it's being replaced by a 3.45% rate tomorrow, at least as per the broker product-guide so you'll need to have an application in by 8pm today to get the current rate. Don't know if it's any different for the direct rate.

I love my job but at the minute with rates changing daily and lenders taking 4 weeks to look at applications I love it a little bit less at the minute. 

K_S

ACG said:

K_S said:

kingstreet said:

That Halifax deal sources best on my system, based on total cost over the initial period.

@Savingforahouse123 Same here, though it's being replaced by a 3.45% rate tomorrow, at least as per the broker product-guide so you'll need to have an application in by 8pm today to get the current rate. Don't know if it's any different for the direct rate.

I love my job but at the minute with rates changing daily and lenders taking 4 weeks to look at applications I love it a little bit less at the minute. 

@acg Tell me about it! All my indicative rate and illustration emails are now caveated in bold to make it clear that it's only valid for that moment in time and that lenders can (and do) pull rates with a few hours notice. And that a rate will only be secured at full application.

I don't like giving so many disclaimers but it's an unfortunate byproduct of the current rate environment.

london21

You have a good LTV.

Personally would not go with 35 years for such a small amount but then depends on your financial situation.

Shop around but Barclays has 2.59%