Loughborough BS Mortgage options.

Yellowstone2

Has anyone applied for the Loughborough BS mortgage thats on Martins list of best mortgage deals? These two options are coming up for me when I do a test calculation based on borrowing £60K.
Can anyone tell me why someone would choose a 2 year variable rate with a set up fee of £1114 at a higher rate than the 3 year variable rate with a set up fee of £115? Is there something I'm missing?  (They both appear to go back to the BS standard variable rate after the discount period)

welly_59

Someone who would want to sell/pay off after 2 years and not have to pay an ERC

ACG

Just double check those products. I think they are for certain scenarios (such as guarantor or new builds or something). I cant recall what they are actually for, but their "normal" product is 4.25% from memory. 

Yellowstone2

ACG said:

Just double check those products. I think they are for certain scenarios (such as guarantor or new builds or something). I cant recall what they are actually for, but their "normal" product is 4.25% from memory. 

Thank you @AGC that probably explains why I can't see either of those deals on the BS website! I will have to research a bit further as the info on here doesn't give any idea of the criteria. 

ACG

On their broker page 3.29% is first homes scheme (new builds) and 3.59% looks like joint borrower, sole proprietor product. 
I could be wrong so no harm checking.

Yellowstone2

Thats really odd because on Martins 'best Mortgage list' it says you can get both deals direct or through a broker. I emailed them ans they said they were no longer available, so it's a bit of a puzzle! I would imagine these things get checked regularly by the team and updated, especially at the moment with all the rate increases! (I did say I had seen the mortgages on this site, I think she's confusing MSE with MSM!

ACG

They have plenty of 3.59% products, but none of them are for "normal" purchases or remortgages. 
Go on to their mortgage page and do CTRL + F and then type 3.59 and it will show you the various products. But as mentioned they are all for certain schemes. 

You have to be careful with the mortgage tables as sometimes the little things can catch you out. Its not quite the same on our broker systems, but some lenders offer "Green mortgages" typically for properties with an EPC rating of A-C which can save you a little bit on the rate or fees. Our sourcing system is not very good at filtering those out so we always have to check. 

But other little quirks can be only available in certain postcodes, maybe only available in Wales/Scotland or not available in Scotland. That is more so with the smaller regional building societies than larger lenders.

If you get a little lender at the top of the best buys, chances are you have either missed it or you need to jump on it quick as it does not take long for them to sell out. 

Yellowstone2

ACG said:

They have plenty of 3.59% products, but none of them are for "normal" purchases or remortgages. 
Go on to their mortgage page and do CTRL + F and then type 3.59 and it will show you the various products. But as mentioned they are all for certain schemes. 

You have to be careful with the mortgage tables as sometimes the little things can catch you out. Its not quite the same on our broker systems, but some lenders offer "Green mortgages" typically for properties with an EPC rating of A-C which can save you a little bit on the rate or fees. Our sourcing system is not very good at filtering those out so we always have to check. 

But other little quirks can be only available in certain postcodes, maybe only available in Wales/Scotland or not available in Scotland. That is more so with the smaller regional building societies than larger lenders.

If you get a little lender at the top of the best buys, chances are you have either missed it or you need to jump on it quick as it does not take long for them to sell out. 

Thanks for explaining, that makes more sense than the response from the BS!