First Time Buyer

Ben-Smith

Hi Everyone,

I have a question in regards to securing a 10yrs or 5yrs fixed mortgage with Nationwide through 2 different brokers. The monthly repayment is the same amount for the 10yrs and 5yrs fixed mortgage. My question is which is better 10yrs or 5yrs? The first broker is with better.co.uk and no upfront admin cost as they get paid by the mortgage lender.
The second broker is with Allen&Harris and I pay A lifetime transaction fee of £599 is payable with your mortgage application form. This is payable just once, no matter how

many times you move or remortgage your existing property using our services. We will also receive commission from the lender In addition, you will be required to pay an administration fee £99.  My question is does anyone know much about the 2 mortgage brokers, pros and cons on 10yrs and 5yrs fixed deal. Any insight will be appreciated. Thanks!

ACG

You should be able to do both deals through both brokers. 
What is your preference in terms of the product? 
What is your preference in terms of the broker? 

Appreciate the fee charging broker is already on the backfoot, but who did you feel the most comfortable with? Better appears to be a trading style of Trussle which I think is one of those online/call centre brokers from back in the day. 

housebuyer143

If it's your first house, unless you plan to buy a house you plan to stay in for 10 years, I would do 5. 
Not many people stay in their first home for 10 years and the ERCs will be very very high on the 10yr.

I would also not use the fee paying broker.

kingstreet

Also posted on HBR&S.

https://forums.moneysavingexpert.com/discussion/6431135/mortgage-first-time-buyer#latest