Interest only mortgage.

Doozergirl

I'm glad you found something to suit your circumstance. I'm sure as long as the person you're speaking to is independent, they've got such a large range of products to choose from you can be pretty confident you've got a good deal. It would be hard for anyone else to guess as the mortgage will be the one that best suits you personally.

I hope your B&B does really well! Is it going to be anywhere nice?

yer-man_2

brokerage fee is £95. I made a mistake above.

arrangment fee - £549
valuation fee - £465
telegraphic fee - £49

thanks.

meanmachine_2

yer-man wrote:

Hi,
after taking your advice I contacted my local high street adviser.
I have been offered a self cert morgage at 5.35% plus fees of:-
arrangment fee - £549
valuation fee - £465
telegraphic fee - £295

Is this good value, is there a better deal out their ?

Thanks.

Depends on whether this is a fixed rate or discounted etc. Who's the lender?

Doesn't sound too bad a deal. What's the APR overall?

Arrangement fee is very high though, to my mind. I'm guessing if you paid a lower upfront fee, your int rate is higher, is that right?

Also, if discounted, beware of "overhang" whereby you're locked into a deal beyond the discount period. Avoid these like the plague.

herbiesjp

Best to find out if they will allow the property to be turned into a B&B

yer-man_2

The lender is Birmingham Midshires, the property wont be converted in the short term.

yer-man_2

The rate is fixed at 5.35 untill 1/9/07

herbiesjp

Just a quick question - how did you get the mortgage agreed with BM if you said the loan needed was at best 4 times your income?

yer-man_2

My wife is self employed, it turns out we can use her income aswell.

Is the rate competitive ?