Mortgage Subsidy

PHTC

Hi all, I'm a newbie to this forum and wondered if anyone could shed a light on this question.

My partner and I are first time buyers and are currently sorting out a mortgage, ive been browsing some estate agents website and saw a property for sale with the following stated '£250 MORTGAGE SUBSIDY PAID FOR 12 MONTHS'

Nowhere does it go on to explain the terms and conditions of this, however the bottom of the page states that a certain mortgage lender is associated with this particular estate agent.

Am I right in thinking that the subsidy is only paid when going through that mortgage company, and if so will they probably be putting the price up to compensate anyway?

Thanks in advance.

dmg24

You do normally have to go through a certain broker for these deals, yes. I looked at a deal like this, and the broker was whole of market, but I could not guarantee that they all are. It may be worth asking whether they are whole of market? x

save-a-lot

Recently looked at a new-build two bed flat and the deal there is £500/month for 12 months towards the mortgage. I asked the sales rep and she seemed quite sure this was an offer regardless of mortgage provider and she was aware of our desire to take out a buy to let mortgage too. I am finding out more this week... I am glad there is a new thread here, as it seems too good to be true. I guess we'll see

dimbo61

check an mortgage offer very carefully , is it cheap for the first 2/3 years
then onto there SVR which you are tied to for several years with big exit
fees. does the developer / estate agent arrange the surveyor to value the
flat/house !!! if the property is overvalued in the first place or goes down in
value ( oversupply ) you could end up in negative equity.
Get a repayment mortgage and thing long term ie 5 year deals GOOD LUCK

PHTC

Thanks for the feedback guys, definately worth looking into more,

I do have another question, i've just arranged a meeting regarding a mortgage, I have some pay slips to take, however i've been doing internet banking for a while now with HSBC and dont have any bank statements (not recent anyway), I know I can request one through the 'hole in the wall' so my question is, is one enough? or is there any other way I can get hold of previous statements to take.

homer_j_3

If you are going for your first meeting, I would say that no bank statements are needed at this stage unless you are clearly unaware of what you are spending on things. You can print one off your computer if need be for this.

When you have seen the adviser, they should tell you that if required, they need to be originals or internet ones are acceptable.