Is this the best deal?

missk_ensington

I am about to remortgage, I have 70% LTV, an exemplary credit history and the best my broker can come up with is 6.79% fixed for 2 years. He says this is because I only have 3 months employment with current employer and says the more competitive deals want 9-12months payslips. Is this the case?

I cant understand why I keep checking the Daily Mail/Express etc on the money pages and there are top deals at 5.54% and such like (when I first started looking to remortgage there were still some at 4.99% and yet Im offered nearly 7%!)

Also, how many brokers still offer their services for free, or is this now a thing of the past?

All replies thanked

Tiddler_2

Hi,

Have you specifically asked for a 2 year deals a these are probably the most expensive deals around at the moment.

Unfortunately some of the High Street lenders are offering significantly better deals if you contact them directly rather than going through a broker. However, if you do choose this option you can expect to be offered high rate insurances, expected to take out their home insurances, or current accounts.

There are some fee free, whole of market brokers out there but they cannot necessarily offer you the best deals as mentioned above. Some claim that they will still recommend these deals such as London & Country, but I have heard mixed reviews about their service.

When all said and done is anybody going to work for free (if they are not charging a fee, and recommending a deal they don't get paid a commission for, then they will earn nothing!!)

ProvidaMortgages

Just having a look at rates and at 70% LTV there are a bucket-load of rates below 6%, ranging from 2-5yr fixed. Bear in mind arrangement fees with the lenders can vary from £995-1499.

missk_ensington

Hi, no I'm not bothered how long the deal is for, thats just what she came up with.

The attraction though is that this particular lender has not asked for any proof of income whatsoever, they are happy that my credit history and equity is sifficient to lend. Which is just as well because my employment history is convoluted to say the least.

Whats the deal on mortgaging when you work in an ongoing temporary position or a set contract?

ProvidaMortgages

Tell you what, give us a brief, non-evasive outline of your employment and hopefully that will help.

dmg24

ProvidaMortgages, you need to review your signature. The code of conduct stipulates what it should say and how it should be presented, and yours does not currently comply.

ProvidaMortgages

dmg24 - I did try to put in the correct signature as advised in the adviser code of conduct but it says that I had too many lines (up to 5 lines) in the signature. Am currently trying to work it out.....

missk_ensington

ProvidaMortgages wrote: »

Tell you what, give us a brief, non-evasive outline of your employment and hopefully that will help.

Hi sorry been having technical problems on here today. Well the situ is Im a full time degree student, so I have student loan and various grants, plus child support, DLA, tax credits and child benefit, plus a small amount of part time earnings (self exmployed for 8 months). My total annual income in about £23,000 a year and I need to borrow £80,000.

I am supposed to graduate next month but my disability prevented this, as I was in hospital and missed my dissertation deadline so Im intercalating and doing it all next year so I can now work as well. Was thinking of temping, there a a lot of jobs paying abour £9-10 an hour near me in admin/office roles.

I also have £5,000 savings as I buy houses, do they up, sell move on, so I can reduce my LTV quite quickly (down to 70% in two years).

I am giving this account for advise not criticism, so if people see this as yet another oppportuity to ostracise me then I'll just get the thread deleted

rdsmortgageman

Hi, who is your current lender? Are you releasing more equity or simply coming to the end of a deal?

herbiesjp

Go back to your current lender first and ask them what they can offer you.

It may be the case that they can offer you a good deal, and you will not have the hassle of re-mortagaging and teh potential other associated fees - if you stay with your current lender they will not normally ask for any information other than what deal you want (unless you are looking to borrow more money) - a product fee will normally apply if you stay with your current lender. The amount of the fee will depend on what interest rate option you opt for

missk_ensington

rdsmortgageman wrote: »

Hi, who is your current lender? Are you releasing more equity or simply coming to the end of a deal?

Just coming to the end of my fixed rate. My current lender is Oakwood, but I really dont want to stay with them Ive had nothing but problems. Still I'll give them a ring and ask, if it could save me money.

Thanks