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Principality BS - experiences?
mattlocks
Posts: 5 Forumite
Looking for some advice from the people on this forum ... thanks in advance!!
I am buying a house and I have almost given up on my broker finding a good deal - he's been quoting me £1k arrangement fees etc. This all seems to have changed in the space of a fortnight
...So I went looking online myself and found that the Principality have a pretty good no fee rate at the moment 5 year at 5.89% with no arrangement or valuation fee. This deal has been in place since saturday apparently
I spoke to a very helpful lady on the phone yesterday and she indicated it might take 6 weeks to arrange a mortgage which seems a long time.
The house I am buying has a few structural issues (it is underpinned a 20+ years ago) but I have got structural reports and a quote / offer of insurance from a specialist in hand. I spent the past month getting all this thoroughly sorted by which time the broker deals dried up.
So my questions are really to to people who have recently obtained mortgages - especially with the Principality:
- Is 6 weeks a normal time to get a loan in the current climate?
- Does anyone know if the Principality are particularly fussy if all the paperwork is in order already? I also have a >25% deposit which I hope will also count in my favour
- Has anyone here been refused because of structural issues on a house they are buying even if an insurer has shown willingness to cover Buildings and favourable structural reports are available?
- Are the Principality in any more difficulty obtaining funds than other lenders? I would suspect that with them being a mutual they are probably slightly better off in this respect
Cheers
Mattlocks
I am buying a house and I have almost given up on my broker finding a good deal - he's been quoting me £1k arrangement fees etc. This all seems to have changed in the space of a fortnight
...So I went looking online myself and found that the Principality have a pretty good no fee rate at the moment 5 year at 5.89% with no arrangement or valuation fee. This deal has been in place since saturday apparently
I spoke to a very helpful lady on the phone yesterday and she indicated it might take 6 weeks to arrange a mortgage which seems a long time.
The house I am buying has a few structural issues (it is underpinned a 20+ years ago) but I have got structural reports and a quote / offer of insurance from a specialist in hand. I spent the past month getting all this thoroughly sorted by which time the broker deals dried up.
So my questions are really to to people who have recently obtained mortgages - especially with the Principality:
- Is 6 weeks a normal time to get a loan in the current climate?
- Does anyone know if the Principality are particularly fussy if all the paperwork is in order already? I also have a >25% deposit which I hope will also count in my favour
- Has anyone here been refused because of structural issues on a house they are buying even if an insurer has shown willingness to cover Buildings and favourable structural reports are available?
- Are the Principality in any more difficulty obtaining funds than other lenders? I would suspect that with them being a mutual they are probably slightly better off in this respect
Cheers
Mattlocks
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