A&L Mortgage!

JulieFairholm

Hi,

I really fancy an A&L 5yr fixed rate mortgage at 4.44% and am dying to get things underway.

We need to borrow 3.5X our combined salary and, it looks like A&L would be prepared to do this.

Our current mortgage deal and redemption charges end on 1st Jan and, A&L have said any offer would be valid for 6 months, although we would no be entitled to any new offer they bring out between now and Jan.

They cant tell me when this offer will be withdrawn or what it would be replaced with.

Also, should we wait until the BOE decision? would this result in them lowering there rate if BOE base rate was lowered.

Just want to get things moving but, dont want to be to hasty.

Thanks

payless

A&L have moved to an affordability basis, so depending incomes, credit rating, deposit/ equity and other commitments that actual multipler will differ

I have seen more than 3.5X jt on some examples run thro' their calculator, although as stated will depend on your personal circumstances - plus more importantly can you afford it?

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edit re -reading your post- seems you know the aswer to above already -( but I decided to leave in my original post- may be of help to others)

as far as applying now ... thats really crystal ball time, perhaps answer would be if happy with whats on offer ....
( it may even be possible to swap to any newer deal with them/ other lender during process , although fees may apply)

JulieFairholm

Thanks,

I am paying a shocking rate at the mo with GMAC (Grrrr...) so I would be saving a fortune and, I can afford current mortgage so yes I would be fine and I guess A&l would take this into account.

this is the reason why I am keen to get moving. I don't want A&L to withdraw this rate leaving me with less choice.

I defo think A&L would give us offer as been with them before.

carol99_2

The staff you speak to A&L will not know themselves when the rate will be withdrawn - this is commercially sensitive information and would only be known by a few senior officials. Once your Offer has been issued then you are correct in that it is valid for 6 months. How I understand it is that you CAN switch to a better deal if one comes along but that they would charge you a product switching fee

loobs40

on the basis of this affordability criteria I just rang A&L on the spur of the moment to check out my entitlement as self employed IT contractor for one of their mortgages (I only need 40% of the value of the house)

No matter that my bank statements for the last god knows how many years show a regular large monthly income, or that I am a A&L premier Plus account holder. There were sharp intakes of breath all round and mutterings of refer to underwriters.

lol lol lol lol