Find the Best Mortgage: Article Discussion Area

herbiesjp

Can you not ask friends or family for a recommendation?

gingerjester

Hi

Since this thread seems to attract a lot of Mortgage brokers attention i hope you may be able to help me as a first time buyer with a question. I am looking to buy a house with a limited deposit 5-10% of the value, clearly this means i will be getting a relatively high rate mortgage and only the option of fixed rate.
I have been tying to find a way to compare the costs of a mortgage over three years given that i will almost undoubtedly switch after that date having hopefully gained some equity value in the house (through payments and making house improvements rather than expecting a house price rise). Can anyone adivse on which aspects of a mortgage i need to take into account? Even better would be if anyone has some form of calculator or formula for making this assesment.

Thanks

toshkininny

Hello, we want to move home, we will need to shop around for a new mortgage.

When do I do this? Right now, when we have only just put our house on the market, or when we know we have an offer on it, etc, etc? I am not sure how long these things take to organise.

We will have a 'get out' clause with our mortgage company, how much notice will they need?

Thanks.

herbiesjp

It's best to do now, so that way you will know your options and figures, so you know what offer you can accpet on your property and the ultimately what offers you can put on the new property purchase.

No point in doing this afterwards, and then finding out then figures do not stack up

toshkininny

herbiesjp wrote: »

It's best to do now, so that way you will know your options and figures, so you know what offer you can accpet on your property and the ultimately what offers you can put on the new property purchase.

No point in doing this afterwards, and then finding out then figures do not stack up

Thanks, so if we find a mortgage we like the look of now, can we "order" it even if we aren't going to move for - let's say - 6 months time?

herbiesjp

No - most lenders do not allow you to book a deal until you submit the full application.

So by looking now, will show you how the land will lie in the current climate and if it is feasible.

Once you have that knowledge, you can then decide on whether the move is definitely on - as if the figures do not work out, it could chnage your plans.

Once you have seen a property that you like, is the point at which you would tend to start making offers and then looking to get agreements in principle with lenders with a view to submitting a full application.

Gorgeous_George

RyanP wrote: »

Through my eyes Martin Lewis is a non qualified/ un regulated advisor who reccommends his products for personla gain...

... 3. He also stated that no one should purchhase a house at the moment because renting is chepaer. What a silly statement to come out with, no wonder house prices all falling with media/ martin lewis giving unqualified advice.

Hmmm, was it really that silly? How much would Martin's readers have saved if they'd bought last July?

GG

toshkininny

Looks like the odds are against us. Our house is on the market and now OH has been made redundant.

When looking for another mortgage (when he hopefully/eventually gets another job), do most mortgage lenders want you to have been with the same employer for at least 3 months, or will we be able to get a new mortgage straight away?

Thank you

misselvis

Hello folks appreciate I might be jumping the gun slightly but I thought I might put out my dilema and hope you savvy people might be able to advise me. I have a flat that I took out a mortgage of £184000 I had a £20k deposit but appreciate I have lost that for the foreseeable. Was on a property website and have spoken to estate agents and I think my flat would be valued at £180000 so will be in negative equity. my remortgage period isn't till october but I am on a interest only mortgage apr 6.9%. my credit was not that wonderful when I took out my mortgage but I appreciate the apr is still low. my query is should I just speak to my current provider DB mortgages to negotiate a repayment fixed rate deal or should I seek out a broker to find me a deal. am starting to worry about it already. I had hoped my sister would be able to do a joint application but her credit is so bad at the mo feel that I am on my own. am really working at getting rid of my other debt so that I only have my mortgage to work on. any information would be greatly appreciated.

_Andy_

Misselvis - no point speaking to a broker as there are no other options with the mortgage other than what your exiting lender will offer you.