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  • FIRST POST
    • grayson
    • By grayson 25th Nov 17, 2:08 PM
    • 43Posts
    • 1Thanks
    grayson
    Mortgage lender recommendations?
    • #1
    • 25th Nov 17, 2:08 PM
    Mortgage lender recommendations? 25th Nov 17 at 2:08 PM
    My current Mortgage is due to expire on 28th of February.
    My property is worth 150000 and I owe 35,000. I'm thinking of borrowing 50,000 for some home improvements and pay off some debts. I am 49 and want a 20 year term.


    So of my friends have remortgaged and 1 was cancelled after 2 months so they had to start the process over again and another remortgaged and the process was a complete nightmare.

    I'm currently with the co op.
    So my question is can anyone recommend a good lender?

    Doesn't have to be the cheapest would prefer a easy transfer.

    Thanks.
Page 1
    • dunstonh
    • By dunstonh 25th Nov 17, 6:07 PM
    • 92,982 Posts
    • 60,366 Thanks
    dunstonh
    • #2
    • 25th Nov 17, 6:07 PM
    • #2
    • 25th Nov 17, 6:07 PM
    So my question is can anyone recommend a good lender?
    Yes. Any local whole of market mortgage adviser/IFA firm should be able to.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Amst
    • By Amst 25th Nov 17, 6:24 PM
    • 96 Posts
    • 71 Thanks
    Amst
    • #3
    • 25th Nov 17, 6:24 PM
    • #3
    • 25th Nov 17, 6:24 PM
    For a post with 100 odd words in you've managed to miss out the details anyone would need to make a recommendation i.e. salary, credit history etc.
    • grayson
    • By grayson 1st Dec 17, 9:46 AM
    • 43 Posts
    • 1 Thanks
    grayson
    • #4
    • 1st Dec 17, 9:46 AM
    • #4
    • 1st Dec 17, 9:46 AM
    For a post with 100 odd words in you've managed to miss out the details anyone would need to make a recommendation i.e. salary, credit history etc.
    Originally posted by Amst
    Credit rating is good and joint income £35,000

    Thanks.
    • Thrugelmir
    • By Thrugelmir 1st Dec 17, 12:33 PM
    • 58,914 Posts
    • 52,235 Thanks
    Thrugelmir
    • #5
    • 1st Dec 17, 12:33 PM
    • #5
    • 1st Dec 17, 12:33 PM
    Credit rating is good and joint income £35,000
    Originally posted by grayson
    That's subjective. How much is "some" debts?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • grayson
    • By grayson 2nd Dec 17, 3:22 PM
    • 43 Posts
    • 1 Thanks
    grayson
    • #6
    • 2nd Dec 17, 3:22 PM
    • #6
    • 2nd Dec 17, 3:22 PM
    A credit card which I paid for holiday on. 2000 pounds.
    Any recommendations now?
    • grayson
    • By grayson 2nd Dec 17, 3:23 PM
    • 43 Posts
    • 1 Thanks
    grayson
    • #7
    • 2nd Dec 17, 3:23 PM
    • #7
    • 2nd Dec 17, 3:23 PM
    For a post with 100 odd words in you've managed to miss out the details anyone would need to make a recommendation i.e. salary, credit history etc.
    Originally posted by Amst
    I have answered your questions. Any advice?
    • amnblog
    • By amnblog 2nd Dec 17, 3:56 PM
    • 10,551 Posts
    • 4,172 Thanks
    amnblog
    • #8
    • 2nd Dec 17, 3:56 PM
    • #8
    • 2nd Dec 17, 3:56 PM
    Any 'advice' you receive here on a suitable lender will have no validity as it will be coming from posters not qualified to give it.

    If you want 'advice' engage a mortgage broker who is qualified to give it.

    If you want a good lender, walk down the High Street where you may find a dozen, whether any of them are suitable lenders for you needs is brings us back to a broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dimbo61
    • By dimbo61 2nd Dec 17, 7:14 PM
    • 9,911 Posts
    • 5,334 Thanks
    dimbo61
    • #9
    • 2nd Dec 17, 7:14 PM
    • #9
    • 2nd Dec 17, 7:14 PM
    Asking for a 20 year term at 49 would mean you still have a mortgage at 69 and be retired and on the state pension.
    Reducing it to say 15/16 would be easier to sort.
    • zagubov
    • By zagubov 3rd Dec 17, 12:31 AM
    • 15,305 Posts
    • 131,051 Thanks
    zagubov
    Ask your workmates. If any have a good mortgage adviser who knows the local market, they'll give you good advice, and better than you could receive here.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • goodwithsaving
    • By goodwithsaving 3rd Dec 17, 12:38 AM
    • 824 Posts
    • 1,263 Thanks
    goodwithsaving
    A good lender for me, may not be a good lender for you.
    Use a broker.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • getmore4less
    • By getmore4less 3rd Dec 17, 7:07 AM
    • 32,184 Posts
    • 19,337 Thanks
    getmore4less
    How did you choose the coop?
    what's wrong with using them again?

    if you have a look at what they might be able to do for you.

    http://www.co-operativebank.co.uk/mortgages/additional-borrowing-rates

    With <60% LTV and <3* income that should, assuming no horrors on the sends/affordability or the credit, give access to the better rates around.

    you then have the softer factors like how quick will need the money, do you want short/long fix or maybe a tracker, would an offset be ideal, how long do you want can/will you overpay, how much etc.

    there is more to it than just which is the best lender for £85k @ 57%LTV on £35k

    If you don't know you need to spend some time learning and how to choose a lender or get a broker to help.

    borrowing 30% of the house value to do improvements are you sure you can uplift the house value to over £200k.
    Last edited by getmore4less; 03-12-2017 at 7:47 AM.
    • csgohan4
    • By csgohan4 3rd Dec 17, 8:28 AM
    • 4,540 Posts
    • 2,835 Thanks
    csgohan4
    you generally get what you pay for. Go for a free broker and you won't get the customer service cover, whereas a paid broker with a good reputation are worth their weight in gold.


    It isn't always about the rates, but also how your chances and how quick.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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