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  • FIRST POST
    • bml
    • By bml 9th May 18, 5:41 PM
    • 3Posts
    • 1Thanks
    bml
    FTB Mortgage Experience with Yorkshire Bank
    • #1
    • 9th May 18, 5:41 PM
    FTB Mortgage Experience with Yorkshire Bank 9th May 18 at 5:41 PM
    I just wanted to share my experience in case it can help any other first time buyers who are as confused as I have been! I've searched a lot for Yorkshire Bank related stuff but couldn't find anything.

    Here's the deal:

    103k property
    5% deposit from savings (95% LTV) = £5150
    joint mortgage
    combined salaries are £43.5k

    no defaults/missed payments
    have taken out 3 credit cards within the last 6 months
    I regularly go into my arranged overdraft (by about £250)
    both have student loans.


    We got a Mortgage in Principal from Barclays initially, just so we could look at houses (an Estate Agent said some vendors refuse viewings to people without an MiP, I don't know how true this is).

    We found the house and had the offer accepted. (On the market for £115k, accepted £103k. Always offer a cheeky low offer to begin with. You can increase offers, you can't decrease them).

    We started looking around for the actual mortgage we wanted.

    I went to two brokers - L&C and Trussle.

    Trussle weren't very good, gave me a rubbish quote and never followed up.

    The guy at L&C was very nice and helpful, I asked a lot of questions about the process as I was new to it and he answered everything.

    I went in saying I wanted a long term fixed rate mortgage (this is what I'd been advised as at the moment the interest rates are incredibly low and it is pretty much guaranteed that they will only increase in future.)

    Both brokers tried to convince me to get a 2 or 3 years fixed rate. Their reasoning was that then I could remortgage and get a better rate sooner.

    After looking into mortgage options myself, I found a great 5 year fixed rate with Yorkshire Bank (or Clydesdale if you're based in Scotland). 3.79% initial rate, 95% LTV, 24 year term. No fees, no overpayment charges, £500 cashback.

    (9.5.18 19:11 EDIT - I previously said it was hard to find 5 year fixed rate mortgages that you can apply for through a broker. This isn't correct so I have removed it)

    Thursday 3rd May - acquired MiP from Yorkshire Bank Online in 10 mins. Sent a message to ask for a mortgage advisor to call me back to apply.

    Friday 4th May - Someone called me from Yorkshire Bank to take some details and book in the mortgage advisor appointment.

    I later got a call from my estate agent to say the bank had booked in the property valuation for Tuesday 8th.

    Tuesday 8th May - had a 40 minute conversation with the mortgage advisor, discussing our income, outgoings, credit cards, etc. basically making sure we had enough money left over every month after all outgoings to pay for the mortgage (they also check it against a higher interest rate and if you could afford the mortgage on just one income)

    He emailed me 10 minutes after the call recommending two mortgage options - a longer term and a shorter term, depending on how much we wanted to pay per month.

    I confirmed which one I preferred and he emailed through his official mortgage recommendation document, with full details of the mortgage and terms.

    The estate agent also called to confirm the property keys had been picked up to do the valuation.

    Wednesday 9th May - the mortgage adviser called to talk through the document and make sure I understood everything. He confirmed that the property valuation had taken place and everything was fine. I confirmed that I wanted him to apply for the mortgage.

    I emailed across mine and my partners 2 most recent payslips.

    That call was at 2pm and by 2:50 he had called to say the credit checks were done and the mortgage had been approved.

    That's everything. It was much quicker and simpler than I thought. We were worried because of my overdraft usage and various credit cards but it wasn't an issue at all, at least not with Yorkshire Bank - maybe others would be more scrupulous.

    Now were just filling in documents for the mortgage and the solicitor and it should all go through in about 2 months.
    Last edited by bml; 18-05-2018 at 11:30 AM. Reason: 1. Incorrect Info, 2. Update
Page 1
    • kingstreet
    • By kingstreet 9th May 18, 6:03 PM
    • 34,356 Posts
    • 18,661 Thanks
    kingstreet
    • #2
    • 9th May 18, 6:03 PM
    • #2
    • 9th May 18, 6:03 PM
    I discovered that 5 year fixed rate mortgages are rarely available to apply for through a broker, so that's why they wanted me to get a 2/3 year one
    Originally posted by bml
    That is simply not accurate.

    A simple Mortgage Brain source suggests there are twenty five lenders offering five year fixed 95% products available today via an independent broker. There may be better terms available on a 95% mortgage by going direct to a particular lender.

    You should have been given the options and the differing viewpoints. Additional certainty of payment for a longer term fix at a higher rate; versus lower payments now and the possibility of a future lower loan to value and better rate going for a shorter-term product.

    You can then overlay your personal feelings about interest rates in the future and your future plans and choose accordingly.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • shortcrust
    • By shortcrust 9th May 18, 6:22 PM
    • 2,149 Posts
    • 3,311 Thanks
    shortcrust
    • #3
    • 9th May 18, 6:22 PM
    • #3
    • 9th May 18, 6:22 PM
    Sorry to be so blunt with a new forum member but Iím really struggling to see the point of this thread.
    • thermal2844
    • By thermal2844 9th May 18, 7:02 PM
    • 108 Posts
    • 104 Thanks
    thermal2844
    • #4
    • 9th May 18, 7:02 PM
    • #4
    • 9th May 18, 7:02 PM
    This post has been interesting for me to read as a FTB.
    • bml
    • By bml 9th May 18, 7:08 PM
    • 3 Posts
    • 1 Thanks
    bml
    • #5
    • 9th May 18, 7:08 PM
    • #5
    • 9th May 18, 7:08 PM
    That is simply not accurate.

    A simple Mortgage Brain source suggests there are twenty five lenders offering five year fixed 95% products available today via an independent broker. There may be better terms available on a 95% mortgage by going direct to a particular lender...
    Originally posted by kingstreet
    you're right, turns out I didn't look into fixed term mortgages as much as I thought I did, apologies!
    • bml
    • By bml 9th May 18, 7:09 PM
    • 3 Posts
    • 1 Thanks
    bml
    • #6
    • 9th May 18, 7:09 PM
    • #6
    • 9th May 18, 7:09 PM
    Sorry to be so blunt with a new forum member but Iím really struggling to see the point of this thread.
    Originally posted by shortcrust
    did you read the first two sentences?
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