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Various Mortgages And Options


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#1 getknk

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Posted 03 May 2012 - 09:28 AM

Folks,

I've been to a mortgage consultant and was inquiring about various mortgage options in my area (SE) as an FTB
I've provided 20% deposit and in my name only ..

the offers gave were
1. Coventry BS - 3.69% Fixed 2 years and 4.90% later variable
2. halifax 4.21% and 5.20% later variable
3. Santander - 4.52% flexi ( i can pay additional or early payments)

I felt I got the rates higher than many people got.

Few queries I had
a. Can you please put the rates which banks offered?
b. How is it to go with a mortgage consultant?
c. Any tips to have better interest rates for FTB?
d. Any good calculator to analyse between the various options in long term?

#2 manchester50

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Posted 03 May 2012 - 09:40 AM

CAn you not just look on moneysupermarket.com? Those rates don't look good to me but maybe that's due to having a 20% deposit. Broker's can be worth checking with as occasionally those have exclusive access to particular products; a mortgage 'consultant' purely providing advice - I'd trust my own research more.

#3 eric pebble

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Posted 03 May 2012 - 09:48 AM

Just lie....

i.e. Take out a


MASSIVE LIAR LOAN!

Pretty well everyone else has - even of they don't actually know it..... i.e. anything above 3 x REAL NON-LIAR INCOME is a LIAR LOAN...


How else are you going to "afford" a pwoperty in this bent "market"?? :rolleyes:
What the media today are still not telling us in full - for some reason the lid is being kept on the whole story:
HERE IN THE UK: THE UK SUB-PRIME CATASTROPHE - IT IS NOT ONLY IN AMERICA!! THE UK LIAR LOAN INDUSTRY - Source of FICTITIOUS "MONEY", and the principle driver of the House "Price" Pyramid/Ponzi Scam & Bubble, the "Credit Crunch" - and an unacknowledged major part of and cause of the ensuing Worldwide Financial Crash.
---------------------
The following was reported in a superb documentary in late 2003 - This is now over 10 years ago!! Since then shamefully little has been done here in the UK by journalists/broadcasters to dig down deep on this story - a vast elephant in the room: Why? If you're a serious journalist - here's your story - start investigating - it is the biggest financial scandal of all time:

THE ARTICLES BELOW ARE FROM AS FAR BACK AS 2003!!

Mortgage customers 'urged to lie' - All this was way back in 2003 by the way!!
Housebuyers are being encouraged to break the law in order to obtain huge mortgages, the BBC has discovered. Brokers, and even banking staff, have been telling buyers to lie about their incomes to get bigger and bigger loans. And these underhand tactics could also be the reason why house prices have gone on rising for so long.
CLICK HERE - http://news.bbc.co.u...ess/3222053.stm

"Could you believe that a bank would invite customers to defraud it? It may sound incredible, but that is what some of Britain's biggest mortgage lenders have in effect been doing."
CLICK HERE - http://news.bbc.co.u...ess/3478635.stm

The BBC Money Programme uncovers massive mortgage fraud [2003!]: BBC TWO's The Money Programme has revealed a huge mortgage fraud with brokers from some of Britain's biggest estate agents and financial advice groups advising customers to break the law and lie about their incomes to get massively bigger mortgages. And it shows how the illicit cash raised by this method has been pouring into the housing market, boosting prices and leaving many people risking financial ruin.
CLICK HERE http://www.bbc.co.uk..._mortgage.shtml

AND READ THIS: - http://www.housepric...howtopic=152508
-----------------------------
WATCH THE VIDEO OF THE 2003/4 DOCUMENTARY HERE: -
Click on parts 2 & 3 as you go along watching this video.
------------------------------
AND WATCH THE LATEST VIDEO OF LIAR LOANS STILL IN ACTION HERE in 2008 - http://news.sky.com/.../20080641317257

#4 koala_bear

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Posted 03 May 2012 - 10:06 AM

Thanks for posting it is always useful to know the situation on the ground.
IRs on mortgages are going up recently so those rates look OK and certainly cheaper than many.
c ) bigger deposit getting to 25% should help but at 20% you already have most of the advantage to be gained.
d ) create you own in excel etc to compare offers, that way you can model changes in SVR as appropriate too.

Folks,

I've been to a mortgage consultant and was inquiring about various mortgage options in my area (SE) as an FTB
I've provided 20% deposit and in my name only ..

the offers gave were
1. Coventry BS - 3.69% Fixed 2 years and 4.90% later variable
2. halifax 4.21% and 5.20% later variable
3. Santander - 4.52% flexi ( i can pay additional or early payments)

I felt I got the rates higher than many people got.

Few queries I had
a. Can you please put the rates which banks offered?
b. How is it to go with a mortgage consultant?
c. Any tips to have better interest rates for FTB?
d. Any good calculator to analyse between the various options in long term?



#5 Son of Taeper

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Posted 03 May 2012 - 10:23 AM

Folks,

I've been to a mortgage consultant and was inquiring about various mortgage options in my area (SE) as an FTB
I've provided 20% deposit and in my name only ..

the offers gave were
1. Coventry BS - 3.69% Fixed 2 years and 4.90% later variable
2. halifax 4.21% and 5.20% later variable
3. Santander - 4.52% flexi ( i can pay additional or early payments)

I felt I got the rates higher than many people got.

Few queries I had
a. Can you please put the rates which banks offered?
b. How is it to go with a mortgage consultant?
c. Any tips to have better interest rates for FTB?
d. Any good calculator to analyse between the various options in long term?

I would scrap the consultant and visit every potential lender in person.
You need to get the various deals laid out in detail without paying some consultants commission.
Recommend you get something that allows capital repayments without penalty.
This is not the same as early or overpayments.
I used to run the early and over payment in tandem with capital repayments as it allowed you to get a month ahead on the repayment, and if you didn't have any large bills for car or whatever in that month, you could put the following months payment in as a capital repayment, which cuts down the interest you pay the following month.
If the interest rates go up, you start paying the new rate, if they go down, you continue paying the old rate. That way, if you lose your job, you know you are a month ahead on the mortgage.
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#6 bulboy

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Posted 03 May 2012 - 10:44 AM

Thanks for posting it is always useful to know the situation on the ground.
IRs on mortgages are going up recently so those rates look OK and certainly cheaper than many.
c ) bigger deposit getting to 25% should help but at 20% you already have most of the advantage to be gained.
d ) create you own in excel etc to compare offers, that way you can model changes in SVR as appropriate too.


I got 2.5%+BOE lifetime tracker form HSBC on 20% deposit half a year ago. No limit on overpayments whenever you want and can.

I made my choice by looking on compare sites and the bank sites direct.

I used the spreadsheet that can be found here to check affordability and what will happen if the BOE raises to 8%-10%. It works great as it shows you the life of the mortgage and you can play with scenarios of regular or one off overpayments and see straight away how it affects the mortgage.

#7 Sine270

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Posted 03 May 2012 - 11:57 AM

I got 2.5%+BOE lifetime tracker form HSBC on 20% deposit half a year ago. No limit on overpayments whenever you want and can.

I made my choice by looking on compare sites and the bank sites direct.

I used the spreadsheet that can be found here to check affordability and what will happen if the BOE raises to 8%-10%. It works great as it shows you the life of the mortgage and you can play with scenarios of regular or one off overpayments and see straight away how it affects the mortgage.


You can't even get that these days with a 60% LTV.

With 80% LTV the best seems to be the 3.69% for 2 years tracker that the OP found. (999 setup fee)

I recently secured a 2.5% for 2 years with Nat West on a 60% LTV but even that deals gone now.

#8 getknk

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Posted 03 May 2012 - 12:04 PM

I got 2.5%+BOE lifetime tracker form HSBC on 20% deposit half a year ago. No limit on overpayments whenever you want and can.

I made my choice by looking on compare sites and the bank sites direct.

I used the spreadsheet that can be found here to check affordability and what will happen if the BOE raises to 8%-10%. It works great as it shows you the life of the mortgage and you can play with scenarios of regular or one off overpayments and see straight away how it affects the mortgage.

Thanks much for the input and sheets.. very useful..

thanks to everyone for contributing..
expecting more information

#9 AC44

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Posted 03 May 2012 - 01:14 PM

interesting post..

So the situation is getting worse..




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