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Is there anyone out there actively seeking mortgage approval? Who's lending, and who isn't? Where are the best deals to be found, and which bank give the least amount of hassle!?

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Is there anyone out there actively seeking mortgage approval? Who's lending, and who isn't? Where are the best deals to be found, and which bank give the least amount of hassle!?

go see a financial advisor, one thats whole of the market and has to fees.

cant really answer your question as it all depends on the size of deposit in relation to the morgage you want. , and your earnings.

if you are after a £100,000 house and have say 10-20 % deposit and have a joint income of say £2,500 a month net, then a mortgage would be easy to get, as long as you have no debts

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went to see northen bank last week about a mortgage. No previous history with them. Brought all the relevant documents and had mortgage approved within an hour. They didnt need to do a valuation survey on the house, and mortgage was approved in branch without the need to go head office. Rate was very competitive and will receive £300 towards legal fees. As they didnt need to do a survey, they will contribute £175 towards the cost of my own survey should I get one. These incentives helped offset the £799 product fee.

I've applied for about 5 mortgages and remortgages over the last 10 years, normally through the GB lenders. Northern proved the easiest and friendliest by far.

p.s. LTV was 45%

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go see a financial advisor, one thats whole of the market and has to fees.

cant really answer your question as it all depends on the size of deposit in relation to the morgage you want. , and your earnings.

if you are after a £100,000 house and have say 10-20 % deposit and have a joint income of say £2,500 a month net, then a mortgage would be easy to get, as long as you have no debts

sorry shifty but i disagree - avoid financial advisor's would be my advice

use comparison websites, sites like this etc. Do Your Own Research - financial advisor's will only get paid selling you products* - some products make more money for them then others!

i have a first direct 5 year fix tied to a current account - the interest on any money i owe is cancelled out if I have the equivalent amount as cash in my account. Therefore, I can bring down my monthly interest payments the more i save.

try out thisismoney, mse etc and phone around

edit* - unless you pay them on a fee basis - but what's the point DYOR

Edited by p.p.

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go see a financial advisor, one thats whole of the market and has to fees.

Financial Advisors are ok, but they cant give you advice on the whole of the market, even if they say they can. They can only give you advice on a number of companies who will actually pay them commission to do so.

For example, the Northern Bank dont out-source to Financial Advisors, therefore an IFA cannot give you advice on their MTG products.

Good for a second opinion though but just keep that in mind.

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With a remortgage I worked out what I thought was the best deal, then used an FA to see if they came up with something better but in this case they just confirmed exactly what I had found myself. However their commission/finders fee/whatever was paid by the bank not me so I got exactly the same deal as I would have done arranging it myself but instead of the bank keeping the fee a local person here got it, surely better an individual in your local area gets the money than it be swallowed up by a bank if it causes you no hassle.

I would count using an FA/mortgage broker as part of the process of thorough research in to whats available, just be aware of what your doing.

Edited by ratatat

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Financial Advisors are ok, but they cant give you advice on the whole of the market, even if they say they can. They can only give you advice on a number of companies who will actually pay them commission to do so.

For example, the Northern Bank dont out-source to Financial Advisors, therefore an IFA cannot give you advice on their MTG products.

Good for a second opinion though but just keep that in mind.

well i went to see one, and he showed me an example based on a mortgage of £75,000. it was actually less that i have found on comparison sites, and fess were less, think about £290 total, and if i took that mortgage he would get £249 from the mortgage company.

plus you can check what is the best deal they can get you, then you can check on mortgage sites online for better, i did and could not find any better. Not all financial advisors are out to screw you over and get the best deal for themselves

Edited by shifty_FTB

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With a remortgage I worked out what I thought was the best deal, then used an FA to see if they came up with something better but in this case they just confirmed exactly what I had found myself. However their commission/finders fee/whatever was paid by the bank not me so I got exactly the same deal as I would have done arranging it myself but instead of the bank keeping the fee a local person here got it, surely better an individual in your local area gets the money than it be swallowed up by a bank if it causes you no hassle.

I would count using an FA/mortgage broker as part of the process of thorough research in to whats available, just be aware of what your doing.

yep exactly, its always best to consult a FA or broker. They are not all crooks like people here make them out to be

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yep exactly, its always best to consult a FA or broker. They are not all crooks like people here make them out to be

To state that it is 'always best' is misleading. Based on what? If it is your own experience then fair enough. IMHO it would be better to state that though.

Im not convinced that the intention is to make them out as crooks, it would appear to me that it is advice that is being offered to FTB's etc just to be wary, that FA's cant necessarily give you the best in deal in the market, even though they will claim to. To be justify that comment, how many FA's who are earning a living by selling MTG's etc are gonna turn around to you and say that they cant offer you the best deal and send you off in the direction of a local bank who they dont offer advice on ??? It doesnt happen. 99% of the time they will tell you that they will get you the best deal in the market and this may not be the case, and it most certainly is mis-leading when the reality is that they cant give advice on the whole market.

Absolutely consult them, it shouldnt matter to you if they are getting commission or not from the Bank. In business terms they make very little for arranging MTG's. They make the real sales commission from getting the cross sales i.e. Life cover, Critical illness cover etc with the Mortgage. But sont be sucked in and think that they are doing it to feel good though... no one goes to work for free (not many anyway lol!). The Financial Services industry is heavily regulated to ensure that you are not mis-sold products, this applies to FA's more now than ever.

What they cant factor in is some of the deals that Banks etc can offer you if you go through into the Branches and deal with an employee ... such as Account packages thay give you reduced or no arrangement fee's for MTG's etc. Its a bit like comparing apples and pears, both similar ... but both different. Positives and negatives for both.

Research the market, Moneyfact's, moneysupermarket etc. Consult an IFA, consult your bank/building society ... see what they can do. Then make an informed decision about what is the right deal for you ...

Edited by tinbin

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I looked on moneysupermarket and checked with my own bank. The mortgage advisor beat them both and I found it useful to talk to someone who had experience in mortgages. Shop around and find the best deal. A mortgage advisor will talk you through things and give you a quote for free. It will cost you an hour of your time at most.

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i used to always think internet = best price deal , but its not always the case

nfu beat all internet prices for my car insurance

a travel agent put together a week in dubai for me cheaper than i could do online myself

i have a very good IFA ( based in London ) so when it comes mortgage time I will give him a shot , give the internet a shot and probably a norn iron based bank or 2 a shot as well as my own bank - RBS.

SHOP AROUND - WHAT DO YOU HAVE TO LOSE

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i used to always think internet = best price deal , but its not always the case

nfu beat all internet prices for my car insurance

a travel agent put together a week in dubai for me cheaper than i could do online myself

i have a very good IFA ( based in London ) so when it comes mortgage time I will give him a shot , give the internet a shot and probably a norn iron based bank or 2 a shot as well as my own bank - RBS.

SHOP AROUND - WHAT DO YOU HAVE TO LOSE

It's not your bank, it's OUR bank and I'm not sure you tick all the boxes.

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To state that it is 'always best' is misleading. Based on what? If it is your own experience then fair enough. IMHO it would be better to state that though.

Im not convinced that the intention is to make them out as crooks, it would appear to me that it is advice that is being offered to FTB's etc just to be wary, that FA's cant necessarily give you the best in deal in the market, even though they will claim to. To be justify that comment, how many FA's who are earning a living by selling MTG's etc are gonna turn around to you and say that they cant offer you the best deal and send you off in the direction of a local bank who they dont offer advice on ??? It doesnt happen. 99% of the time they will tell you that they will get you the best deal in the market and this may not be the case, and it most certainly is mis-leading when the reality is that they cant give advice on the whole market.

Absolutely consult them, it shouldnt matter to you if they are getting commission or not from the Bank. In business terms they make very little for arranging MTG's. They make the real sales commission from getting the cross sales i.e. Life cover, Critical illness cover etc with the Mortgage. But sont be sucked in and think that they are doing it to feel good though... no one goes to work for free (not many anyway lol!). The Financial Services industry is heavily regulated to ensure that you are not mis-sold products, this applies to FA's more now than ever.

What they cant factor in is some of the deals that Banks etc can offer you if you go through into the Branches and deal with an employee ... such as Account packages thay give you reduced or no arrangement fee's for MTG's etc. Its a bit like comparing apples and pears, both similar ... but both different. Positives and negatives for both.

Research the market, Moneyfact's, moneysupermarket etc. Consult an IFA, consult your bank/building society ... see what they can do. Then make an informed decision about what is the right deal for you ...

i will say again, it is best to consult a FA, not avoid which P.P said in his post.

sites such as moneysupermarket and martins money tips at moneysavingexpect.com actually advise going to see a FA as they can negotiate exclusive deals with lenders that are not available to individual customers.

plus the advice is FREE, and you dont have to take a mortgage with them.

whole of market is technically defined as whole of the available market, as a few lenders dont offer there mortgages through brokers, so going to a broker can be a good start but its worth checking deals elsewhere, especially online. I dont think HSBC, ING Direct or First Direct use brokers, think we should get a list going

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i will say again, it is best to consult a FA, not avoid which P.P said in his post.

sites such as moneysupermarket and martins money tips at moneysavingexpect.com actually advise going to see a FA as they can negotiate exclusive deals with lenders that are not available to individual customers.

plus the advice is FREE, and you dont have to take a mortgage with them.

whole of market is technically defined as whole of the available market, as a few lenders dont offer there mortgages through brokers, so going to a broker can be a good start but its worth checking deals elsewhere, especially online. I dont think HSBC, ING Direct or First Direct use brokers, think we should get a list going

OK - if it doesn't cost you anything fair enough

I just know many people who were talked into taking out endowments in the late 90's / early 00's

I did my own research and decided against taking out an endowment - I reasoned with many friends over that time period to do their own research, many didn't

Back here in 06, a few of us were saying the NI house market was going to crash, we were a tiny minority going 'against the grain'

DYOR

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Personally speaking I would always go to a FA, leave it to the experts.

ah, the same 'experts' which were scandalized with the miss-selling of endowments in the 80/90s i presume?

go and see an FA by all means if you wish but educate yourself first; not good to see an FA if you know SFA

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I would probably end up seeing an FA but I would conduct the vast majority of my work on the internet. Similar to how I use the web to book holidays. Get a general idea of what I’m after and then try and come up with the best deal. It’s at this stage I’d approach a few FAs to see if they can get a better offer. Must admit any of the FAs I’ve talked to are awful (pensions and critical illness). They just want as much from you as they can get. Similar to mosquitoes and leeches. Most have been pretty awful with regards to general financial knowledge. Those multiple choice exams I guess.

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Does anyone know of a bank that isn't looking for bank statements from a current account? A friend of mine has just changed accounts and was told he can't get a mortgage because he doesn't have 6 months account history, even though he has a five year old savings account with £40k in it :blink:

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I thought it was banks that gave out the statements ;-) do they want them back now?

Doesn't he have the account history from the old current account bank?

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I thought it was banks that gave out the statements ;-) do they want them back now?

Doesn't he have the account history from the old current account bank?

if he gets the mortgage from a bank that he does not bank with then he will need to produce bank statements if they need them, but many might just as for payslips

however he doesnt make sence, even if you changed account you can still use statements from previous account, and can still get copies even if bank account is closed.

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Does anyone know of a bank that isn't looking for bank statements from a current account? A friend of mine has just changed accounts and was told he can't get a mortgage because he doesn't have 6 months account history, even though he has a five year old savings account with £40k in it :blink:

The lending criteria will vary between banks but they all will generally want to sight 6 months statements to get a full picture of the day to day spending. Especially if it is a new customer who they have no relationship with. Payslips will prove income but if you overspend each month or had more outgoings than income then you couldnt afford a mortgage regardless of income.

This is just part of the reason they ask for things like bank statements - Banks get a hard time for asking for these but to put it into perspective if I knocked on your door and asked to borrow £100k, im sure you would want to see more than just an account with money in it b4 agreeing to giving me it.

To answer the question ... Your mate is very unlikely to find a reputable Bank that doesnt.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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