Mortgages

Anything goes in The Snug, the GD's rebellious little brother. An off-topic den of iniquity for non-football/news related musings.

Moderators: bristolhammerfc, sicknote, -DL-, Rio, Gnome, chalks, the pink palermo

Mortgages

Postby Ben on Fri Mar 30, 2018 8:48 pm

You lot are usually good with stuff like this, we got declined for a decision in principle from santander and thinking of using a broker who may know who best to apply to with our situation etc.
Selling a shared ownership in my name and getting a joint mortgage for a house
We have just over 10% deposit
Credit scores look ok
Minimal loans (£166 a month til November and one for £35 a month )
No c.cards

Is a broker the way to go?
Should we try to clear loans? Family may be able to help do that
User avatar
Ben
 
Posts: 13463
Joined: Tue Dec 07, 2004 7:00 pm
Location: Overdue warning for being a twat on the rumours thread

Re: Mortgages

Postby mumbles87 on Fri Mar 30, 2018 8:51 pm

Broker is the best way to go to be honest they can help in these situations
mumbles87
 
Posts: 9851
Joined: Sun Jul 01, 2012 10:35 am

Re: Mortgages

Postby DasNutNock on Fri Mar 30, 2018 8:56 pm

If family can help in any way, take that help. You can always pay them back.
User avatar
DasNutNock
 
Posts: 6524
Joined: Sat Sep 17, 2016 4:41 pm
Location: R Tape loading error, 0:1

Re: Mortgages

Postby Ben on Fri Mar 30, 2018 9:26 pm

Thought so cheers chaps
TBH if we go through a broker and they get us a mortgage I'll be more than happy to pay the fee!
User avatar
Ben
 
Posts: 13463
Joined: Tue Dec 07, 2004 7:00 pm
Location: Overdue warning for being a twat on the rumours thread

Re: Mortgages

Postby Greatest Cockney Rip Off on Sun Apr 01, 2018 10:40 am

A financial advisor or broker will go all out to get you a mortgage, usually getting you a better deal than you'd get. Also, they get paid by the mortgage company so it should be free to you, if not, then get one that does get paid by the mortgage company.

Do you bank with Santander? If not, go to your bank and ask them.
User avatar
Greatest Cockney Rip Off
 
Posts: 13342
Joined: Tue Dec 02, 2003 1:29 am
Location: The oil drum in the Garden of England

Re: Mortgages

Postby FreeWheeling on Mon Apr 02, 2018 8:56 pm

the other option is to get a broker were you pay a one off fee, £300 we paid, now everytime we need mortgage advice we go to them , no more fees
FreeWheeling
 
Posts: 2845
Joined: Mon Aug 16, 2010 6:55 pm
Location: Behind the away goal at the Camrose

Re: Mortgages

Postby Big George on Tue Apr 03, 2018 8:20 am

let me know if you're looking for someone. My (Millwall supporting) brother in law does loads as a mortgage broker, including mine,m saved me bundles.
Last edited by Big George on Tue Apr 03, 2018 8:59 am, edited 1 time in total.
User avatar
Big George
 
Posts: 9894
Joined: Thu Jun 19, 2003 2:59 pm
Location: http://www.whuisa.org/

Re: Mortgages

Postby somerset-hammer on Tue Apr 03, 2018 8:23 am

We used a Mortage advisor/broker, best thing we did.
User avatar
somerset-hammer
 
Posts: 5159
Joined: Tue Jul 06, 2010 7:05 am
Location: Arse end of nowhere

Re: Mortgages

Postby sendô on Tue Apr 03, 2018 9:15 am

Use a broker. They'll search high and wide getting you the best deal, and then will get paid by the lender so no extra cost to you.
User avatar
sendô
 
Posts: 24631
Joined: Thu Nov 10, 2005 1:41 pm
Location: in the pessimistically optimistic camp.

Re: Mortgages

Postby Denzil on Tue Apr 03, 2018 9:20 am

Currently going through it myself now, I have used a broker and he's given me a stack of info plus a few different options from various lenders. I have not approached my bank directly and always feel using a broker for these types of things is the best route to go down given their expertise. You need one that comes recommended by someone you trust the opinion of though. Mine is not finalised yet so cannot confirm he's great, but so far so good. We have a free financial adviser service at work and he comes recommended from the guys who run our pension plan.

He charges me £100 which is fine and takes a fee from the lender, which I imagine is far bigger than £100.

Anyway, point I am making is use a broker.
User avatar
Denzil
 
Posts: 1284
Joined: Tue May 10, 2011 2:39 pm

Re: Mortgages

Postby ironworkersgrandson on Wed Apr 04, 2018 3:59 pm

i use a broker friends who also is a west ham season ticket holder , his email is Matt.Hodges@sjpp.co.uk he has saved me loads over the years
User avatar
ironworkersgrandson
 
Posts: 303
Joined: Wed May 17, 2006 1:46 pm
Location: essex

Re: Mortgages

Postby Mega Ron on Wed Apr 04, 2018 4:36 pm

I can vouch for Matt.

He's a top bloke.
User avatar
Mega Ron
 
Posts: 8343
Joined: Thu Nov 30, 2006 3:35 pm
Location: Warp's mum

Re: Mortgages

Postby crosby on Fri Apr 06, 2018 3:26 pm

Give the Halifax a try. I was turned down by 2 banks (one I bank with) and was considering a broker but thought I'd give them a go first.

The person in the branch makes the decision rather than it going to HO and they seems to be a bit more flexible on the criteria. It was actually a HSBC guy that recommended them to me as he had been turned down by his owner employer but was accepted by the Halifax.
crosby
 
Posts: 3
Joined: Thu Jan 14, 2010 1:32 pm

Re: Mortgages

Postby btajim - mcfc on Thu Apr 12, 2018 1:22 pm

I know property magnates and they always recommend brokers. It's near unanimous.
User avatar
btajim - mcfc
There when they were sh*t
 
Posts: 6580
Joined: Fri Mar 02, 2007 12:40 pm
Location: Failsworth, Manchester

Re: Mortgages

Postby essexguy on Thu Apr 12, 2018 3:26 pm

Brokers all the way.

They will pretty much know whether you will be approved or denied for a particular mortgage product with a specific lender based on the info you give them.

Saves going from lender to lender, with multiple rejections it does affect your credit score in the short term.
essexguy
 
Posts: 809
Joined: Sat Jan 10, 2004 5:31 pm
Location: essex, England

Re: Mortgages

Postby The Gibbins on Thu Apr 12, 2018 3:35 pm

Ben, i get free advice from a mortgage broker with my work and can recommend friends for free. DM me on facebook if you want their details, they may be able to offer some advice :thup:
User avatar
The Gibbins
Maggot infested twat
 
Posts: 23034
Joined: Wed Feb 22, 2006 12:57 am
Location: Living in Perception

Re: Mortgages

Postby btajim - mcfc on Thu Apr 12, 2018 5:05 pm

Do you get a more favourable rate with a higher deposit? I have maybe 50% of the price to put down already (houses cheap Oop Narth) but, deep down, would welcome less so I can furnish well and take holidays. Having said that, I know which is the more sensible option...
User avatar
btajim - mcfc
There when they were sh*t
 
Posts: 6580
Joined: Fri Mar 02, 2007 12:40 pm
Location: Failsworth, Manchester

Re: Mortgages

Postby DasNutNock on Thu Apr 12, 2018 5:39 pm

btajim - mcfc wrote:Do you get a more favourable rate with a higher deposit? I have maybe 50% of the price to put down already (houses cheap Oop Narth) but, deep down, would welcome less so I can furnish well and take holidays. Having said that, I know which is the more sensible option...


You'd expect to get a better rate with that kind of equity available. You'd expect to get a mortgage on a 5 year fix at 1.84% with a 60% LTV - closer to 2.39% with a 90% LTV, and 3.89% at 95% LTV.

I doubt there's much difference in rates between the 50% you have and the 60% rate above, so you could probably hold onto some of that cash to invest in a new kitchen, a 75" 4k telly and a fortnight in Koh Samui.
User avatar
DasNutNock
 
Posts: 6524
Joined: Sat Sep 17, 2016 4:41 pm
Location: R Tape loading error, 0:1

Re: Mortgages

Postby RichieRiv on Thu Apr 12, 2018 7:44 pm

The best bit of advise I was given about house buying and mortgages is that everyone will be an expert, mainly because they've done it once and are of course experts. Oh and everyones broker is the best out there etc etc.

Interest rates are highly dependent on multiple factors and although loan to value is one of those, your personal circumstances have a huge baring. Not just salary but outgoings.....that full sky package, gym membership, West Ham ST and student loan repayments will effect the rate you pay.

Just because Joe Bloggs got a great deal with X doesn't mean you'll get the same.
User avatar
RichieRiv
 
Posts: 14815
Joined: Tue Dec 17, 2002 3:35 pm
Location: http://www.helpforheroes.org.uk/

Re: Mortgages

Postby Mega Ron on Thu Apr 12, 2018 7:47 pm

Nice to see you Richie
User avatar
Mega Ron
 
Posts: 8343
Joined: Thu Nov 30, 2006 3:35 pm
Location: Warp's mum

Next

Return to The Snug

Who is online

Users browsing this forum: No registered users and 2 guests