FTB mortgage
Author
Discussion

Smanks

Original Poster:

3,100 posts

217 months

Thursday 24th January 2013
quotequote all
FTB mortgage for a flat, deposit of 25-30%, 5 year fixed if possible, if not, 3 year fixed. Probably 30 year term, maybe 35.

There are plenty of high street banks in my town that could potentially work, as I would like to be able to go in and see them at short notice if needed. Apart from different rates that each bank has, I have no idea if they are all of a muchness or whether there are any specific places that would be better for me as a sole FTB that doesn't earn a big salary.

My deposit is ready and I am in the process of booking appointments with local banks to talk to advisors, but TBH I don't have time to spare going to and from different banks, and Nationwide is my first meeting next week. I bank with Lloyds but am thinking of using Nationwide for the mortgage, and sticking with Lloyds for my current account etc.

Good idea or not? Any help is much appreciated.

CaptainSlow

13,179 posts

242 months

Thursday 24th January 2013
quotequote all
I've always used Nationwide due to being straight forward with no hassle.

Rates may not be the best but they are there or there abouts.

Fixed 5 at 3.29% with £99 fee is ok I guess (70%ltv).

Sure our resident broker will be along soon.

Edited by CaptainSlow on Thursday 24th January 13:53

Smanks

Original Poster:

3,100 posts

217 months

Thursday 24th January 2013
quotequote all
CaptainSlow said:
I've always used Nationwide due to being straight forward with no hassle.

Rates may not be the best but they are there or there abouts.

Fixed 5 at 3.29% with £99 fee is ok I guess (70%ltv).

Sure our resident broker will be along soon.

Edited by CaptainSlow on Thursday 24th January 13:53
I remember seeing something similar on their website calculator thing, I'm not sure whether to stump up a fee to slightly lower the monthly costs or to go for a fee-less one. I'm thinking that as I will be able to pay for a fee up front without a problem then it might make sense to do that.

CaptainSlow

13,179 posts

242 months

Thursday 24th January 2013
quotequote all
I base that decision of how much extra the rate differential will cost me over the fixed term, which will depend on the size of the loan.

What size loan are you thinking of?

Smanks

Original Poster:

3,100 posts

217 months

Thursday 24th January 2013
quotequote all
Between 90-100k I would think, depends what the banks say, closer to 90k though.

I'm also not sure what to expect when it comes to making offers on places. I know people say that your first offer should make you cringe, but what is realistic? 5-10%? I would think that as I am not part of a chain then that must help things.

CaptainSlow

13,179 posts

242 months

Thursday 24th January 2013
quotequote all
Well with Nationwide you'll save 0.2% off the rate if you pay an additional £400 on the fee. This will save you ~£900 interest over 5 years. Up to you to decide if that's a good choice.


eta
I think the £499 fee is a reduced fee.

dalenorth

930 posts

197 months

Thursday 24th January 2013
quotequote all
We are brokers and have used Nationwide quite a lot currently, one of my advisers would be happy to talk through things with you if you want any advice?

PM if required.

Smanks

Original Poster:

3,100 posts

217 months

Thursday 24th January 2013
quotequote all
Yes the £499 fee is reduced from £999 I think. It would probably save about £15-20 a month, but my aim is to keep monthly costs down as much as possible beer

Sarnie

8,373 posts

239 months

Thursday 24th January 2013
quotequote all
Smanks said:
FTB mortgage for a flat, deposit of 25-30%, 5 year fixed if possible, if not, 3 year fixed. Probably 30 year term, maybe 35.

There are plenty of high street banks in my town that could potentially work, as I would like to be able to go in and see them at short notice if needed. Apart from different rates that each bank has, I have no idea if they are all of a muchness or whether there are any specific places that would be better for me as a sole FTB that doesn't earn a big salary.

My deposit is ready and I am in the process of booking appointments with local banks to talk to advisors, but TBH I don't have time to spare going to and from different banks, and Nationwide is my first meeting next week. I bank with Lloyds but am thinking of using Nationwide for the mortgage, and sticking with Lloyds for my current account etc.

Good idea or not? Any help is much appreciated.
I'm a Mortgage Broker wavey

I have done, and am doing, lot's of PH'er FTB mortgages at the moment. If you want a chat, you can drop me a PM/Email so I can tell you in 5 minutes what Nationwide will take two hours to tell you smile

Smanks

Original Poster:

3,100 posts

217 months

Thursday 24th January 2013
quotequote all
dalenorth said:
We are brokers and have used Nationwide quite a lot currently, one of my advisers would be happy to talk through things with you if you want any advice?

PM if required.
Sarnie said:
I'm a Mortgage Broker wavey

I have done, and am doing, lot's of PH'er FTB mortgages at the moment. If you want a chat, you can drop me a PM/Email so I can tell you in 5 minutes what Nationwide will take two hours to tell you smile
Thanks beer