Goochie

Buy a mortgage magazine - I found one in Tesco when I was looking, lots of handy info and comparisons in it.

Try also, Inteligent finance.

[Edited by Goochie - 12/2/2003 12:04:05 AM]

rik1471

Looking for a first time buyer 100% mortgage for £80000. Prefer it fixed for at least 2 years with no penalty for moving at the end of the fixed period.

Would anybody here know any decent deals I can look into?

jameswrx

iTrader: (4)

Best 2 year deal I got was with the Woolwich. Biggest messers I've ever dealt with. IMO best repayment deal = more upfront charges, more messing, etc. Last mortage was with C&G through my bank, not the cheapest, but completely hassle free to setup.

Be prepared for when they shaft you with charges.

Bas

Have a look on Moneyextra

It allows you to compare mortgages meeting your specific criteria

Bas

MattN

remember you still need a deposit with a 100% mortgage, and with 100% you won't get the best deals.

hades

There's also two takes on your ideal criteria.

If you want no penalties for moving your mortgage to another company, after the two year fixed rate, you won't get very good discount. No company will offer you a wonderful deal without tying you in to make them some profit later on.

However, many morgages are now "portable", i.e. although you're tied in to the same lender, you can move house and take the mortgage with you, without paying the redemption penalty.

Re: Woolwich - IMHO, don't phone their mortgage centre, who are generally pretty useless in my experience. Go via their phone banking system, they've always been great with me. You wouldn't believe they are the same company.

MattN

yeah, portable. Watch out tho.

I'm with the Woolwich and mine is portable but they will only 75% of the value of the new property so pretty useless.!

3times

Woolwich do not do 100% lending.
You do not need a deposit for 100% loan, hence 100%.
Try Northern Rock ( up to 125%), Mortgage Express, Bank Of Scotland.
Most lenders do not charge MIG at 100%.
Your income must be sufficient to repay the loan. 3x single income is the norm however N/Rock will give 3.8x. (Any outstanding committments will be deducted prior to multiple being applied.
Best advice is to see an Independant Financial Advisor (IFA). IFA Promotions should be able to give you details of local IFA's.

Make sure you get all the fees in writing before you complete any mortgage application.

Good luck!

rik1471

I've consulted a IFA, but they're expecting £1600 arrangement fee. I thought this was a bit steep, and decided to look around. Any comments?

3times

Rik,
I think that the IFA is taking serious liberties, I don't even charge 2% for really bad cases.

If you want any further advice e-mail as profile.


Tony

MattN

I had to pay a deposit on a 100% mortgage. 5% when we exchanged contracts then on completion I got my 5% back. Otherwise exchanging contracts is meaningless if you don't stand to lose anything.

Goochie

dont go to a broker either, they're rip off merchants - I made this mistake believeing he could genuinly get me a better deal. He diddnt. Just sent me some forms I could have got on the web.

He then rode off into the sunset with my £250, sunlight glinting on his spurs shouting YEEEHAAAAARRR......

Andrew Dixon

After goign through my requirements my IFA recommended a mortgage with Stroud & Swindon, and recommended that I apply online in order to qualify for the lowest rate. His profit .. nothing. All he asked is that I came back to hime for insurance.

There are some good 'uns out there!

A

BIG E

Try here http://www.fsa.gov.uk/tables/index.jsp sorry don’t know how to make it clicky.

I recently sourced my mortgage from using these tables, you will also get a better interest rate if you approach the lender direct rather than going to a financial advisor.

Northern Rock do 100% mortgages and don’t charge you a MIG. There’s no redemption penalty and no extended tie in. They also do a 2 year fixed rate mortgage. But on the down side the five percent deposit is in the form of a loan, you can however spread the payments over the length of the mortgage and they do charge a set up fee which can be added to your mortgage.

Good luck

Regards
Ian

3times

Goochie,
Please don't tar all brokers with the same brush.

Most people go to a broker because they are unsure whether they can get a mortgage by traditional methods or need someone to do the research for them (save them trying lender after lender in the high st).

Intelligent Finance do not do 100% mortgages.

Goochie

It was just my opinion based on my own experience and some recent television coverage relating to the same advice network that I used.

The whole reason I used one was to save myself doing the legwork and research. He was also good at chasing up the lender on my behalf.

Wouldn't do so again though.

ChrisB

Agreed 3times. My IFA has been excellent for my pension and mortgage

rik1471

Thanks for the advice, I'll give Northern Rock a try.

imlach

Re IFAs. I used one for my last mortgage, even though I dind't want to. In the end, he came up with the same deal I'd found using the web (and I even had to correct him on a few points, but I know they can't know EVERYTHING, while I was focussing on smaller issues pertinent to my situation).

However, he did all the legwork for me, and he also knew people at Std Life which helped (allegedly) get it done quicker. Who knows, but can't complain. Given I don't know anyone at Std Life, doing it myself on the web would have worked out the same price anyway....

So, in the end, it was good to have a 2nd opinion, just in case I'd missed something, and also he did some legwork, all for free really - he did get the fee, but as I said, if I'd applied on my own over the Web, Std Life take the same fee for themselves anyhow. I guess there are ways around that.

rik1471

Northern Rock look the best. Thanks for the advice.