Hi,
I've just had an offer of 92k accepted on a house, i've got 15% deposit but struggling to find a good deal on a mortgage. The mortgage will be applied jointly in my and my wifes name. We are both working and combined net income is around 22k per year.
However neither me or my wife has ever had any credit cards or loans, will this have any adverse effect on our credit history and effect chances of our mortage amount that we want to borrow (78k)?
I've spoke to 2 brokers at the moment, one through workplace and he's recommended a fixed mortage of 3 years with nationwide at a rate of 4.18% and a total of fees of £389 after the 3 years the rate goes to SVR of 3.99%. Overpayments are allowed upto £500 extra per month without charge.
The other broker I spoke to is L&C which is recommended by MSE, they recommended me a rate of 4.28% fixed for 2 years with Skipton Building Society, there are a total fees of £330 and after the 2 years the rate goes to SVR 5.49 %. Overpayments are allowed upto 10% of the loan annually.
I've also spoke to my bank HSBC and the one that was in my interest was where the rate is fixed for 2 years at 3.64% and then it goes up to standard variable rate of 3.94% however whats putting me of on this is that there is an arrangement fee of £999 and other fees totaling £167. Overpayments are allowed upto 20% over the monthly payment.
I am also interested in an offer that Britannia (Co-op) have got on, fixed rate of 3.69% for 5 years and arrangement fee of £999 (free if current account with salary being paid into there for over 2 months) as well as other fees im presuming which are not stated on the website. After the 5 years the rate goes to the standard variable rate of 4.74%. Overpayment charges are not mentioned on the website. However the arrangement fee and the recent news about Co-op being in financial trouble is making abit more reluctant to go with this.
However I dont want to be paying more than £400 a month on mortage and want to be fixed at a low interest rate for as long as possible where I can make overpayments without extra charges being applied. Are the above deals good or are there better deals out there? Can anyone advise please?
I've just had an offer of 92k accepted on a house, i've got 15% deposit but struggling to find a good deal on a mortgage. The mortgage will be applied jointly in my and my wifes name. We are both working and combined net income is around 22k per year.
However neither me or my wife has ever had any credit cards or loans, will this have any adverse effect on our credit history and effect chances of our mortage amount that we want to borrow (78k)?
I've spoke to 2 brokers at the moment, one through workplace and he's recommended a fixed mortage of 3 years with nationwide at a rate of 4.18% and a total of fees of £389 after the 3 years the rate goes to SVR of 3.99%. Overpayments are allowed upto £500 extra per month without charge.
The other broker I spoke to is L&C which is recommended by MSE, they recommended me a rate of 4.28% fixed for 2 years with Skipton Building Society, there are a total fees of £330 and after the 2 years the rate goes to SVR 5.49 %. Overpayments are allowed upto 10% of the loan annually.
I've also spoke to my bank HSBC and the one that was in my interest was where the rate is fixed for 2 years at 3.64% and then it goes up to standard variable rate of 3.94% however whats putting me of on this is that there is an arrangement fee of £999 and other fees totaling £167. Overpayments are allowed upto 20% over the monthly payment.
I am also interested in an offer that Britannia (Co-op) have got on, fixed rate of 3.69% for 5 years and arrangement fee of £999 (free if current account with salary being paid into there for over 2 months) as well as other fees im presuming which are not stated on the website. After the 5 years the rate goes to the standard variable rate of 4.74%. Overpayment charges are not mentioned on the website. However the arrangement fee and the recent news about Co-op being in financial trouble is making abit more reluctant to go with this.
However I dont want to be paying more than £400 a month on mortage and want to be fixed at a low interest rate for as long as possible where I can make overpayments without extra charges being applied. Are the above deals good or are there better deals out there? Can anyone advise please?