Got an agreement in principle! - but why is the rate so high & get we get a better 1?

Hi all,

My husband and I are first time buyers and we have seen a shared ownership house we like (We are looking to buy a 50% share).

Due to various factors (recently cleared off all debt & waiting for a missed payment error to be removed) we were waiting for our credit files to update to reflect these recent changes so that we can get an AIP and put an offer in.

Well I spoke to a broker today who advised that we should try for a AIP with Halifax who leave a 'soft footprint' and if we get accepted then we can at least put an offer in, rather than risk loosing the house.

And we got accepted :beer:

However the rate is high 5.69% and have to pay a product fee of £999. On a two year fix.

Looking at Halifax's website they offer a 2 yr fix at 3.79% with 0 product fee. (Hence wanted to go to them)

So have we got this rate/deal because A) it's through a broker B) it's because of our rating C) it's shared ownership or D) all of the above.

And if so can we get a better deal when come to do a full mortgage application?? (When the credit reference file will be up to date?)

I will be speaking to the broker tomorrow but would appreciate any advice, including what to say to the broker!

Thanks so much :)