Mortgage Question

Why would you go into your local Nationwide? Why don't you talk to an independent broker who can maybe get you a better deal and advise you about the question of clearing your loans?

Rob Graham

I'd really like a mortgage, I'm only 29 years old so age isn't a problem, if poss I'd up it to 120k in order to do the kitchen up, etc.

James

In message , James D writes

Then do what Rob says. Perhaps he should have put the word 'mortgage' in between the words 'independent' and 'broker' to help you understand.

Independent mortgage brokers deal with the whole market of mortgage lenders and will find you the best deal.

To be fair, Nationwide are offering some great rates at the moment (2 year fixed at 4.49% for example), so it's worth considering if the rates on unsecured are considerably more.

But will often try to flog you insurances which you don't need because they make more money on them than arranging the mortgage. That's my experience anyway.

Why do you anticipate problems?

In message , Andy Pandy writes

A) that doesnt effect the position of the OP

B) You picked the wrong broker then

C) the law changed last month.

Sure, and I've nothing against Nationwide. However, on principle I think it's worth seeing the wider picture first.

Rob

I see you have been given some other, useful advice.

But don't for one minute think your being "better off" will make any organisation more willing to lend. They are only interested at lending you the most they know you can afford, at the highest rate of interest, over the longest term.

Your requirements are low risk for any lender as the loan to value is below 70% of the property value. Regardless of that however all lenders will assess your credit score and credit check, level of declared income and affordability, age and term to retirement etc etc. As an initial start you could try the following mortgage search facility. This will give you an indication of the mortgages you would qualify for. Word of warning however, the rates that will come up will include mortgages that have extended early repayment charges. No cost independent mortgage advice is available however.

This a cynical view and may stop the OP from refinancing himself, although I accept that he needs to have these issues in the back of his mind before he signs anything.

Rob Graham

Isn't his issue what he will say when asked what the purpose of the mortgage is? I believe it's more relaxed these days, but I'm sure time was that if you said 'to clear credit card debts' you'd have been shown the door?

David