First Mortgage

[boboisared]

www.firstmortgage.co.uk

 

Has anyone had any experience with this company?

 

My mate has told me he's heard good things but that's from word of others. Would rather hear it from the horses mouth.

 

Good or bad etc.

 

Cheers.

[Stoney]

I got involved with a company like this, the advise is not sound and best to be avoided, the company / advisor we went to see gave us a suggestion with a rate of almost 8% interest and a huge product fee. We went to see a soliciter and they strongly advised us to stear clear (By the way - best money i spent during the whole chore was getting a decent solicitor to look things over)

 

Best stear clear, go round the banks / online comparison sites yourself.

 

Im with RBS and had no problems at all, fixed rate of 5.99% for five years (lowest at the time) and no product fee's at all.

[boboisared]

I got involved with a company like this, the advise is not sound and best to be avoided, the company / advisor we went to see gave us a suggestion with a rate of almost 8% interest and a huge product fee. We went to see a soliciter and they strongly advised us to stear clear (By the way - best money i spent during the whole chore was getting a decent solicitor to look things over)

 

Best stear clear, go round the banks / online comparison sites yourself.

 

Im with RBS and had no problems at all, fixed rate of 5.99% for five years (lowest at the time) and no product fee's at all.

Aye, got told the solicitor will probably be the most important part of things.

 

Just at the early stages of looking at things just now and thought maybe an independent broker looking for you couldn't be a bad thing. Probably wrong of course!

[Stoney]

Yeah thats what we thought,

 

There is a big grey area with regard to the "Independant" part of things though.

[The Boofon]

Aye, got told the solicitor will probably be the most important part of things.

 

Just at the early stages of looking at things just now and thought maybe an independent broker looking for you couldn't be a bad thing. Probably wrong of course!

 

 

They won't be allowed to sell you duff deals as they are independent but from a glance at their website I'd say they look pretty ropey personally.

 

Where do you stay bobo? If you're up in God's country (Banffshire) drop me a PM and I'll put you onto the Wealth Management team that look after my finances.

[boboisared]

They won't be allowed to sell you duff deals as they are independent but from a glance at their website I'd say they look pretty ropey personally.

 

Where do you stay bobo? If you're up in God's country (Banffshire) drop me a PM and I'll put you onto the Wealth Management team that look after my finances.

Cheers for that Boof but I live in Aberdeen unfortunately.

 

That was something I'd worried about to be honest Stoney. Never sure if they're going to edge you towards a certain company etc.

 

Cheers lads.

[Dandyesque]

I'd recommend either the Nationwide or the Co-operative.

 

The Nationwide is a mutual, so run for the benefit of it's members - ie you. The rates are comparable to the best around from normal lenders. The Co-operative is what it says on the tin - you get membership and discounts off loads of Co-op stuff and they have an ethical investment policy, so you can be sure your money isn't all that's propping up a diamond shaft in the Ivory Coast.

[The Boofon]

Cheers for that Boof but I live in Aberdeen unfortunately.

 

That was something I'd worried about to be honest Stoney. Never sure if they're going to edge you towards a certain company etc.

 

Cheers lads.

 

 

They'd get hammered if they did.

 

Don't be fooled by internet advertising about deals at such and such percent either. Often you'll need quite a large deposit or equity in hand before you get the good rates.

 

I've just came off an astronomical rate as I got my mortgage at the peak of interest rates just over 3 years ago.

 

Now at a tiddly 2%. Still paying the same amount though as I don't miss the cash and the mortgage is tumbling quick as you like.

Shame you're a toonser as it's worth noting that the company he works for won't take on new mortgages now so he'd definitely be independent.

[tup]

I'll put you onto the Wealth Management team that look after my finances.

 

You're going to get him into the Freemasons?

[The Boofon]

You're going to get him into the Freemasons?

 

You don't just get in, he'd have to be invited in. :thumbs:

[tup]

You don't just get in, he'd have to be invited in. :thumbs:

 

Aye well he'd have to have a family who own a farm, or have an emergency service background, perhaps his faither would have had to have been a headmaster, or a local garage owner, or maybe an esteemed local publican.

 

But then he'd be offshore, and he wouldna be worrying about mortgage rates, as he's be getting

[Stoney]

They'd get hammered if they did.

 

Don't be fooled by internet advertising about deals at such and such percent either. Often you'll need quite a large deposit or equity in hand before you get the good rates.

 

I've just came off an astronomical rate as I got my mortgage at the peak of interest rates just over 3 years ago.

 

Now at a tiddly 2%. Still paying the same amount though as I don't miss the cash and the mortgage is tumbling quick as you like.

Shame you're a toonser as it's worth noting that the company he works for won't take on new mortgages now so he'd definitely be independent.

 

 

Not sure how bad the deposit situtation is now - but we needed 10%

 

which was

[Coopy100]

I used them but it was about 6 years ago. They got me a better deal from the TSB than I could have got myself. No harm in going in and seeing what they have to offer as they didn't charge me. I also went round heaps of banks and building socities to see what they would offer me and no where could match the rate I got. No product fees were charged to me either. Shop around Bobo and see what the banks all say and compare it.

[King Street Loon]

I'm in my 2nd bought property now and the first time I used an Independant Finacial Advisor who I'sd known for many years.

He sorted me out with a great mortgage and he works on a comission.

Second time I dealt with Aberdein Considine, and unlike the two names involved they were far from useless and again got me sorted on a good deal with Northern Rock which I'm happy with.

 

The independant guy I used is a one man show and works under the company name Deeside Independant Finance.

 

Good luck bobo.

[boboisared]

Cheers for all the advice in here lads!

[dazzy_deff]

I originally used my dad and sisters financial advisor for help with my mortgage. He doesnt charge and works on commision as per KSL's man. Based in the west End, cant mind the name of the company but can easy get it. He got together all the best deals but advised me to go to my own bank as I may get a better deal than he can find. Im with HBOS, and got a cracking deal that doesnt show up on any of the independent guys systems due to being a customer of the bank already. He advised I go for it as I wouldnt find better and all has been good so far. Again not sure on deposit situation but the difference in what I paid between a 10% and 15% deposit was mental. I got the extra 5% together and got a good deal.

[StandFree1982]

I'm in the process of getting a first (technically second Mortgage, but I'm a First Time Buyer again...) Mortgage and there is a government scheme where they will give you a 25% deposit if you can secure the 5% deposit and you pay the 20% back from the sale of the house. So basically an interest free loan.

 

Not sure whether I would take them up on this or not, and it's just for new builds....but if you are struggling for a deposit and want to get on the market, it's a pretty decent idea.

 

It's called FirstBuy scheme.

 

Just something to think about....

[daytripping]

I've used Peterkin solicitors on Union Street for years, my solicitor there is top notch and they are cheap compared to many others, they also have an inhouse financial advisor who can do your mortgage searches etc, drop me a PM if you want the solicitors name, he's a really friendly approachable chap, goes out of his way to help you.

[StandFree1982]

A difference of just 1% in interest rate can make a massive difference in monthly payments. I was just having a quick calculation and it was like

[King Street Loon]

I imagine it'll be based your wages.

[StandFree1982]

I imagine it'll be based your wages.

Thats what i'm thinking. Hopefully that should be alright.

[boboisared]

Cheers again everyone. We're gonna have a proper sit down this week and have a look at things and decide our approach from there.

 

I'll keep that in mind Dayts so don't be offended if I don't pm you right away. Just gonna have a look at what we've got and what we're realistically looking at. Cheers min.

[zanderno5]

I am currently using First Mortgage and they have been very helpful so far. We went in and they went through the best deal they could get for us.

 

I found a better deal with my current bank and the lady said you would be silly not to go for that one since it would be

[Jambo83]

A difference of just 1% in interest rate can make a massive difference in monthly payments. I was just having a quick calculation and it was like

[Dandyesque]

Hi mate, i'm an underwriter, and as someone has said above, most banks will probably take an average of her wages, on either a three or six monthly average figure, depending on how many payslips they request.

 

I'll back this up.

 

3 months payslips plus a p60 - you'll be able to use the figure on the P60 or the average of the 3 months - they would normally be expected to be around the same.

 

If you're planning buying in a year or so, it might be worth her doing as many hours as possible to give you more room for error by the time the next batch of P60s come round.

[Terrorfex]

My mither's partner is a Financial Advisor specialising in a whole range of services (including mortgages). He's provided family members, and a few friends with excellent advice and products.

 

Word of mouth's pretty important in the independent side of the financial world, and he comes highly recommended. If you want a little more information, or want to talk to him directly, I can provide an email address if you like.

[boboisared]

My mither's partner is a Financial Advisor specialising in a whole range of services (including mortgages). He's provided family members, and a few friends with excellent advice and products.

 

Word of mouth's pretty important in the independent side of the financial world, and he comes highly recommended. If you want a little more information, or want to talk to him directly, I can provide an email address if you like.

Cheers.

 

We're meeting up to talk about it a bit more at some point this week so if we go down that route there's a fair chance I'll give you a pm. Thanks mate.

[StandFree1982]

Hi mate, i'm an underwriter, and as someone has said above, most banks will probably take an average of her wages, on either a three or six monthly average figure, depending on how many payslips they request.

 

 

I'll back this up.

 

3 months payslips plus a p60 - you'll be able to use the figure on the P60 or the average of the 3 months - they would normally be expected to be around the same.

 

If you're planning buying in a year or so, it might be worth her doing as many hours as possible to give you more room for error by the time the next batch of P60s come round.

 

 

My mither's partner is a Financial Advisor specialising in a whole range of services (including mortgages). He's provided family members, and a few friends with excellent advice and products.

 

Word of mouth's pretty important in the independent side of the financial world, and he comes highly recommended. If you want a little more information, or want to talk to him directly, I can provide an email address if you like.

Cheers guys, thats perfect! I was hoping this would be the case, even if they averaged just 10k a year it would make a big difference in how much we wold get overall, judging by some of the calculations i've seen online.

 

We're planning on buying a place at the beginning of next year (when i'll, hopefully, have a decent deposit saved up) so I will make sure she gets plenty of hours in at the end of the year!

[Dandyesque]

Cheers guys, thats perfect! I was hoping this would be the case, even if they averaged just 10k a year it would make a big difference in how much we wold get overall, judging by some of the calculations i've seen online.

 

We're planning on buying a place at the beginning of next year (when i'll, hopefully, have a decent deposit saved up) so I will make sure she gets plenty of hours in at the end of the year!

 

Here's a handy type of calculator that lets you play around with the numbers a bit (see link).

 

This is in no way a recommendation for the bank concerned.

 

http://www.woolwich.co.uk/mortgages/mortgage-calculator.html

[StandFree1982]

Here's a handy type of calculator that lets you play around with the numbers a bit (see link).

 

This is in no way a recommendation for the bank concerned.

 

http://www.woolwich.co.uk/mortgages/mortgage-calculator.html

aye cheers. I was looking up the calculations and my wages alone would maybe stretch to what I am looking for, but adding in anything from the g/fs wage would help a hell of a lot.

 

Now just got to stop spending and start seriously saving!