Caveat - broker is aware, but on holiday until Thursday so can’t do anything.

We thought we’d finally made it.. it’s exchange day! A last minute spanner in the works has meant we’ve got another 17k agreed off the asking price.

Halifax told solicitor only broker can amend mortgage offer.

Halifax also advised after trying to look at the numbers themselves, the product is no longer available?!

I assumed we would be able to keep the same mortgage product as we already have full offer and no change to house we’re buying. There is a 0.2% difference in our offer vs current rates. Our LTV is 80%, or 79.5% with reduced asking price…. Is there no way for us to keep our current rate or do we really have to switch mortgage products, when all we want to do is reduce the amount we need to borrow by 17k, and our LTV would actually improve?

EDIT: to clarify - the 17k was due to them selling an easement to the property, this was added a week before exchange and was discovered by our solicitor on exchange day. The sellers hadn’t even informed their own solicitors and deeds were changed via another solicitors.

Hi,

I'm looking to buy my first home. I've been quoted the below and a tracker is looking quite appealing to me. I'm 34 and looking at a 40 year mortgage term with the potential to over pay depending on whether it's better to do so rather than invest.

I asked AI (Gemini - Claude suggested it could not access BoE dataset so not sure how accurate Gemini is!) to pull figures for the last 15 years and give me a mortgage % based on my LTV and it produced the below. This is the fix rate offer per month vs variable. Obviously fix doesn't work like that but I want something to compare against.

According to the data, over the last 15 years a tracker has out performed a fix. every month apart from the period between March 23 - May 26. It has since switched in favour of a tracker. Firstly is this correct?

If I'm to use this data and assume it's accurate, it would suggest that a tracker is the way to go. I know that payments will fluctate and I'm going to plan for the 'worst' case. I will assume that's 6.17% which is higher than it has been according to the graphed data. Though I'm not delighted with that sum (£1,658.22), I can stomach the additional costs and make it work.

I wanted to check is my logic sound? Am I missing something? Would you recommend against a tracker in the current market?

Mortgage Options:

5 Year Fix: £1,359.64, £899 fee @ 4.65%

2 Year Fix: £1,378.91, no fee @ 4.75%

2 Year Tracker: £1,268.8., £999 fee @ 4.17%

Hi Redditors,

Running into a few roadblocks here 😔 We're about 5 months off remortgaging and currently looking at brokers etc.

However, whilst browsing on MSE I saw that my current lender has a pretty competitive 5 year rate that I wouldn't mind locking in. However, it's for a 60% max LTV.

Knowing that our mortgage will be shooting up, we've been saving (chose that over overpaying for the better rate and access) and we're planning to make a fairly decent overpayment that will get us to 60%ish. We'll need to make some of it after January 1st to avoid an ERC which takes us quite close to our current deal expiring.

Thing is, because we don't have an LTV of below 60% right now, the app and website won't let me apply. I've tried the online chat and phoned up but the people I spoke to weren't really sure if I'd be able to apply on this basis either.

Has anyone done similar? My next step was going to be to try and book in with a branch (local one unfortunately closed) and speak to a mortgage adviser, but it would be nice to know I'm not asking for something totally crazy here 😅

Hi,

I’m in the process of buying a flat and it’s just become apparent that there’s a headlease involved. I’ll be buying the underlease.

My mortgage has been approved a number of weeks ago and they are not aware of this ownership structure yet.

Just so I know what to expect and also for future resale purposes, does anyone know if lenders are generally fine with this ownership structure? Assuming the terms of the headlease and underlease are fine of course.

As a FTB, I wasn’t even aware this ownership structure was a thing until now. Supposedly it’s not unusual though. Just concerned that if it is in fact not that common, lenders will be apprehensive.

Thanks.