Britannia BS 90% LTV 5.09% Fixed - HotUKDeals
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Britannia BS 90% LTV 5.09% Fixed

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Britannia Building Society are now doing a 90% LTV mortgage for first time buyers at 5.09% Fixed £599.00 arrangement fee best on the market? Read More
adr0ck Avatar
8y, 2w agoFound 8 years, 2 weeks ago
Britannia Building Society are now doing a 90% LTV mortgage for first time buyers at 5.09% Fixed

£599.00 arrangement fee

best on the market?
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adr0ck Avatar
8y, 2w agoFound 8 years, 2 weeks ago
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#1
No not the best and i bet you won't pass credit score!!!
#2
bannistuta;5452670
No not the best and i bet you won't pass credit score!!!


Not very helpful?
If you know of a better deal why not point OP in the right direction :?

Agree that they probably won't pass the credit scoring bit, don't think many people do at the minute (unless you're an MP with a large capital fund base and impecable morals/credit score :thumbsup:)
#3
bannistuta
No not the best and i bet you won't pass credit score!!!


Why do you say that?

Probably more likely to be accepted by them than many others given the fact they look closely at your affordability....so if you can afford it then there is a good chance the answer will be yes.

I know someone who could afford a mortgage but was getting refused by everyone yet they finally got success with Brittania

You will never get recommened their products by brokers/advisers, whole of market or not....cause they are off the list since dont pay commision
#4
But WHY a £599 arrangement Fee if direct from them,or is that normal now?
#5
This deal - hot
Buying property right now - freezing!
#6
i have just taken out a 3 year fixed with britannia @ 4.54%
They also do a 2 year fixed @ 3.99%
40% deposit required though on a remortage

Both of these have ZERO fees
#7
Rubisco
This deal - hot
Buying property right now - freezing!


You think so? I doubt they have much further to fall, prices near me have picked up in recent months (I've been watching). There are still a LOT of people desperate to sell for last years prices, and therefore don't stand a chance, but there are also a fair few competetively priced places around. Trend seems to be advertise it too high for 4 months, get no real interest then drop it 10% and it gets snapped up.

If you get a fixed rate you can afford, the property is treated as a home rather than an investment, I can't really see an issue. Better than the £7k a year I spend on rent, as at least you have something for it.
#8
I'm afraid I disagree. Property is still hugely over priced. I predict a further 15-20% drop in price over the next 18 months. Property prices must be brought into line with wages.
#9
riolondoner
Property prices must be brought into line with wages.


Average salary is about £26k, and average house is a 3 bed semi? They start at £80k, although one I'd actually want is more like £100k. Therefore, where I live, the average house is approx 4x salary. Can't see it falling that much lower?

Depends on area I suppose, but I can now buy a 3 bed semi for the same price that I could only get a 1 bed flat 18 months ago. Prices are approximately double what they were in 2001 still admittedly, but I could buy a pint for £1.50 back then and 20 fags for about £2.50.

Will be 6 months before I'm in a situation where I am able to buy anyway, so a moot point for me!
#10
80k for a 3 bed semi - blimey, where do you live? :-) Where I live, the average price of a 3 bed semi is 760k. Even my sister who lives just outside Leeds can't find anything (decent) under 250k.
#11
riolondoner
80k for a 3 bed semi - blimey, where do you live? :-) Where I live, the average price of a 3 bed semi is 760k. Even my sister who lives just outside Leeds can't find anything (decent) under 250k.


Prices in certain areas of Scotland for example have held well, however there are plenty of places where 'decent' can be found for a lot less than 250k.

We have a two bed semi with garage (60sq mtr) that would have sold last year for around 175k-180k, now more likely to be 155k-160k.

Moving up the ladder to Three beds and your now talking 170k-190k...some newer builds will make 210k-220k, repos can be had for around 120k but obivously need a fair bit of work but would still come in at less than 160k.

Just purchased a 1yr old 3 bed semi with garage (110sq mtr) about 12 miles out the city for 180k.

Sure this falls in line with many areas in the UK, obviously you have the affluent areas (ie out of reallity), as 760k is madness!

Sure I could find a bit more value for that sort of money!

Might even manage detached!
#12
riolondoner
80k for a 3 bed semi - blimey, where do you live? :-) Where I live, the average price of a 3 bed semi is 760k. Even my sister who lives just outside Leeds can't find anything (decent) under 250k.


Bloody hell! I suppose it depends what you call decent, as a first time buyer my expectations are probably lower! At the lower end there's this 3 bed semi with garage for £85k. If you want to spend a bit more, for £130k there are some quite nice (in my eyes) properties. Definately above FTB level for most people, like this, this or this. Personally I'd consider anything north of £130k too expensive for a 3 bed, as a first time buyer I'm aiming for around £110k ideally. Really liked this place, and love the area, but its sold :(


EDIT: Forgot to ask, WHY do property prices need to fall in line with wages? Got a mate in Germany, he says everyone rents there. Houses just cost too much, only the rich expect to actually buy. Any reason the UK can't end up the same way?
#13
Rubisco
This deal - hot
Buying property right now - freezing!


Surely buying property right now is hot, buy low sell high!
#14
Owensy
Surely buying property right now is hot, buy low sell high!


Prices aren't low. Lower than last year yes but before that they were climbing for decades. We're in a recession with no end in sight, this isn't the lowest prices will get.
#15
I dunno, prices are back to around 2005 levels I reckon? Prices were stable from the mid 90's through to about 2002, or rather rising fairly in line with wages. So thats 3 years of admittedly stupid rises to deal with, but wages have also risen since so the multiplier of 3.5x salary still isn't too far off for a first time buyer. Its the deposit thats the killer for most, I don't know a single FTB that can raise the required deposit.

Another issue I think is that standards have risen a lot, people now expect a garage and conservatory, or off road parking at the least. Things that just weren't factored in a few years back. Again, all this is based on my area. I've not looked at others, so can't comment, but I know Stoke on Trent is still way cheaper than where I live (Stafford).


EDIT: Thinking about it, in 2001 I could have purchased a 2 bed terraced for 3.5x my salary. I can now buy a 2 bed terraced for 3.5x my salary. As a FTB it seems to have remained constant, as my wages haven't exactly risen dramatically!
banned#16
tek-monkey;5453141
You think so? I doubt they have much further to fall, prices near me have picked up in recent months (I've been watching). There are still a LOT of people desperate to sell for last years prices, and therefore don't stand a chance, but there are also a fair few competetively priced places around. Trend seems to be advertise it too high for 4 months, get no real interest then drop it 10% and it gets snapped up.

If you get a fixed rate you can afford, the property is treated as a home rather than an investment, I can't really see an issue. Better than the £7k a year I spend on rent, as at least you have something for it.

same here. definitely upward movement around where I live. halifax said an increase of 2.1% alone last month! Buyer enquiries up for the 7th month in a row.
banned#17
Rubisco;5455003
Prices aren't low. Lower than last year yes but before that they were climbing for decades. We're in a recession with no end in sight, this isn't the lowest prices will get.

you are a doom and gloom merchant. Even the IMF said Britain was well placed to recover from recession in Q4/09 or early 2010.

And they're nearly always negative about the UK :w00t:
#18
both Halifax and Nationwide have shown increases in house prices over the last couple of months

and today the official government figures were released also showing an increase in house prices

http://www.building.co.uk/story.asp?storycode=3142417&origin=bldgdailynewsletter

i'm assuming this is why companies are starting to come back with mortgage products for higher LTV

if anyone knows a better product for first time buyers....let us know :thumbsup:
#19
adr0ck
if anyone knows a better product for first time buyers....let us know :thumbsup:


What he said, would love to hear anything better out there.
#20
[QUOTE=tek-monkey;5455240EDIT: Thinking about it, in 2001 I could have purchased a 2 bed terraced for 3.5x my salary. I can now buy a 2 bed terraced for 3.5x my salary. As a FTB it seems to have remained constant, as my wages haven't exactly risen dramatically![/QUOTE]

Thats definately not the case uk-wide. My 2 bed flat was £36k in 2001 and I sold it recently for £103k to a FTB! - nutter I would not pay that
banned#21
topbloke77;5459519
Thats definately not the case uk-wide. My 2 bed flat was £36k in 2001 and I sold it recently for £103k to a FTB! - nutter I would not pay that

yep - same here. bought my house in 2002 for £245,000 amd a valuation last month was between £450,000 - £500,000. Agent said things were definitely on the up and lots of SOLD signs around my way (more 'Sold' than 'For Sale' signs).
#22
Rubisco
Prices aren't low. Lower than last year yes but before that they were climbing for decades. We're in a recession with no end in sight, this isn't the lowest prices will get.


I disagree, lending reports have shown price houses to have stopped falling, and in some cases even to have risen slightly. I speak with experience of this, as a few months ago I had an offer accepted on a flat, which subsequently fell through, put an offer on another flat in the same street opposite the one which had fell through and had to pay 20% more, that was in the space of 2 months!
#23
so is this right now the best fixed rate mortgage deal for the a first time buyer?
#24
Depends on your position I guess, what deposit you have etc. I'd trust a visit to a few lenders to see what they'd offer a lot more than some randoms on an internet forum.

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