Does anyone know First Direct mortgage policy? - HotUKDeals
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Does anyone know First Direct mortgage policy?

£0.00 @ First Direct
Currently searching for a mortgage, First Direct Offset seems a good one. But based on their calculation, I can only borrow 3.5 times of salary, which seems not enough for my dream house. Can I apply …
misstop.co.uk Avatar
8y, 4d agoPosted 8 years, 4 days ago
Currently searching for a mortgage, First Direct Offset seems a good one. But based on their calculation, I can only borrow 3.5 times of salary, which seems not enough for my dream house. Can I apply offset loan at the same time?

For example, a house of 200K. salary 40K.
Mortgage: 40*3.5=140K
Money at hand: 40K
Can I apply an offset loan of 20K?

Thanks for any comments.
Other Links From First Direct:
misstop.co.uk Avatar
8y, 4d agoPosted 8 years, 4 days ago
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(7) Jump to unreadPost a comment
Comments/page:
[Moderator]#1
an offset loan, what are you offsetting it against?
#2
maybe have some saving in future...then offset it.
[Moderator]#3
:whistling:
#4
Not to rain on someone's parade, but a house doesn't just cost £200k, you'll need money for fees.
#5
Thanks for reply. Yeap, I know there are many other fees. Company will pay the legal fees (stamp duty, survey, etc). I also want to borrow some from parents. But I dont wanna borrow too much from them. If such offset loan is available, then I will be happy.
#6
What are you offsetting mortgage too.:whistling:
1 Like #7
You mean the real estate company(builders) would pay the stamp duty or your own employer. If it is your employer , which company you work for, do they have a vacancy ?:)
"An Offset loan" adds to the total borrowing - what you need is a healthy deposit( ~30K) + savings to offset.
misstop.co.uk
Thanks for reply. Yeap, I know there are many other fees. Company will pay the legal fees (stamp duty, survey, etc). I also want to borrow some from parents. But I dont wanna borrow too much from them. If such offset loan is available, then I will be happy.

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