95% Help to buy mortgage at 3.98% fixed until 30/06/2017 and zero fees @ Post Office
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95% Help to buy mortgage at 3.98% fixed until 30/06/2017 and zero fees @ Post Office

104
Found 25th Feb 2015
I am after a 95% property mortgage and Post office has just reduced it to 3.98% compare to 5% at other banks.
It will help to people who wants to buy their first home.

postoffice.co.uk/mor…buy

104 Comments

Banned

What's their credit scoring like ?

Is this worth going for or waiting for a 10% mortgage?

Original Poster

well waiting for 10% is good if you know how much time it will take ...or else 5% is good..:)

Good deal. Our 95% mortgage is 5.49% fixed for 4 years with Nationwide. Fees were £0 due to being a Nationwide customer. But this deal is good.

STRBramley

Is this worth going for or waiting for a 10% mortgage?



It depends on if you think house prices will increase/decrease, the base rate will increase/decrease and how much interest you are willing to pay over the term.

STRBramley

Is this worth going for or waiting for a 10% mortgage?



imo if you have found the right property in the right price go for 5% deposit..im in a similar position...the property prices are near the lowest it can be and the only way is up...not very soon but slowly should start picking up

pwel

imo if you have found the right property in the right price go for 5% … imo if you have found the right property in the right price go for 5% deposit..im in a similar position...the property prices are near the lowest it can be and the only way is up...not very soon but slowly should start picking up



Did you miss the 10% price increases last year? Market isn't flat anymore it's been moving upward for a year or so, so I wouldn't say it's "near the lowest it can be".


Banned

Post Office?
Did they insist on knowing the contents of your house?

if you can afford the repayments and have the deposit i'd say go for the 95%. Renting is dead money, the fixed rate on this mortgage means you can budget at least for the first 3 years. The banks can't be expecting interest rates to rise anytime soon as I've seen several 10 year fixed rate mortgages on this site for 2/3% (65% loan to value). The property market is rising steadily so your property will only increase in value over time, lowering your loan to value and opening up more deals to you.

Good luck with this.....I've had 2 houses fall through thanks to the post office messing me around! Cold from me I'm afraid!

Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?

It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while.

Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)

Cool story bro !

95% LTV mortgage at 3.79% fix for 5 years is available from National Counties Building Society - comes with £545 fees though
Only available for Purchase - includes first time buyers

robertoegg

Renting is not dead money! Renting allowed me to live in a very nice part … Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while. Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)



Nah

Horses for courses, got to weigh up pros and cons with mortgages at this LTV. values can go up or down, so variable rate is very important. Said on here before ask an expert and if Quidco sling you some cash back even better.

Great deal! Get proper advice from a qualified Adviser though. Advice on here is designed to be helpful but isn't specific to your own needs and circumstances.

robertoegg

Renting is not dead money! Renting allowed me to live in a very nice part … Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while. Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)



You must have a lovely landlord. I struggled to get mine to repair the smoke alarms, I could only dream of a lump free mattress.

Tsb bank does 5% deposit and fixed for 10 years

Sounds dear to me. I've got fixed at 0.45% above Bank of England base rate for 25 years! Although there's only 16 years left now.

Comment

robertoegg

Renting is not dead money! Renting allowed me to live in a very nice part … Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while. Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)



Nah mate

If you think that house prices are as low as they can be and the only way it up, then you might want to pay out for some maths lessons and a history lesson before you jump into a 95% mortgage. There is an election soon. Things can change faster than you can say "negative equity".

95%, 100%, 125% mortgages were how we got in this mess in the first place.

chaymation

If you think that house prices are as low as they can be and the only way … If you think that house prices are as low as they can be and the only way it up, then you might want to pay out for some maths lessons and a history lesson before you jump into a 95% mortgage. There is an election soon. Things can change faster than you can say "negative equity".



negative equity

nick9

Sounds dear to me. I've got fixed at 0.45% above Bank of England base … Sounds dear to me. I've got fixed at 0.45% above Bank of England base rate for 25 years! Although there's only 16 years left now.



This is for first time buyers so you're not eligible anyway.

Pretty pointless comparing a mortgage that was removed from the market years ago to what's available now.

golo83

negative equity



Oh man, the bottom's dropped out of the market in the last 5 minutes and it's all your fault! :P

MassiveBongFace

You must have a lovely landlord. I struggled to get mine to repair the … You must have a lovely landlord. I struggled to get mine to repair the smoke alarms, I could only dream of a lump free mattress.



then move! don't play the victim. You hold all the power. Go through a reputable agent and you'll have no problems. Try to save cash and go shady and you get what you pay for. Or maybe you were looking for somewhere bong friendly, in which case, I can't really offer advice cos I left that behind at uni in the 90s

Edited by: "robertoegg" 25th Feb 2015

So far, I've had one response saying "nah" one response saying "nah mate" and another from a bloke who puts Bong in his username... I'm not going to bet against another raft of negative equity! lol!

renting is dead money

init mush

robertoegg

then move! don't play the victim. You hold all the power. Go through a … then move! don't play the victim. You hold all the power. Go through a reputable agent and you'll have no problems. Try to save cash and go shady and you get what you pay for. Or maybe you were looking for somewhere bong friendly, in which case, I can't really offer advice cos I left that behind at uni in the 90s



Yeah just move! It is that easy, don't worry about the 2 x refrencing fees, finding a new property, deposit and rent and then actually moving.

I resent the implication that I was trying to cheap out. I have since moved from the property but it was actually a city centre apartment in a lovely development that I was paying over £1k a month for. You do not know what the agent will be like until you move in, and in my case it was a different property managment firm that were responsible for maintaining the place anyway.

If you are happy with renting then great but don't pretend to know about the circumstances of others.


Edited by: "MassiveBongFace" 25th Feb 2015

I happily rented through uni as it suited the lifestyle being in another city for 4 years. I moved home and saved hard for a further few years for a deposit on a house. I'm not a financial adviser but I would recommend anyone who has the ready cash, commitment and is prepared to cut their cloth accordingly in good times and bad to buy rather than rent. Obviously this is subject to personal circumstances and not suitable for everyone however striving to own your own home, if at all possible has to be a good thing. Take advantage of the poor interest rates whilst you can and get on the ladder. yes the market could drop and yes the interest rates could rise but if you budget accordingly and allow some wiggle room then you can manage. I'm currently overpaying whilst the rates are low, having just come off a 6% fixed deal from 5 years ago.

nick9

Sounds dear to me. I've got fixed at 0.45% above Bank of England base … Sounds dear to me. I've got fixed at 0.45% above Bank of England base rate for 25 years! Although there's only 16 years left now.


from where?

Comment

robertoegg

Renting is not dead money! Renting allowed me to live in a very nice part … Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while. Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)



You don't have life insurance? I feel sorry for your nearest and dearest...

robertoegg

Renting is not dead money! Renting allowed me to live in a very nice part … Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while. Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)



My landlord is fixing the broken hot water which is sweet of him, its only been 6 months since it broke... Im sick of not being able to fix stuff myself

Renting IS dead money, stone cold dead.

It is so obvious.

[quote=robertoegg]Renting is not dead money! Renting allowed me to live in a very nice part of London and have no concerns with all of the palava which comes with owning a property. Any appliance go poof? Fixed immediately. Looking a bit shabby? Request a lick of paint. Leaking windowsill? Fix it please. No buildings insurance, no life insurance, no gas boiler insurance. Mattress lumpy - can I get a new one please?

It's a really good way to live but in this country it's frowned upon. I do now own a property (outside of London!) but have bought it "safely". If 2007 happens again and prices plummet 30% I'll be ok. If interest rates go up to 8,9,10%, I'll be able to survive for a while.

Don't go jumping in due to peer pressure from "those that know" on the internet. Base it upon your own financial situation, take proper advice, and understand that a mortgage is a 25 year commitment with a lot of associated costs. We work longer, will live longer and be healthy longer. Rent a nice place for a few years :o)[/quote

someone who is finally honest and logical. there r parts of London now where the rental is 2% of the value of the property. that's not even including the service charges or maintenance expenses. u can't get that buying

MassiveBongFace

Yeah just move! It is that easy, don't worry about the 2 x refrencing … Yeah just move! It is that easy, don't worry about the 2 x refrencing fees, finding a new property, deposit and rent and then actually moving. I resent the implication that I was trying to cheap out. I have since moved from the property but it was actually a city centre apartment in a lovely development that I was paying over £1k a month for. You do not know what the agent will be like until you move in, and in my case it was a different property managment firm that were responsible for maintaining the place anyway. If you are happy with renting then great but don't pretend to know about the circumstances of others.


if you think the two references for renting is hard then u ve not tried applying for a mortgage recently. they want to know the size of your inside leg and how often u get laid and what you spend on that. they put you through hours of application interview and grilling

You are exaggerating... it is not that difficult to apply for a mortgage, especially at a time when all banks are competing with each other for new business.

Even if it is as difficult as you are trying to make it sound, you only have to do it for once, then you are set for life.

Where as if you are renting you have to do these referencing, moving in/out, finding etc every 2-3 years.

Oh yea, and not to mention the cheap interest rates and up-going house price.

Seriously, buy if you can afford to, sure winner.

MassiveBongFace

Yeah just move! It is that easy, don't worry about the 2 x refrencing … Yeah just move! It is that easy, don't worry about the 2 x refrencing fees, finding a new property, deposit and rent and then actually moving. I resent the implication that I was trying to cheap out. I have since moved from the property but it was actually a city centre apartment in a lovely development that I was paying over £1k a month for. You do not know what the agent will be like until you move in, and in my case it was a different property managment firm that were responsible for maintaining the place anyway. If you are happy with renting then great but don't pretend to know about the circumstances of others.



Don't get precious about it, toots! Have a toke and a pancake and read the advice for what it is. And learn and apply your rights. And maybe educate yourself on the complete and utter ball-ache of owning your own property or moving when in a chain. Then you'll look at your rental days and realise you were living in a dream scenario.

In Germany for instance, about 50% of people rent. In the UK, I'm not sure what the exact figure is but it's around 10%. Now, I don't need to point out that generally, the Germans tend to do things that are efficient and make sense. Granted, they have more protection for the renters but it's a stigma thing in the UK and this whole "renting is dead money" is just people viewing the issue with one eye closed and re-hashing someone else's opinion. The minute you state that phrase, you highlight yourself as someone who has no idea imo

There is also greed. The greed that has come from seeing a boom in property through the 90s, 00s and beyond. Everyone looks back at recent history and says "I want a piece of that!". I will wager you that is the main reason people want a house - not to avoid "dead money" but to MAKE money #greeneyes.

Basic sums to support this next bit, I would hope that anyone wishing to part with the amount of money required to buy a property has done their own detailed sums (lol yeah right). I don't live in London anymore, about 40 miles out. Nice town anyway. I bought my house with my partner, 350k / deposit 60k = mortgage fixed £1500+. Fairly recent, decent rate. Don't forget to add all the associated fees of professionals involved, taking out the correct insurances, Stamp Duty (yeah thanks government) £10kish Upfront costs - . Rental value of this property = £1200. Over the course of the 5 year fixed - I'd have saved £20-25k lets say. That would pay for 1 years travelling!! Or, in a sensible world, give you £85k savings and still living in an decent area. Or save less, and go bigger!

ChickenDinner2000

You are exaggerating... it is not that difficult to apply for a mortgage, … You are exaggerating... it is not that difficult to apply for a mortgage, especially at a time when all banks are competing with each other for new business.Even if it is as difficult as you are trying to make it sound, you only have to do it for once, then you are set for life.Where as if you are renting you have to do these referencing, moving in/out, finding etc every 2-3 years.Oh yea, and not to mention the cheap interest rates and up-going house price.Seriously, buy if you can afford to, sure winner.



#greeneyes

My point made quite nicely for me, thank you. Clearly done a lot of research (read: the headlines say this!)
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