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    Does anyone know First Direct mortgage policy?

    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.

    7 Comments

    an offset loan, what are you offsetting it against?

    Original Poster

    maybe have some saving in future...then offset it.

    :whistling:

    Not to rain on someone's parade, but a house doesn't just cost £200k, you'll need money for fees.

    Original Poster

    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.

    What are you offsetting mortgage too.:whistling:

    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;4443359

    Thanks for reply. Yeap, I know there are many other fees. Company will … 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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