don't blindly rely on your broker though

I got my mortgage myself through speaking to my bank direct. To the day I completed on my house, my broker was swearing blind that my bank wouldn't offer mortgages on my salary multiple (stupidly high). He tried explaining it afterwards that they'd been given 'confusing' information by a sales rep.

I don't know how tight you will be on the lending criteria, but try a 35 year term for the purposes of getting mortgage approval but make sure you have a product that allows overpayments (or a savings account you trust not to touch). On my current salary I was touch & go in terms of the affordability calculations on a 25 year mortgage, but was told they'd happily approve me on a 35 year mortgage (which in theory earns the bank more interest - funny that...). But if you do go for the 35 year option, treat it as a 25 year one in terms of overpayments etc.

Posted By: CWC on July 6th 2012 at 16:27:39

Message Thread

FAO Charles21 (NCFC) - Larry Hagman, Jul 6, 14:42:17
- thanks matey (NCFC) - Charles21, Jul 6, 14:52:53
  - Charles.... (NCFC) - Cheltenham_Canary, Jul 6, 15:08:18
    - here.... (NCFC) - Cheltenham_Canary, Jul 6, 15:10:34
      - not bad, thanks (NCFC) - Charles21, Jul 6, 15:18:06
        
        Extra info... (NCFC) - Larry Hagman, Jul 6, 15:52:00
        
        ok thanks (NCFC) - Charles21, Jul 6, 15:57:31
        
        are yes....BUT..... (NCFC) - Cheltenham_Canary, Jul 6, 15:44:26
        
        cheers pal (NCFC) - Charles21, Jul 6, 15:48:19
        
        work out both..... (NCFC) - Cheltenham_Canary, Jul 6, 15:50:46
        
        yeah, definitely doing repayment (NCFC) - Charles21, Jul 6, 15:52:50
        
        don't blindly rely on your broker though (NCFC) - CWC, Jul 6, 16:27:39

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