₦airaland Forum

Time to remortgage as my 2-year fix is coming to an end. Barclays has a product with rate less than 4%, ie. 3.8% or so for 75% LTV. I just need the property to valued right so I can fit into 75% LTV with minimal one-off overpayment. If I can get sub-4%, then 5yr fix is a "sure banker".

Can someone advise if this fee is too much from the Solicitor?

That’s the quote I got for a 3 bedroom house selling for £290,000…

Should I shop around or is that reasonable? NB: The EA referred them to me.

ehizario2012:
Please how did you get the decision in principle and how much did you pay? Cheers

I didnt pay for it. I wanted to save money on this house buying process so I searched online for free mortgage brokers and got one who offered me DIP after some checks and later i got a mortgage advisor assigned to me

NewT123:
I didnt pay for it. I wanted to save money on this house buying process so I searched online for free mortgage brokers and got one who offered me DIP after some checks and later i got a mortgage advisor assigned to me

Thank you. I followed the link @Lexus sent i.e L&C. I filled a detailed online form with L&C (they didn't request for payslips though) and they emailed me approving a DIP. Also a mortgage advisor called me and said he's been assigned to me, he asked me to call him before putting in any offer for property. Is this in order? Thanks.

AKALAMAGBO:
Can someone advise if this fee is too much from the Solicitor?

That’s the quote I got for a 3 bedroom house selling for £290,000…

Should I shop around or is that reasonable? NB: The EA referred them to me.

To me its a bit high. My recent purchase even as a ltd co was under 2k and the solicitors have been responsive.

Solumtoya:
Time to remortgage as my 2-year fix is coming to an end. Barclays has a product with rate less than 4%, ie. 3.8% or so for 75% LTV. I just need the property to valued right so I can fit into 75% LTV with minimal one-off overpayment. If I can get sub-4%, then 5yr fix is a "sure banker".

Similar to me. I'm due later this year and hoping for a further drop in rates. 3.5 ish wouldn't be bad. Good enough, my estate devs recently increased the sale price of similar dwellings. I'm hoping that'd feed through into the valuation before I'm due.
Barclays publishes their rates online. I looked at them but wonder why the 10yr fix is so high.

I felt the same way.. the mistake I made was instructing them to go ahead.

jedisco:
To me its a bit high. My recent purchase even as a ltd co was under 2k and the solicitors have been responsive.

I got my solicitor fees almost £2k cheaper. Tried another as suggested

Ujuolu:
He submitted the application alone. There's really no much communication from his side. Although he mentioned that the application will take 4 -6 weeks to be approved.

Any update? Has the broker answered you?

ehizario2012:
Thank you. I followed the link @Lexus sent i.e L&C. I filled a detailed online form with L&C (they didn't request for payslips though) and they emailed me approving a DIP. Also a mortgage advisor called me and said he's been assigned to me, he asked me to call him before putting in any offer for property. Is this in order? Thanks.

Yes you are in order. Same procedure as mine

AKALAMAGBO:
I felt the same way.. the mistake I made was instructing them to go ahead.

Hehe.. It's not a major issue. A year down the line, you it wouldn't be a bother. It's still within the wider range

With my recent purchase, only one solicitor among the three I contacted gave a quote below 2k.
When I purchased my place a few years ago, this was my quote.

jedisco:
Hehe.. It's not a major issue. A year down the line, you it wouldn't be a bother. It's still within the wider range

With my recent purchase, only one solicitor among the three I contacted gave a quote below 2k.
When I purchased my place a few years ago, this was my quote.

Can you recommend the solicitors details as their price was affordable? Please, how many weeks did it take for them to complete the process and hope they are responsive? Thanks

Yours is very reasonable… That’s about £800 difference from mine… £800 can help with moving and setting up few stuffs 😂😂😂

jedisco:
Hehe.. It's not a major issue. A year down the line, you it wouldn't be a bother. It's still within the wider range

With my recent purchase, only one solicitor among the three I contacted gave a quote below 2k.
When I purchased my place a few years ago, this was my quote.

Good morning friends. I contacted L&C but they said they can't deal until I'm 2 years in the country (few months left) whereas I have a neighbor who got his mortgage before 2 years in the country. However he used a paid broker. Is L&C saying this because they are free? Any alternative please? Thanks.

ehizario2012:
Good morning friends. I contacted L&C but they said they can't deal until I'm 2 years in the country (few months left) whereas I have a neighbor who got his mortgage before 2 years in the country. However he used a paid broker. Is L&C saying this because they are free? Any alternative please? Thanks.

I used Amity Law.... very efficient and they accepted me when l was less than 2 years . Google them and give them a call....

ehizario2012:
Good morning friends. I contacted L&C but they said they can't deal until I'm 2 years in the country (few months left) whereas I have a neighbor who got his mortgage before 2 years in the country. However he used a paid broker. Is L&C saying this because they are free? Any alternative please? Thanks.

Barclays Bank....... This bank love immigrants...... 🤣🏦😂

Ogonsbaba:
Can you recommend the solicitors details as their price was affordable? Please, how many weeks did it take for them to complete the process and hope they are responsive? Thanks

My solicitors are local and most people prefer a local ones too.
A good way is asking for quotes from those in your vicinity and compare prices. Also, if you know those who bought around you of late, they'd have good info.
I gather Law Blacks Solicitors also have sensible prices

Meogom:
Hello guys.
Trying to choose wilhich rate to go with
The options from Barclays are
1) 4.84% for 2ys fixed without product fee
2) 4.67% for 2yrs fixed with product fee of £900
3) 4.67% for 5yrs fixed with product fee of £900.

My mortgage advisor suggests we should go with the first option, as she's positive we can get better rates in 2years.

Whats your advice here please. Will appreciate your insights.

I just wonder why no one advised on the 5years fixed. Is there any reason why

Phunkyposh:
I just wonder why no one advised on the 5years fixed. Is there any reason why

5 years is a long time...... Nobody knows what would happen with interest rates... So best to approach with caution, than get stuck in an unfavorable position......... 🤣😂

It's a game of chess...... 🤣😂

Phunkyposh:
I just wonder why no one advised on the 5years fixed. Is there any reason why

It depends on whether you want long term certainty or happy to roll the dice every couple of years.

Interest rates are determined by swap rates, which is the rates that banks are exchanging similar type debts of the same risk profile and tenor. E.g., what price is bank a charging bank b for unsecured debt which would be paid back in two years vs what it is charging similar debt that will be paid back in 3, 4, 5 years etc.

What they charge is based on their expectation of what interest rates would be at that future point. This is based on economic predictions, expected central rates at the time, domestic output/ productivity, inflation, etc.

Take 2019 for instance, interest rates were half a percent and was lower during covid years. My fixed rate was 1.25 percent. Covid happened and then Russia Ukraine war. But also supply chain shocks after the world started reopening. Interest rates were raised 8 consecutive times. Two years later when I remortgaged, 4.42 was the interest rate I was charged.

Summary, it's like trying to time the market and predict the future. It's anybody's guess. Things are likely to be volatile in the short term, but in the long term it averages out. Which is why, longer term fixes like 5 and 10 years were slightly higher, you pay a premium for longer term certainty in your payments.

With two years, you are locked in for a shorter period time, but often times you have to pay product fee every time you remortgage. What you potentially save in a lower rate, is recouped in fees everytime you reapply.

Either ways, the bank wins.

Hi friends. So what I'm currently having (from two paid mortgage advisors, £499 and £699 fees) is £6.4 for 2 years fixed term and 6% for 5 years fixed term. The lender is looking more like principality... Is this what's prevailing?? The rates look high. We discussing 5% deposit at this time. Cheers all.

ehizario2012:
Hi friends. So what I'm currently having (from two paid mortgage advisors, £499 and £699 fees) is £6.4 for 2 years fixed term and 6% for 5 years fixed term. The lender is looking more like principality... Is this what's prevailing?? The rates look high. We discussing 5% deposit at this time. Cheers all.

Those fees are quite high for a mortgage advisor or are you looking at product fees or what the lender would pay your advisor? Haven't come across anyone who paid a broker a fee for a residential mortgage. I know some charge a fee but its not the norm

Also 6% is high, even at the peak of covid, I wouldn't have gone for that. Main driver is your deposit. How long do you think it'd take you to get your deposit to 15% (if prices stay thesame or rise slowly)?

ehizario2012:
Hi friends. So what I'm currently having (from two paid mortgage advisors, £499 and £699 fees) is £6.4 for 2 years fixed term and 6% for 5 years fixed term. The lender is looking more like principality... Is this what's prevailing?? The rates look high. We discussing 5% deposit at this time. Cheers all.

.
Try to save 10%, and the rate will drop to 4.67%. Also, try Purplebricks Mortgages. they work with a lot of lenders. But that Principality rate is Principality.

Thank you. Possibly I might also wait till I'm 2 years in the UK, in a few months time. That rate is too high.

ehizario2012:
Hi friends. So what I'm currently having (from two paid mortgage advisors, £499 and £699 fees) is £6.4 for 2 years fixed term and 6% for 5 years fixed term. The lender is looking more like principality... Is this what's prevailing?? The rates look high. We discussing 5% deposit at this time. Cheers all.

That rate is too high

I just got rate of 4.49% for a 5 year fixed term via a broker

MonkeySee:
That rate is too high

I just got rate of 4.49% for a 5 year fixed term via a broker

Please what's your deposit? And I guess you above 2 years in the UK if not yet on ILR.

ehizario2012:
Please what's your deposit? And I guess you above 2 years in the UK if not yet on ILR.

my deposit is 18,200 (5% of it)

I am British

Thank you for your responses @lexusgs430 and @shayvebaby

My thought is that for the stability the five years fixed rate gives, it is worth exploring. Especially for someone who doesn't have ILR yet. Upon getting ILR, one would have access to more lenders unlike being limited to a few when one has to renew in two years again .
Additionally, it helps for financial planning.

Phunkyposh:
Thank you for your responses @lexusgs430 and @shayvebaby

My thought is that for the stability the five years fixed rate gives, it is worth exploring. Especially for someone who doesn't have ILR yet. Upon getting ILR, one would have access to more lenders unlike being limited to a few when one has to renew in two years again .
Additionally, it helps for financial planning.

Some people love 5 year terms, perfectly justifiable for them.......

But my own personal opinion, I think 2 years is best...... 🤔😂

MonkeySee:
my deposit is 18,200 (5% of it)

I am British

Thank you for your response. Your citizenship status is a key factor.

ehizario2012:
Thank you for your response. Your citizenship status is a key factor.

Oh I see. I never knew. Thank you

MonkeySee:
Oh I see. I never knew. Thank you

You're welcome. Quite interesting seeing a British citizen being very much interested in Nigerian matters, especially creating awareness about job vacancies and stuff. Good stuff.