Author Topic: Which bank for a mortgage loan?  (Read 164 times)

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FlowerPot

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Which bank for a mortgage loan?
« on: October 30, 2020, 07:45:38 am »
Good morning,

Is it a good time for buying a house?
I wanted to sell my flat and use that money to buy a house, outside of a city. Not without a mortgage of course, I am not that rich. Anyway I wonder if it is a good time to do it.
I thought the market was doing OK but I am not so sure now. But if I decided to move forward (I admit I have my eye on a dream home that would be in my price range) what bank is the best to get a loan in?
I know banks are banks but which one is the fairest of them all? Is it Santander?


New Home Expert

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Re: Which bank for a mortgage loan?
« Reply #1 on: October 31, 2020, 10:17:27 am »
It is a very bad time to buy a home.
Everyone is taken with the saving of stamp duty, but that has been lost now prices have gone up 5%.

This is what is going to happen. Another Covid lockdown for 2-6 weeks.
End of Furlough (the UK taxpayers cannot keep giving people 80% of their wages for sitting at home, when the reality is their job no longer exists anyway)
Many firms cease trading.
Unemployment hits record levels.
People can't pay their mortgages and homes start being repossessed.  Lenders sell them at a fraction of the mortgage debt with government or insurance picking up the difference.  House prices crash. No one can buy a new home (no loans available) or sell their home for anything like a realistic price perhaps even with negative equity. Recession.

Time to buy is in the middle of the recession when prices are low. Provided you can get a mortgage and have a stable job.

As for lenders, they are all greedy. None are fair. Base your choice on the lender willing to give you a loan and the cheapest overall cost to you lowest interest rate and arrangement fee.
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