Yorkshire Building Society - Mortages

The_Organiser

I'm in the process of looking around for Mortages to get an 'agreement in principal'.

As a first time buyer with a 5% deposit, Yorkshire appear to be offering the most favourable rate for a 2 year fixed and they do have a branch in my local high street.

I had a look for reviews online (like I do for most things I purchase) and noted they had predominant bad reviews out of the 25 or so submitted, mainly due to slow or bad service.

I'm thinking they are irrelevant due to the low volume and the fact you'd probably only bother writing a review for a mortage provider if you've had a bad experience, hence the high percentage of bad ones.

Does anyone have any experience of a mortage with them, or think I should be concerned with some bad reviews, or is it a case of if the rate and terms are best, to hell with the rest?

Cheers.

eaststandmike

I had a mortgage with them about 8 years ago and it was fine. No hassle setting it up and once in place they were as good as gold.

Carter

I've never dealt with them but they do always come up there or thereabouts when it's time to tie myself in or remortgage. Them and Coventry building society.

I've dealt with a few different mortgage providers and the best head and shoulders were bank of Ireland, sadly they started putting their svr up to get people like me off their books so I had to leave.

If they are the cheapest go with them mate, whilst investment banks basically do what the fuck they like, building societies are regulated like you wouldn't believe. What I would advise is to actually add up how much any arrangement fee will cost as they have some sexy rates but end up costing more if fixing for 2 years. I refuse to pay arrangement fees in principle but have never lost out because of it. Utter con

Covered End

I've had savings with them and they've been fine.

newyorkaddick

If you get accepted then go with it - no reason why you'd need customer service regularly.

They are affiliated with Chelsea BS who were fine for me.

The_Organiser

Carter said:

I've never dealt with them but they do always come up there or thereabouts when it's time to tie myself in or remortgage. Them and Coventry building society.

I've dealt with a few different mortgage providers and the best head and shoulders were bank of Ireland, sadly they started putting their svr up to get people like me off their books so I had to leave.

If they are the cheapest go with them mate, whilst investment banks basically do what the fuck they like, building societies are regulated like you wouldn't believe. What I would advise is to actually add up how much any arrangement fee will cost as they have some sexy rates but end up costing more if fixing for 2 years. I refuse to pay arrangement fees in principle but have never lost out because of it. Utter con

Thanks for the advice.

I usually calculate what the cost per month (I'd never add it to the mortage but put it on an interest free cc) of a arrangement fee would be over the term vs the extra monthly cost for the next best rate etc.

Probably a naive question but can you haggle over fees? Can they be desperate enough to get your business that they would negotiate the fees, if they feel you're a safe bet on the whole?

Exiled_Addick

newyorkaddick said:

If you get accepted then go with it - no reason why you'd need customer service regularly.

This, Ive had a mortgage with different providers for over 10 years abd I don't think I've needed to call their customer service line once. I keep paying my direct debit and they keep sending me statements. That's the limit of my contact with them.

newyorkaddick

The Organiser said:

Carter said:

I've never dealt with them but they do always come up there or thereabouts when it's time to tie myself in or remortgage. Them and Coventry building society.

I've dealt with a few different mortgage providers and the best head and shoulders were bank of Ireland, sadly they started putting their svr up to get people like me off their books so I had to leave.

If they are the cheapest go with them mate, whilst investment banks basically do what the fuck they like, building societies are regulated like you wouldn't believe. What I would advise is to actually add up how much any arrangement fee will cost as they have some sexy rates but end up costing more if fixing for 2 years. I refuse to pay arrangement fees in principle but have never lost out because of it. Utter con

Thanks for the advice.

I usually calculate what the cost per month (I'd never add it to the mortage but put it on an interest free cc) of a arrangement fee would be over the term vs the extra monthly cost for the next best rate etc.

Probably a naive question but can you haggle over fees? Can they be desperate enough to get your business that they would negotiate the fees, if they feel you're a safe bet on the whole?

Erm, no

carly burn

What are people's thoughts on the current climate? Mine is up for renewal. I hadn't really looked until yesterday and always thought I would go onto a tracker once my current 5 year fix ends.
But I have to say. There are some cracking longish term fixes about at the moment.

newyorkaddick

carly burn said:

What are people's thoughts on the current climate? Mine is up for renewal. I hadn't really looked until yesterday and always thought I would go onto a tracker once my current 5 year fix ends.
But I have to say. There are some cracking longish term fixes about at the moment.

5yr fix is a no brainer in my view - best trackers are barely more competitive and base rates will surely only go up.

carly burn

newyorkaddick said:

carly burn said:

What are people's thoughts on the current climate? Mine is up for renewal. I hadn't really looked until yesterday and always thought I would go onto a tracker once my current 5 year fix ends.
But I have to say. There are some cracking longish term fixes about at the moment.

5yr fix is a no brainer in my view - best trackers are barely more competitive and base rates will surely only go up.

Yeah. The tracker is by far the least favourable in my eyes.

McBobbin

Worth speaking to an independent mortgage advisor. Won't cost you anything as they get a fixed rate from the mortgage provider @golfaddick is the man here who can tell me I'm talking crap. I use one in Chelmsford and get a new deal every two or three years, and I get sound advice each time. Expect attempts to sell you insurance.

carly burn

McBobbin said:

Worth speaking to an independent mortgage advisor. Won't cost you anything as they get a fixed rate from the mortgage provider @golfaddick is the man here who can tell me I'm talking crap. I use one in Chelmsford and get a new deal every two or three years, and I get sound advice each time. Expect attempts to sell you insurance.

Seeing one next week.

JaShea99

Your point about only bothering to write a review if you've had really bad service is true of a lot of things. "What an excellent experience at my local dump this morning, I thoroughly recommend it", said no one, ever.

Carter

JaShea99 said:

Your point about only bothering to write a review if you've had really bad service is true of a lot of things. "What an excellent experience at my local dump this morning, I thoroughly recommend it", said no one, ever.

True, however some of those who walk amongst us will review absolutely anything in the hope if getting a freebie

To go back to the question of haggling. I've tried and was pretty much laughed at.

The trick or at least something to be aware of with mortgages is you don't really get an invite to the table of sensible rates until you get below 75% ideally 60% loan to value, which is unpleasant to realise especially given how extortionate property prices are.

What I would give as serious advice is to pay off as much as you can afford while the base rate is on the floor just making one extra months payment over a year can make a satisfying yet still derogatory difference but gets you closer to the magic 75% ltv

golfaddick

Feel free to IB me - I'm a Independent Financial Advisor & have been arranging mortgages for over 20 years.

heavenSE7

I've been going through the house buying process the last 4 months.
We're going for a 5 year fix mortgage with first direct. 10% deposit at a rate of 2.74% with no arrangement fee.
I'm no expert but two years from now = Brexit. That concerns me as this has never been done before, so for the peace of mind I'm happy to fix for a few more years.

Addickted

What service do you want from a mortgage provider?

For me it's who offers the cheapest deal that I'm interested in. Don't really care about their customer service as my only contact with them is to up my payments.

I'd fix for five years if I were you. Brexit could mean the BoE playing about with rates to support the economy. At least you know where you will be with your housing costs, even if you can get a cheaper tracker or short term deal.

McBobbin

I've lost out on five year fixed before, but we are in interesting times... And for five years, quite early on in my career, I needed to know exactly what I had in my account for five years
But a three year gives you a better rate. What will your earnings be in three years? If you expect a big promotion it's worth considering. Or if house prices are rocketing near you, that's relevant too. My house in Chelmsford has gone up 40% in 3 years, so the mortgage I can now get is amazing. Shame I can't afford to move...

Carter

McBobbin said:

I've lost out on five year fixed before, but we are in interesting times... And for five years, quite early on in my career, I needed to know exactly what I had in my account for five years
But a three year gives you a better rate. What will your earnings be in three years? If you expect a big promotion it's worth considering. Or if house prices are rocketing near you, that's relevant too. My house in Chelmsford has gone up 40% in 3 years, so the mortgage I can now get is amazing. Shame I can't afford to move...

In a similar situation mate, makes me laugh people talking about house prices rocketing as if it's a good thing. To get anything like what I've currently got would cost me another 100 grand. So the only way I'll "make" money put of my place is by moving into a caravan.

My personal view that I'm clinging to by my fingernails is that the bank of England would destroy the economy overnight by raising interest rates so I can't see that happening, I might be being hopeful but I hope I'm also being realistic.

Addickted

A half percent rate rise will not destroy the economy.

McBobbin

Carter said:

McBobbin said:

I've lost out on five year fixed before, but we are in interesting times... And for five years, quite early on in my career, I needed to know exactly what I had in my account for five years
But a three year gives you a better rate. What will your earnings be in three years? If you expect a big promotion it's worth considering. Or if house prices are rocketing near you, that's relevant too. My house in Chelmsford has gone up 40% in 3 years, so the mortgage I can now get is amazing. Shame I can't afford to move...

In a similar situation mate, makes me laugh people talking about house prices rocketing as if it's a good thing. To get anything like what I've currently got would cost me another 100 grand. So the only way I'll "make" money put of my place is by moving into a caravan.

My personal view that I'm clinging to by my fingernails is that the bank of England would destroy the economy overnight by raising interest rates so I can't see that happening, I might be being hopeful but I hope I'm also being realistic.

Only bonus I can see is a better monthly rate based on loan to value
Where I am, the jump from 3 bed terraced to 4 bed (and extra bog, maybe detached) is to double the price from 350k to 700k. Bear in mind I bought for 234k in 2012. Ive made a load of money. And I live with three women. I'll have to learn to shit in the compost heap.

McBobbin

I mean the house is detached, not the bog. If I had a detached bog the grass clippings will be spared.

Carter

Addickted said:

A half percent rate rise will not destroy the economy.

Maybe not for you, for the millions who haven't had their wages keep up with everything else it will be pretty awful. But that's why I've fixed for five years.

Interest rates being low are good for me and pretty much everyone I know my age and below.

The_Organiser

Unless you've been saving for the last 8 years and earnt next to nothing on it.

Swings and roundabouts though - as soon as I have a mortage, I'll be celebrating the low rates.

Carter

Yeah goes both ways but in the main people owe more against a mortgage than they own in savings. In my simple mind that makes low rates a good thing. I see where you are coming from mind you

Elthamaddick

McBobbin said:

Worth speaking to an independent mortgage advisor. Won't cost you anything as they get a fixed rate from the mortgage provider @golfaddick is the man here who can tell me I'm talking crap. I use one in Chelmsford and get a new deal every two or three years, and I get sound advice each time. Expect attempts to sell you insurance.

this - just remortgaged and did mine, got a 5 year fixed rate at 1.89%, was offered 1.21% over a 2 year period.

Mortgage broker will save you a lot of hassle

Couldn't recommend the guy I used enough, PM me if you want his details.

guinnessaddick

Elthamaddick said:

McBobbin said:

Worth speaking to an independent mortgage advisor. Won't cost you anything as they get a fixed rate from the mortgage provider @golfaddick is the man here who can tell me I'm talking crap. I use one in Chelmsford and get a new deal every two or three years, and I get sound advice each time. Expect attempts to sell you insurance.

this - just remortgaged and did mine, got a 5 year fixed rate at 1.89%, was offered 1.21% over a 2 year period.

Mortgage broker will save you a lot of hassle

Couldn't recommend the guy I used enough, PM me if you want his details.

FORE!

superchrissypowell

One thing to consider. It may be worth getting a 2 year fixed with a lower interest rate (and thus lower repayments). I recently bought a house and the difference between a 2 year and 5 year fixed was £150 a month. With a 2 year fixed you then overpay to a min of the 5 year fixed (and more if possible). Hopefully in 2 years you could get to near the 10% ltv rate, which would then reduce your interest rates. Its all risk and reward. No one knows what will happen to interest rates. Its all pure speculation.

SWEnglandAddick

I'd recommend getting a mortgage broker too. I bought my first house in October with a 5% deposit, I visited all the high street banks and thought I'd got myself a good deal (RBS), Yorkshire were a close second. Then the deal fell through and RBS became pretty useless as their mortgage advisor left the company without telling us so we visited a mortgage broker and got an even better deal than before!

Also the mortgage broker was always available on the phone/email and helped me out with any questions I had regarding the solicitor which can be quite daunting when dealing with it for the first time.

BDL

Speak to Goldie or, if he ever visits us now, @StanmoreAddick

Both will give impeccable advice.