Mortgage Mayhem

Obviously need to sort a mortgage out and Serliana put me in touch with their mortgage provider Savills Private Finance. As with the Solicitor I’m not sure if they offer the best deal on the block but they are mentioned in a lot of the property pages that I have researched and, again, the point of using the investment company is that they get me the best deal.

Craig from Savills rang and asked me what sort of mortgage I was looking for, …er didn’t want to be seen having a “blond moment” but what sort can you have? I said I’d get back and rang my sister in law, Jenny, who works in finance mainly arranging wills etc but I assume it’s the same sort of thing. She suggested that the interest rate is likely to go up in the short term, so get a fixed rate, and that we would probably need to refinance after 2 years to prevent us being trapped in a high interest mortgage so make sure that there are no lock in penalties after 2 years. Sounded good to me so I called Craig and he said good choice (so why didn’t he suggest it?).

I had to fill out a mortgage application form and go through the 2 pieces of primary and secondary id routine again (another piece of advice, keep your recent payslips and utility bills close to hand!). Savills seem an efficient type of organisation, I suppose that my only criticisms was that they didn’t keep me up to date with what was going on (not that I could do anything but I wasn’t sure what they were doing) and I could have really done with a bit more help and advice on completing the mortgage application form. Actually I screwed it up and they had to make some corrections and resend it to me.

They have come back with a GMAC RFC mortgage which I have seen referred to on the Singing Pig property forums so I assume that is pretty standard for a buy to let property.