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Bradford & Bingley Mortgages
Bradford & Bingley 72-hour mortgage launched
Bradford & Bingley is to offer remortgagers a 72-hour exclusive stepped tracker mortgage, designed for those who wish to move their mortgage along quickly.
The product, which is funded by Norwich & Peterborough, has an initial rate of 4.5 per cent, which rises to 4.75 per cent in the second year and 5 per cent in the third.
Thereafter the rate remains at the base rate plus 0.75 per cent for the remainder of the loan.
Duncan Pownall, mortgage development manager for Bradford & Bingley, said: "This is a great product that will really appeal to remortgagers looking for competitive rates, low fees and flexible features."
As the name suggests, the Bradford & Bingley 72-hour mortgage will see a mortgage offer provided within 72 hours of application and there is a maximum 75 per cent loan-to-value available.
About Bradford & Bingley
Bradford & Bingley Building Society was formed in 1964 as a result of the merger of the Bradford Equitable Building Society and the Bingley Building Society, both of which were established in 1851. In July 2000 the Society?s voting members overwhelmingly endorsed a proposal from the Board of Directors to convert to a public limited company. The flotation on the London Stock Exchange took place on 4 December 2000 and Bradford & Bingley plc ("B&B") was formed.
Summary
Whether you're jumping on the property ladder for the first time or moving house, Bradford & Bingley makes finding a mortgage that's right for you a quick and stress-free process. Unlike those mortgage providers who just offer you an 'own brand' mortgage, at Bradford & Bingley you get a choice of 25 top mortgage providers all under one roof.
The most important link to the right mortgage is you. So that's precisely where the process starts. A friendly Bradford & Bingley adviser will sit down to find out what you want and understand your individual circumstances and needs. Then, with a panel of 25 mortgage providers offering hundreds of different mortgages ? including exclusive deals ? Bradford & Bingley searches to find the mortgage that's right for you. Once a shortlist has been compiled, you will be taken through the options and the reasons why Bradford & Bingley has chosen a particular mortgage.
All this from a name you can trust. The service is so good that Bradford & Bingley won Best Mortgage Broker at the Mortgage Strategy awards in 2004.
Bradford & Bingley is to offer remortgagers a 72-hour exclusive stepped tracker mortgage, designed for those who wish to move their mortgage along quickly.
The product, which is funded by Norwich & Peterborough, has an initial rate of 4.5 per cent, which rises to 4.75 per cent in the second year and 5 per cent in the third.
Thereafter the rate remains at the base rate plus 0.75 per cent for the remainder of the loan.
Duncan Pownall, mortgage development manager for Bradford & Bingley, said: "This is a great product that will really appeal to remortgagers looking for competitive rates, low fees and flexible features."
As the name suggests, the Bradford & Bingley 72-hour mortgage will see a mortgage offer provided within 72 hours of application and there is a maximum 75 per cent loan-to-value available.
About Bradford & Bingley
Bradford & Bingley Building Society was formed in 1964 as a result of the merger of the Bradford Equitable Building Society and the Bingley Building Society, both of which were established in 1851. In July 2000 the Society?s voting members overwhelmingly endorsed a proposal from the Board of Directors to convert to a public limited company. The flotation on the London Stock Exchange took place on 4 December 2000 and Bradford & Bingley plc ("B&B") was formed.
Summary
Whether you're jumping on the property ladder for the first time or moving house, Bradford & Bingley makes finding a mortgage that's right for you a quick and stress-free process. Unlike those mortgage providers who just offer you an 'own brand' mortgage, at Bradford & Bingley you get a choice of 25 top mortgage providers all under one roof.
The most important link to the right mortgage is you. So that's precisely where the process starts. A friendly Bradford & Bingley adviser will sit down to find out what you want and understand your individual circumstances and needs. Then, with a panel of 25 mortgage providers offering hundreds of different mortgages ? including exclusive deals ? Bradford & Bingley searches to find the mortgage that's right for you. Once a shortlist has been compiled, you will be taken through the options and the reasons why Bradford & Bingley has chosen a particular mortgage.
All this from a name you can trust. The service is so good that Bradford & Bingley won Best Mortgage Broker at the Mortgage Strategy awards in 2004.
posted by Bruce Wayne at 8:46 AM
Bradford & Bingley Mortgages
1 Comments:
I am a shareholder in Bradford & Bingley. I used to have a savings account when it was a Building Society, but then it demutualised and floated on the stock exchange and we all got a nice bundle of shares. I was very happy!
As a shareholder I decided that, as I was seeking to remortgage my house I would approach them for a quote. I had a spare afternoon so I went to the Altrincham branch.
The staff were very friendly & helpful (typically northern!). I was able to see an adviser at half an hours notice (Nationwide I had to book a week in advance!!)
The advisor was well presented, friendly and knowledgable. She took all my details and input them into her laptop which quickly gave a large number of quotes. So far so good.
Then came the crunch. Bradford & Bingley have become a mortgage broker. The theory is that they will search all lendors and find the best deal. For this they wanted to change me about 1000GBP (my mortgage is quite 250k so probably on the large side). I fancied a 5 year fixed rate (being risk averse with such a big loan!) and they quoted me 5.79% fixed. Not a bad rate I thought, but I didn't like the fee they wanted to charge!)
Then I searched the internet - there are a number of sites that are useful, but I quite like moneyextra.com - powerful and VERY informative. They also came up with 5.79% - with various lendors including the Woolwhich. Well I bank with Barclays who now own the Woolwich, so I popped down and got the same rate for free - saving the 1k charges. Barclays even filled in the forms for me just like B&B promised to do.
Other irritating aspects to B&B include :-
1. Poor website. Very slow. If you click on the "new mortages" section it tells you that you are not authorised to view that page.
2. Website does not clearly explain about the fee. It is mentioned in the small print but the % is not specified.
3. They do not make clear if they offer their own mortgages any more.
To sum up - the concept sounded good - check all lendors to provide the best deal - but B&B simply cannot do this in a cost eficient manner.
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