First Time Buyer - Question on negotiating Interest rates

RaulDublin

I am a first time buyer and have very recently put forward a booking deposit for a house .I do have an pre approval from 2 banks and wanted to know how whats the best way to negotiate with banks .

• Property - 450 K
• Loan approved 440 K
• Mortgage amount needed-350 K

I'll be drawing much lower than the approved loan amount and hope to have a better interest rates in return for either of the banks concerned on the mortgage as I pay / can pay around 20 % of the total.
I assume that there should be only one bank who contacts the EA office ?
The house is quite old but dosent seem to need any repair and is newly refurbished .

Many thanks , raulG

AlmightyCushion

Some banks offer better interest rates for a lower LTV but that's about as good as you'll get. I can't see any bank negotiating a lower rate with you at all.

miezekatze

I've never heard of any negotiations regarding interest rates. Some banks give you a better rate depending on your LTV, but you'll usually find those details on their website, I don't think there's any room for negotiation there.

sKeith

your LTV is now at 77%. I think the next reaccesment LTV for most banks is 50% LTV. Quite a bit to go until then.

mickmac76

I agree with the other posters, the banks won't negotiate with you. Are you using a mortgage broker, they should be able to apply to several lenders and advise you on the best deal.