Advice on mortgages

I lookin for a mortgage as a 1st time buyer

Anyone got any advice on pros/cons/understanding of it all

The rates are likely to go down more so I wouldn't get a fixed rate mortgate if I were you. Good time to buy, good luck with it.

[fizzwheel]

Go and talk to a Mortgage advisor they'll explain it all to you and help you find the best deal on the market. Normally its free of charge as well.

Go on moneysavingexpert.com, that outlines a lot of the details and helps you to get your head around the different options.

Assuming you are borrowing more than 90% of the value of the property a lot of lenders charge a higher lending charge. Some don't. Try and get one that doesn't! Also try and get one that allows you to make overpayments as they can seriously reduce the amount of interest you pay overall. Also a lot of lenders will offer to put any arrangement fees on top of the amount you're borrowing. If you do this you will obviously be paying interest on this as well so as much as you can pay up front, do.

We were told the usual fee for advise was £100 but we had this wavered as we knew someone that worked there.

We are also 1st time buyers investigating the market. From what I can gather, a big deposit is needed unless you plan to apply for government funding.

We are goignt os ave like mad for the next 6 - 12 months and then hopefully prices will have dropped even more.

Originally Posted by wow

The rates are likely to go down more so I wouldn't get a fixed rate mortgate if I were you. Good time to buy, good luck with it.

not so true.. the bank of england base rate is low now... but the difference between that rate and the products is quite big... that wont change if you get a tracker so any rise in the base rate will effect you...

Im looking for a fixed simply because it makes the most sense to me at this moment to know whats going in and out.

ps.. speak to a mortadvisor..

cheers

Alex

you should only need 10% still... and there were 95% mortgages out there last week but they were v expsensive...

Me and maria are working on that we need at least 10%, but I've heard alot that its difficult to get a morgage unless you have a 20% deposit. I'm not sure about non-fixed rate morgages, that could work against you in that the rate goes up (maria;s friend had that, and she was at a point where she and her partner had to work so much just to survive)

[quote=alpinestarhero;1672534]Me and maria are working on that we need at least 10%, but I've heard alot that its difficult to get a morgage unless you have a 20% deposit. I'm not sure about non-fixed rate morgages, that could work against you in that the rate goes up (maria;s friend had that, and she was at a point where she and her partner had to work so much just to survive)[/quote

90% mortgages are still quite easy to get...providing the rest of your credentials are ok

Ah, i see. What sort of credentials do they look for? Alot of our waiting-to-buy is because neither of us have a permanent job, and maria might be able to get a permanent job soon (I'm on a 3 year PhD, so its not overly permanent for the forseeable future). Is that something they look for?