First time buyer needs mortgage advice!

helkin

Hello,

I am a first time buyer and am about to do a deal on a property for £165 000.
I have an £82 500 deposit and need to borrow another £82 500.

I would prefer a fixed rate mortgage as I don't have much savings and might struggle if interest rates went up quite a bit.
I would also prefer to have a tie-in period of 3 years or less and I have no idea where I'll be in 3 years time!

Any advice on who has the best mortgage and whether I should get repayment or interest only?

Thanks!

hethmar

Well done for having such a huge deposit. Keep a bit aside though if you dont have any other savings.

Have a look on moneysupermarket, fill in your details and it brings up all the deals available to you. Repayment costs more but it does mean you are nibbling away at the amount you have borrowed.

herbiesjp

You will have plenty of options available.

It all depends on many things like credit history, income amongst others as to what deals will be available -- but the great deposit you have will really open lots of doors for you

"Best" will need you to quantify what best is - as the best for someone else will not be the best for you

Are you happy going it alone? Or do you need the help of a whole of market broker?

helkin

Hi herbiesjp.

I am told that I have a pretty good credit history however I have never had a credit card or any loans or anything so I don't really exist!
My salary is £250 300 before tax.

Best for me means the lowest amount I will have to pay back I suppose, especially for the first 3 years. I was looking at paying back between £450 and £500 a month.

I think I would probably need the help of a broker as this is my first time getting a mortgage.

herbiesjp

Definitely

Especially to help steer you clear of the low rates out there with excessive fees, which are not beneficial to you