First time buyers - how to go?

Steevee

Hi All

Just after a bit of pre-emptive advice

Myself and my girlfriend are looking to buy in the next 4-6 monthes after graduating from university.

We both (hopefully ) graduate in July and both have full time jobs to go to once this happens. We have approximately 20k as a deposit between us.

We're planning on arranging a meeting with a mortgage advisor soon, my question is -

• Who is the best to go to? We both bank with HSBC, should I arrange with them?
• Is 20k enough? We've seen houses in the region of 120 - 140k that we would like to buy.

Just trying to get some goals and achieve a bit more motivation when saving !

Thanks
Steve

downs523

first, 20k is enough for the property price you have in mind. you only need min of 10% so your ok there.

im in the process of buying my 1st property with my partner and when we went to our bank (natwest) the offers were rubbish. i just scanned the web on mortgage comparison sites and found the best deals on there. i used moneysupermarket.com to find our best rate deal and just applied online.

p.s when you both graduate are your jobs already lined up? i know mortgage companies usually ask for last 3 months payslips...

Steevee

Yeah - we both worked placements in our third year at University and are being kept on... I don't really have a problem holding on for 3 monthes though, gives us more time to save!

Just in the process of reading the FTB mortgage guide to get a grasp on them !

I guessed that the banks may be knaff and the best way to go would be scanning comparison sites! Cheers

Robert_Sterling_3

Nationwide Building Society is not the worst mortgage lender.

downs523

the best deal i found a few week ago was with britannia, 5.69 fixed 5 yrs with 10% deposit but ive checked there site and its gone up quite abit. keep an eye on the rates from comparison sites. more you save the better, maybe try and get an 85% LTV then your open to much better rates.