can we get the mortgage!

ShoC

thanks for your input herb,
The house were looking to buy is actually a very good deal and not on the market but through a friend of the family.

Sorry for sounding unknowing but what is LTV?
I'm happy for a mortgage of 6.49 but 7.09 is fairly high and costly on the monthly outgoings

we have a 10% deposit but thought of taking a short term fixed to get onto a variable and then go back on fixed when the deals are not so high in the % region.
or is this not a realistic approach, I'm not to savy with all of this yet as this is a first time experience

herbiesjp

ShoC wrote: »

we have a 10% deposit but thought of taking a short term fixed to get onto a variable and then go back on fixed when the deals are not so high in the % region.
or is this not a realistic approach,

Sorry but that does not make sense.

You want go go on a fixed rate at the beginning?
Then once that has finished, go onto a variable rate?
And then get a fixed rate whn rates go down?

That is very risky - as house prices are going down.

Which would mean that you are starting off with a 90% mortgage, but very soon will have a eg. 92% mortgage as your property value may have gone down.

And at 92% you will not have any fixed rate to move onto.

I think you need a bit of hand holding to explain the scenarios to you on which to base your decision. Have a word with a whole of market adviser as being FTB they should take more time to explain the ins and outs of what you are looking to do and the risks involved.

Reds-on-Sea

Offer them £133K for the house if that's what you can afford. You say that it's worth £150k, but everyone thinks the house that they love is a bargain! (me included) Get it re-valued, see what they come up with, if it's lower, you'll be in a better position to put in a lower offer, therefore enabling you to go with the HSBC deal.

200299

direct line go up to 90% 2 yr fixed 6.89