FTB...Advice wanted!

Wickedkitten

6.79% fixed. Do they do a graduate tracker mortgage?

maisymoo77

Wickedkitten wrote: »

6.79% fixed. Do they do a graduate tracker mortgage?

no they don't. However, even if they did im not sure I would want to opt for it as I want the security of knowing I can afford my monthly repayments.

kier333

maisymoo77 wrote: »

no they don't. However, even if they did im not sure I would want to opt for it as I want the security of knowing I can afford my monthly repayments.

I think your find historicaly 7% rates were the norm, like you i'm taking a Mortgage with HSBC although i have a 10%deposit. The way i see it is that providing you can afford the repayments then whats the problem. I honestly think in a few years time rates will be around 6% anyway, and many people who have streched themselfs with large loans/ smaller rates will struggle. I also am aware you can make a 20% over payment with HSBC reducing your capital.
Can i also state that many on this forum are negative, i confess i'm an Engineer not a Mortgage broker however, last year everyone claimed rates would continue to rise, and they dropped!

I suggest you go with your gut feeling and take no notice of people who's only aim is worry FTB's.
Providing you love the property can afford the repayments and plan to stay in the property for 5yrs the i think you won't lose as we are just in a cyckle and property will eventually rise again.

Good luck

febop

if you wait for the market to be perfect you could be waiting a long time id go with what kier said and go with your gut if you can get the mortgage and afford the payments your not losing out on anything but you are gaining a home

kier333

febop wrote: »

if you wait for the market to be perfect you could be waiting a long time id go with what kier said and go with your gut if you can get the mortgage and afford the payments your not losing out on anything but you are gaining a home

Is the market ever perfect, when times are good and prices rising everyone is complaing, when we are having price drops people are still complaining. Its a no win situation. I think you could do alot worse, ie been a FTB 2 yrs ago, if prices continue to drop so what just pay your mortgage and enjoy your home. The very worst case senario is it will be repossed and as awful as that would be i'm sure your deal with it. There are many worse things happening in the world/ this country than going in to NE.

I intend to proceed tomorrow proving the surveyor values the property at a price the bank will lend, to much is put on people anting to make a quick buck, i think once people realise its a home foremost your buying, if you want quick profit the play the stock exchange with your deposit at least in property you can be reassured that in time it can only increase.

woody252506

febop wrote: »

if you wait for the market to be perfect you could be waiting a long time id go with what kier said and go with your gut if you can get the mortgage and afford the payments your not losing out on anything but you are gaining a home

Spot on. Too many on here having a personal go at people just because they are doing something they dont agree with. Hidden agendas maybe?!?!? Who knows.

Like he says, if you can afford it comfortably and are making it a home go for it. If your used to paying that rate now, they are only going to rise so youll be used to it. Those loving the low rates now and taking on trackers for 2 years may well regret it.