First Time Buyer Query

Mikey2k9

Hi just wondering if anyone can offer some advice, myself and my partner wish to buy a property (2 bed apartment) was valued at 81k offer of 75k made

we can raise 15% (£11250) deposit,

We are being told at present by anyone we have queried with that we can get fixed rate mortgages varying from 5.9 - 6.5, which is scandalous surely i thought. We havent been able to find any variable style ones either

Are there other mortgages anyone in similar positions or anyone else have come across with lower rates to these, not sure whether to go to an independent broker etc and what to do next.

Any help / suggestions much appreciated

Mike

Idiophreak

Hi,

I'm buying at the mo and have a quote from Nationwide for 3 years fixed at 4.39%. I am, however, putting down 25% deposit.

My sister's also buying and on the same mortgage and has been quoted around 1% more for the same term - less than 5.9, anyway - so might be worth a look.

Mikey2k9

Hi Idiophreak, i will do so now thanks for that ill check them out now.

bunny999

Your best bet is a broker. Most lenders now want at least a 25% deposit - many want 40%. At 15% you are likely only to able to get a loan from a sub prime lender. I'm on 2.5% with the Nationwide, but I don't think the SVRs are open to FTBs. You might be better off waiting until you've got a bigger deposit. Prices are still going down and you could end up in negative equity.

_Andy_

Mikey2k9 wrote: »

We are being told at present by anyone we have queried with that we can get fixed rate mortgages varying from 5.9 - 6.5, which is scandalous surely i thought. We havent been able to find any variable style ones either

Why do you feel they are 'scandalous'?

Do you not think it would have been a good idea to research your mortgage options prior to making an offer?

Mikey2k9

Because the same banks that fed from the troth of the tax payer arent passing on rate cuts, we did research last year however we applied for a mortgage cert and we had 90% at 5.5% yet all the rate cuts and they have increased after laying the tax payers with 30 k debt each to pay back in their lifetime through taxes lol yay

In any case we are going to get the apartment its not a case of not affording its whether something else is better on the market hence the query has anyone else come across anything better not has anyone got any suggestions on what i should have done before making an offer

herbiesjp

You can definitely get lower than 5.9% at 85% LTV

Whether or not you fit the criteria, to get the deals, is a different matter