Current mortgage deals for FTB

saver1986

Hey, I'm currently looking to buy a flat in the North East of Scotland, and am just looking to get some advice on where to get the best mortgage.

I'll be starting a graduate job in April, and will be on around 18,000 p/y for the first 3 years. Once training is done this will jump up (all being well). At present I've got around a 10k deposit and looking for properties around 100k. I might hold off a few months and save for a bigger deposit.

I've been making some enquuires around some lenders; Nationwide would need a 15% deposit and at a fixed rate for 3 years would be 5.98% which is roughly £550p/m.

I'm sure this type of thread has been done to death but I had a quick scan and couldnt find any simmilar topics so forgive me if I'm spamming the board and all advice is welcome

Wutang_2

saver1986 wrote: »

I'm sure this type of thread has been done to death but I had a quick scan and couldnt find any simmilar topics so forgive me if I'm spamming the board and all advice is welcome

Advice will come your way, no problem - all depending on what the question is..

beecher

You're looking for a mortgage of 4.7 times your income if you have a 15% deposit. That sounds high to me. With every 1% increase in interest rates you'd pay an extra £50 so make sure that you can afford the possible jump after 3 years.

Why not wait til your training is over and your wages increase rather than jumpin in now? Keep saving and watch that £100,000 property come further down in price.

saver1986

Why not wait til your training is over and your wages increase rather than jumpin in now? Keep saving and watch that £100,000 property come further down in price.

I suppose that is the golden question - when will property bottom out? And with regards to waiting 3 years that could potentially be around 36 months spent on paying rent rather than paying mortgage payments therefore in my opinion I'd rather buy than rent.

Advice will come your way, no problem - all depending on what the question is..

I suppose my main question is: who is offering the most competitive mortgages at present, and more specifically for those with smaller deposits i.e. 10%-20%