First time to this site & First time buyer advice needed please!!!! :0)

nicki2626

Good afternoon to all!

This is my first time on this website and using the forum - I'm overwhelmed by the amount of information which is on here! I am looking to gain any advice in regards to first time buying.

I have been looking into the mortgage options which are available to me, but I would appreciate some additional suggestions and opinions which are outside of the family/friends loop.

To give you a bit of an idea of my situation:

I am looking for a first time buy for myself and my partner;
We have no dependents and are both fully exmployed;
Our lending availability is on average £180k;
We a looking for a first home, not a long term base;
We are both under 30 and want to remain in the North West of England.

Looking at the mortgages available, and trying to digest the info there are a few options which appeal to me for different reasons: capped, fixed, and tracker.

I am confident about managing a budget and have had around 2+ years of managing a budget for rental - but I appreciate this is nowhere on the scale of a mortgage.

Really I am just looking for general opinons and advice to support my ongoing research as we want to be fully prepared before we make a move to anything.

So I would appreciate any feedback at all!!!

Happy Saving!!! Have a great day!

Nicki :rotfl:

Conrad

You need to frame a specific question if you want meaningful feedback.

I'm guessing by the nature of your post that you are the type that likes security and peace if mind, so a fixed rate would seem useful for you.

ashbart

nicki2626 wrote: »

Good afternoon to all!

This is my first time on this website and using the forum - I'm overwhelmed by the amount of information which is on here! I am looking to gain any advice in regards to first time buying.

I have been looking into the mortgage options which are available to me, but I would appreciate some additional suggestions and opinions which are outside of the family/friends loop.

To give you a bit of an idea of my situation:

I am looking for a first time buy for myself and my partner;
We have no dependents and are both fully exmployed;
Our lending availability is on average £180k;
We a looking for a first home, not a long term base;
We are both under 30 and want to remain in the North West of England.

Looking at the mortgages available, and trying to digest the info there are a few options which appeal to me for different reasons: capped, fixed, and tracker.

I am confident about managing a budget and have had around 2+ years of managing a budget for rental - but I appreciate this is nowhere on the scale of a mortgage.

Really I am just looking for general opinons and advice to support my ongoing research as we want to be fully prepared before we make a move to anything.

So I would appreciate any feedback at all!!!

Happy Saving!!! Have a great day!

Nicki :rotfl:

Hi Nicki,

When we bought our first house two years ago, we went for fixed so that we knew EXACTLY what we were paying, for however many years. We did two years to give us time to get settled financially, with the fixed payments, thus giving us the option to delve further into the mortgage pond after the fixed rate is up! As the rates are low at the moment, I would concentrate on getting the lowest fixed rate possible in your situation. Be careful of mortgage brokers that charge YOU a fee. We went through an independent financial advisor but they did not charge us a fee, they got commission from the Building Society based on our mortgage.

Hope this helps a bit!

maninthestreet

What savings do you have, and what debts do you have? Any CCJs or defaults on your credit records?

nicki2626

Hi maninthestreet,

We have enough saved for a really good deposit, and then we have some small savings that we put aside for other things.

We have no CCJs or any bad credit ratings.

We keep on top of credit cards, bills, etc. The only debt we both have is student loans - but they are covered by our wages anyway.

Am just looking for an insight as to people's experiences and what hindsight has taught them etc.

Just want a really varied opinion on the subject!

Many thanks for your response!!

:T