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FTB Best Mortgage Deal
tduarts
Posts: 6 Forumite
Hello everyone,
I've just registered to MSE so I'll do a quick introduction.
I'm currently in the process of taking the first step into the property ladder.
Both me and my partner are FTB and were allocated a 2 bed flat for a new built development in London on a shared ownership scheme.
Now we got to the harsh part where we have to decide on which mortgage to go for and as this is totally new for us we would really appreciate some advice.
The total value of the property is £275K but we are buying a 40% share of £110K.
We should be able to put a deposit around 25/30%.
Like most people at the moment we don't know if we should go for a fixed or a variable rate and after getting advice from a broker he suggested a fixed 4 year at 5.09% or a 5 year at 5.29% base on a LV of 75%.
We want the best deal based on the total cost of the 4/5 year period. What are your views on this?
Thanks a lot.
I've just registered to MSE so I'll do a quick introduction.
I'm currently in the process of taking the first step into the property ladder.
Both me and my partner are FTB and were allocated a 2 bed flat for a new built development in London on a shared ownership scheme.
Now we got to the harsh part where we have to decide on which mortgage to go for and as this is totally new for us we would really appreciate some advice.
The total value of the property is £275K but we are buying a 40% share of £110K.
We should be able to put a deposit around 25/30%.
Like most people at the moment we don't know if we should go for a fixed or a variable rate and after getting advice from a broker he suggested a fixed 4 year at 5.09% or a 5 year at 5.29% base on a LV of 75%.
We want the best deal based on the total cost of the 4/5 year period. What are your views on this?
Thanks a lot.
0
Comments
-
Hello everyone,
I've just registered to MSE so I'll do a quick introduction.
I'm currently in the process of taking the first step into the property ladder.
Both me and my partner are FTB and were allocated a 2 bed flat for a new built development in London on a shared ownership scheme.
Now we got to the harsh part where we have to decide on which mortgage to go for and as this is totally new for us we would really appreciate some advice.
The total value of the property is £275K but we are buying a 40% share of £110K.
We should be able to put a deposit around 25/30%.
Like most people at the moment we don't know if we should go for a fixed or a variable rate and after getting advice from a broker he suggested a fixed 4 year at 5.09% or a 5 year at 5.29% base on a LV of 75%.
We want the best deal based on the total cost of the 4/5 year period. What are your views on this?
Thanks a lot.
Not an answer I know, however I dont like or recommend shared ownership schemes.0
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