Fixed or Discount Rates

heathers_3

Hi All,

I'm a First Time Buyer. With the current sitution of the Market, the only way I can get my foot on the ladder is the joinly purchase a Flat with my brother.

The max. purchase price is 180K. I know he has a mortage on his property (approx 7 year left on borrowing 60K), so I won't be condisered as a FTB. The deposit is 20K.

I've had a couple of quotes from LloydsTSB, Nationwide and Northern Rock (all repayment mortages). I'm undecide :-/ which one to take.

Do you have any advice for me?
Which banks have the best Fixed and Discount rates?

payless

As for which is type is best - thats down to personal circumstances , need for security and the willingness /risk your are prepared to take on rising rates

Different lenders will be better in different types

Perhaps rad Martin's articles - links at bottom

heathers_3

I've spoke to a Mortagae Advisor at Northern Rock (over the phone). She said that to get a mortgage with them, the house needs to be min 2 bedroom.

However, when I asked the same question at their branch, they said no.

Can someone please confirm if this is true or not?

payless

Obviously on N R can confirm their lending policy

All I can say is that I thought they lent on 1 beds as well as long as valuer agrred it was a marketable property.