Mortgage options with favourable LTV

GoldStandard

Would anyone advise what my best options would be for a mortgage on a property I have a 75% deposit for?

I am a first time buyer with no outstanding debt and an income that will comfortably service the mortgage payments.

Thanks...

beecher

Your LTV will be 25% but I think you'll be looking at mortgages for LTVs of 60% and lower as I don't recall seeing anything better than that when I was looking at remortgages. So have a look online for some of those, or see a broker. Only thing to look out for is the size of your mortgage as some lenders have minimum amounts they will lend.

GoldStandard

Thanks for the quick response beecher.

I saw a broker yesterday and he was convinced he could do something better than what his computer was offering (a Nationwide tracker product). He said he would call next week when he has done some digging. That's what got me wondering what other options there may be.

The mortgage would be approx. £60k with property value circa. £225k

Thanks again

beecher

Some deals might be better going direct as it seems some aren't available for brokers. Have a look at

http://www.moneysupermarket.com/mortgages/

and see what you get - are you more inclined to go for a tracker, or a fixed rate?

GoldStandard

Thanks for the link. What a great tool. It will be worth a print out in the back pocket when I go to the broker as a benchmark.

Although I mentioned a tracker product I am thinking about a fixed product for 3-5 years and I would really value the ability to overpay on a month by month basis. I assume that would depend on the lender/product and interest rate/fees would suffer because of that option.

Maybe it is just the availability of the loan that is improved by a ~25% LTV rather than the actual cost/terms. It's just the independant broker/adviser alluded to the fact there may be something better available with some digging around.