Moving In For My First Mortgage.

shaz77_2

I am hoping to move in and purchase my first property, it is worth £123K and I require a mortgage of 70K.

My Mortgage broker has recommended the Alliance and Leicester 2 year fixed mortgage at 3.99%, is this a good mortgage to go for?

I do like the sound of it as it doesn't tie me into a mortgage for too long, its a decent rate and I can use the two years to find a more appropriate long term mortgage if I decide that I still want the property then.

What are your thoughts?

Cannon_Fodder

"if I decide I still want the property"...?

Don't buy it if you are not sure you want it. It will cost you hundreds in solicitors fees to buy it, then to sell will cost hundreds more - maybe a couple of thousand - in EA, HIPs and more solicitors fees.

And, prices could still be falling, so you make a loss on it...

Its not a bad 2-yr rate, but rates are expected to go up within 2 years. Fixing around 4-5% for 5-10 years now, will cost more for the first year or two, but will then probably save you money in years 3 to 5, or 3 to 10...

imo.

GSXRCarlos

so you have a £50k deposit, well done in saving up so much money for your first place. i thought i did well getting £15k together