First Time Buyer Mortgage Help Please

SureshM

Hi All,

I am a first time buyer investigating current mortgages in the market. Would really appreciate your advice on what the best mortgage rate would be for a 80% LTV - I am looking at 3-5 year fixed rates. I have had an offer accepted (£198,000) and am spending some money renovating the place.

I have found 5 year at RBS for 5.69% and 3-year at Loughborough at 4.99%. Do you thinking fixing for this period is the best thing to do? Any better offers out there?

Many thanks for your help.

homehunter

We went with the Natwest 5 yr fix - exactly same as RBS of course.

We ummed and ahhed over the 3 yr or 5 yr fix and in the end chose security for longer over possibility of better rates (or not!) in 3 yrs time. Quite pleased we did that in the end, so far Natwest have been pretty efficient. Though we are just coming up the survey bit of the approval :rolleyes:

Could be a better deal out there by now - we started the process last Monday and at the time this was the best 80% deal we could find. I heard Leeds BS were doing a better rate? Don't know about eligibility though. Good luck.