FTB : Am i in a good position or not?

Supreme_2

Ok, been looking into this a bit more...

Mortgage would be approx £580/month on £105k, which is easily affordable, and at a point where i could make approx 10% overpayments.

Getting tempted to try and sort out some viewings to see whats out there. Is there anything estate agents need from me before viewings can take place, or is it just a case of me phoning and asking for a viewing?

beev

Just to add a different dimension to the term issue I personally would take the longest term possible to keep repayments lower if it means you can get into the property you really want in the nice area. If you end up plumping for second best area you will want to move again in a few years which could be costly in fees. If you take a mortgage that allows overpayments you could still pay the higher amount off each month but safe in the knowledge that you don't HAVE to, giving you some flexibility if money becomes tighter in the coming years.

Supreme_2

As this is my first propertly, it's quite unlikely i'll be here for a long period so i need to ensure the mortgage i take out reflects that.

This may of course change... but i think it's best to take in to account the fact that i could potentially move in 3-5yrs, if not sooner.

herbiesjp

I would suggest getting an agreement in principle.

In the current climate, with the strict credit scoring and lending criteria, I think it would be worthwhile getting this sorted first.

Otherwise you could be looking at properties, potentially without knowing that a lender would agree the mortgage for you

Once you have got the agreement, it will give you more confidence with the offers that you are putting down - it might even give the agents a bit more confidence in you as a buyer.