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Mortgages for first time buyers
MikeW82
Posts: 1 Newbie
Hello everyone,
first time poster here. I need a bit of advice regarding mortgages for first time buyers. I'm looking to buy a 2 bed terrace house in the suburbs of Manchester. The house i'm interested in is on the market at £140k. I have a deposit saved of 20% and want to know if anyone knows of any decent mortgage deals for LTV of 80% or more. The best i have seen so far is a 2 year fixed rate with the Manchester building society for 4.99%. It seems that all the best rates are reserved for those with 25% deposits which at the moment is a bit of a stretch to be honest.
Also, do you think it is worth getting a mortgage offer in principal before making an offer on the house?
first time poster here. I need a bit of advice regarding mortgages for first time buyers. I'm looking to buy a 2 bed terrace house in the suburbs of Manchester. The house i'm interested in is on the market at £140k. I have a deposit saved of 20% and want to know if anyone knows of any decent mortgage deals for LTV of 80% or more. The best i have seen so far is a 2 year fixed rate with the Manchester building society for 4.99%. It seems that all the best rates are reserved for those with 25% deposits which at the moment is a bit of a stretch to be honest.
Also, do you think it is worth getting a mortgage offer in principal before making an offer on the house?
0
Comments
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Definitely get an agreement in principle - as you may find out they cannot offer you that deal anyway for some reason.
So better to know now, before having put any offers in, than after, and having mountains of pressure being applied by agents and vendors for you to get a mortgage agreed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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