FTB need help with mortgage deals

Sharpe

Hi everyone,

I just need some help from you experts out there! I am a first time buyer looking to spend no more than 100k on a house. I have a £25k deposit and £20436 annual wage. I get bonuses worth about £500 a year plus an annual bonus of £1572 + any possible overtime. All bonuses are not guaranteed and are attendance/production based so I don't know whether to include them in arranging a mortgage. No outgoings apart from the odd mobile phone topup and car insurance/tax/maintenance/petrol. I have a government student loan which takes off £9/week.

I have about £1.5-2k for fees saved up also. I also have £5k emergancy fund incase I loose my job etc.

I have looked at a few mortgages and nationwide seem to have the largest range of mortgages but I dont want to get ripped off and need help finding the cheapest mortgage based on my budget. Can anyone give me some pointers on how to find the best deals? What are the best deals that are currently known? I've looked on the site and I can't find any info apart from using a broker.

Thanks in advance!

Bufger

i wouldnt use a broker if i were you. Coventry Building society and Natwest currently have some good FTB mortgage rates but they aim it mainly at 90-85% LTV. Your best bet is to use a comparison website - they also compare mortgage deals based on your deposit, income etc. Its somewhere to start anyway!

gkinrade

Hi Sharpe

I'm a FTB just on the brink of exchanging contacts (hopefully today!) - we spoke to London and Country for advise, and they were very helpful, but could not access / put in our application for the best deal - we wanted a 5-year fix and the best then was with the co-op.

We ended up going direct to the co-op and after some time were accepted. I'd agree with Bufger - we used the comparison tables on moneysupermarket and L&C's own website mainly as well as others and maybe then consider going direct, unless a broker like London and Country (who are fee-free) could put in your application for you!

Good luck!

herbiesjp

At 75% LTV you should have a good choice of lenders and rates available to you.

Everyone is different, so the best rate for one person will not be the best rate for the next.

As has already been pointed out above there are two ways of finding the "best" rate: 1) Go via a whole of market mortgage adviser 2) DIY and go via comparison websites

So you really need to decide which step you want to take, and then plan from there.

Sharpe

Thanks guys, I'm going to look up all the suggestions now