First time buyers lost in a sea of mortgages...

jimbo_and_pam

Hi all,

I've been looking at some of the threads here on this site and would appreciate your advice on what is the sales chat, and what else is the important information.

My partner and I are first time buyers and are endeavouring to get the most for our money, as with most FTB's we've got a strict budget and as a result, need to ferret out the best deals.

We want to get a fix rate mortgage, but the tie in deal really depends on the deal.

Any suggestions gratefully received.

Cheers

Jimbo:o

MortgageMamma

Hi There Jimbo

You really need to give more specific details to a whole of market mortgage advisor who will find the best mortgage for you, and deal with eveything through to completion.

Where are you based I might be able to recommend someone?

herbiesjp

What figures are you looking at?

meanmachine_2

Cost of house?
Size of deposit?
Joint and separate incomes?
Any debts?
Guaranteed career path and promotions?
Thinking of starting a family in the next 1-3 years?

etc etc

paddytt

We have had a number of mortgages over 20 years, and currently own two houses each with a mortgage.

I actually think that there is little to choose between any one bank's mortgage offering (and not a lot between different banks) since all the rates are similar - the difference is just how they "wrap it up". Imagine the same perfume, in 5 different bottles and then these 10 different boxes and in 20 different shops. At the end of the day, they all smell the same.

We have gone away from Fixed Rates since the tie-in and redemption penalties are too high - unless you're very settled, life changes too fast for long term mortgage tie-ins.

Take Martins advice and talk to one of the four "whole of market" specialists in his main article.

regards

TT

jimbo_and_pam

Realised I haven't given enough details... sorry!!

Based in Preston, Lancs

2 x £19,500 increasing to 21k in september
both teaching with permanent contracts
20k deposit
no debts to bank apart from overdraft (£1500), but repayments to my dad for uni excesses (which I aim to have cleared by end of next year) The only expenses are for our cars, i think there's £200 on my credit card (fuel expenses)

thanks for the input, I appreciate the advice:j

meanmachine_2

Well, the Nationwide might lend you up to 178K, so add 20K deposit and that's the max you could buy.

That sounds ridiculously high to me, but then banks are throwing money around like there's no tomorrow at the moment.

Also, factor in what you might do if you guys were to fall pregnant or split up.

If I were buying today I'd try to fix for around 5 years, since they're not much more expensive than a 2 year fix. But that's just me.