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Best deal?? What to do????

Currently looking for a best deal ( ftb) with this:
deposit: k110
value of property (se): k220, joint income: 50k
Almost convinced to go for 5y/fixed. The best I've found so far is: Leeds BS ini: 4,75%
then 5,49%, mortgage for 20years.Would like to buy later next year, after election.
Would you recommend what to do in current financial climate? To be honest I am scared to keep my deposit in the bank. Heeelp!!

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