First Time Buyer Mortgage Advice

DieHard

I am a first time buyer and I am looking for a 90% mortgage 5 year mortgage with no booking fee.

I have found this one myself.

http://www.rbs.co.uk/personal/mortgages/g2/view-product.ashx?id=fix5224

My current account is with Barclays and I would prefer to stay with them so I want a mortgage where I do not have to move my current account . I am a complete novice where mortgages are concerned but I am sure there are people on here that have spot on knowledge of mortgages. Is there any better deals for first time buyers? What is my best option?

TEDDYRUKSPIN

Shop around! Go on to each companies website. Book appointments but don't sign on the spot.

Your first thing to do is to see if they will borrow money to you and how much! Every company has now changed their criteria.

happybroker

what's the thinking behind 5 years if you don't mind me asking? Also, why the loyalty with current accounts (not that this will have a big impact) and why would you dismiss a mortgage with fees if it is in your financial interest to pay one?

as far as 5 years deals with no fees go it's ok, Coventry BS offer one with a £199 fee at 5.99% to end March 2014 which may be worth while if you're flexible on the fixed period and are borrowing enough to make the £199 fee worth while.

DieHard

Thank you for the advice guys!

@ happybroker - I literally know nothing about this, I have never done anything like this before and I just don't want to make a huge mistake. I am quite flexible on 5 years. I just thought the longer the better but March 2014 would be more than fine. Also, a £199 fee would be fine, I just don't want to get a mortgage with a £995 fee. I want to borrow about £50,000.

My loyalty to Barclays is just down to the fact I have banked with them since I was at University and I have never had any hassle with them, when I needed an overdraft they gave me one. If I need a personal loan (which I may do for decorating) I want to use them. Again i don't know if that is daft.

I keep my finances very simple and it works for me. I have never over reached myself, always pay everything on time and have never had a debt that haven't been able to manage. I very cautious of changing anything including my current account.

poppy10_2

DieHard wrote: »

My loyalty to Barclays is just down to the fact I have banked with them since I was at University

Your loyalty means nothing to the bank, and should mean nothing to you. This is not a personal relationship. You need to shop around for the best deal, even a slight difference in the interest rate could end up costing you thousands over the term of the mortgage. Look after your own financial interests first and foremost, Barclays won't be crying themselves to sleep every night if you leave them.

DieHard

poppy10 wrote: »

Your loyalty means nothing to the bank, and should mean nothing to you. This is not a personal relationship. You need to shop around for the best deal, even a slight difference in the interest rate could end up costing you thousands over the term of the mortgage. Look after your own financial interests first and foremost, Barclays won't be crying themselves to sleep every night if you leave them.

I agree, I totally want the best deal, I am just hoping the best deal will not involve changing my current account if I can avoid it. I have noticed that some mortgages involve changing your current account to the bank you are getting the mortgage with and some don't. I will shop around and I am open minded about it all, if it comes to the crunch I am willing to be flexible.

g_attrill

I would second that you shouldn't rate your current bank over any others - all it means in reality is that they can pull your bank statements directly and possibly have access to your internal customer "value rating", I don't know if that makes any different, possibly in marginal cases.