first time buyer needing help please :)

marcus_uk

hi, im a first time buyer and ive been accepted on a homebuy scheme.

the property is 75k and i pay a mortgage on 30% which equals to £22500 though i only have 10% deposit.

ive been offered a mortgage with halifax fixed for 3 years with 90% ltv at 6.98%. ive looked at several others and thier roughly the same .

so am i able to go straight onto the svr which is currently 3.5%? would this then enable me to fix at a later date...meaning whenever i like or would thier be some sort of clause? my thinking is if the rates dont go above 7% in the next year it would be much more worth my while going on the svr and then seeing how things are in say a year and then maybe fix my mortgage.

cheers , marcus.

dimbo61

No Halifax are offering you a 3 year fix at 6.98% and who knows what the SVR will be in 3 years ( Nice Idea)

VIGILANT22

Starting on a SVR in not an option....you go on to SVR when yr deal ends...

marcus_uk

ok thanks for clearing that up . i guess thats why they offer a tracker then.. and why with a 90% ltv i can only opt for a 3 year fixed and not 2 lol.
hmm back to the drawing board then.

anyone have any ideas or other avenues to look at? im going to ring a couple of brokers tomorow and see what they say though unfortunately i have a feeling they are not going to better the deal ive found already on my very small margins

cheers again for the comments!

VIGILANT22

small deposit... higher rate/larger deposit..... lower rate