What's the best mortgage for First Time Buyers?

First-time-buyer_5

Could anyone inform me about which mortgage is best for first time buyers with a 10% deposit?

I have looked at one through a national bank which is a 5 year fixed rate mortgage at 6.34% with no upfront fees other than £200 for a valuation.

The monthly repayments are just over £470.

Does this sound like a good deal??? I'm new to all of this!!!

_Andy_

'Best' in what sense - i.e. are you looking for lowest rate, do you mind about fees, etc.?
Any adverse credit?

First-time-buyer_5

Rates are important as ideally I would not want to pay over £500 a month. The lower the upfront fees the better really.

Is 5 years fixed too long for our first mortgage or would we be better going for 2-3 years fixed then re-assessing after that?

TMSL

You need to talk to a whole of market broker as it sounds like you need some advice, its impossible to say whether a 3 yr or 5 yr fixed is best for you without knowing your situation, and the banks wont tell you as they dont provide advice.

Leon_W

There is no such thing as a "best" mortgage as they are different things to different people.

My wife drives a Fiat Panda which is economical, easy to park, and suits her "around town" lifestyle. I, on the other hand travel a fair bit on motorways so do not drive a Fiat Panda. The Fiat is a very good car indeed and there is absolutely nothing wrong with it, but it does not fit my usage profile.

It's the same thing with mortgages.