We've bought our first house!

zxcv784

Myself and my partner are first time buyers and today we had an offer accepted on a house we both love!

We have saved hard and have a 25% deposit with a good safety net behind us as well, I've been looking online for mortgages and we fancy fixing to give us that element of security in the first few years, we've been looking at the following products:

ING - 2 YEAR FIX Rate for 2 yrs:2.99%Reverting to:SVR - 3.5%Arrangement fee:750Booking fee195Basic Valuation fee:170

Co-Op - 2 YEAR FIXRate for 2 yrs:2.95%Reverting to:SVR - 4.24%Arrangement fee:849Booking fee150Valuation fee310

We're not planning on getting a survey done as we've been told the basic ones only state things that an oridnary observant person wld see.

I've worked out the total cost for both of the above products and over the 2 years and there's nothing in it (£130!). ING's SVR is clearly lower at the moment than co-op but I know this can all change in 2 years.

Just wondering if anyone has any views or experience with the two banks?

Any help or advice would be greatly appreciated.

minnie123

I'm no expert but I would go for a longer fix say 5 years - i'm sure the experts will be along soon x

misselvis

I would echo minnie123's reasoning and consider looking for a longer mortgage rate. Two years will pass by so quickly and as you have such a solid deposit I think it would be in your best interest in the long run

Person_one

I hate to rain on your parade but you haven't quite bought it yet! Don't forget it could all go belly up so try not to be too emotionally invested, easier said than done I know.

I agree that a longer fix would be a good idea, the co-op do a 5 year no fee fix and also a capped tracker.

opinions4u

We've bought our first house!

For fear of turning this in to a pantomime, oh no you haven't.

zxcv784 wrote: »

We have saved hard and have a 25% deposit with a good safety net behind us as well, I've been looking online for mortgages and we fancy fixing to give us that element of security in the first few years, we've been looking at the following products:

ING - 2 YEAR FIX Rate for 2 yrs:2.99%Reverting to:SVR - 3.5%Arrangement fee:750Booking fee195Basic Valuation fee:170

Co-Op - 2 YEAR FIXRate for 2 yrs:2.95%Reverting to:SVR - 4.24%Arrangement fee:849Booking fee150Valuation fee310

Why not consider a 5 year fix?

We're not planning on getting a survey done as we've been told the basic ones only state things that an oridnary observant person wld see.

Surveys are expensive. But buying a property with faults that you haven't identified can be a financial disaster. Just because somebody "told" you something doesn't mean they know what they are talking about.

A lender's valuation will tell you very little. I would strongly suggest you get a full structural survey, despite the cost.

ray123

CO-OP are offering a five year fixed at 3.99%.

I would also recommend a full strucural survey.

SLK_2

The full survey is a bargaining tool- if something nasty shows up you can use it to renegotiate to your advantage, usually covering the cost of the survey and more

Fairdo_2

I'm not normally contentious in my responses, so I will apologise now, but ??????? Why are people suggesting a Full Structural Survey when no one knows how old the property is, what type of property, etc.???

It's easy to tip the wink to the most cautious, but remember it is suggesting that someone spends more money on something that may not be necessary!

I agree, the OP should give some serious consideration to what type of survey should be had.

If you are borrowing from a Lender, they will insist on a basic valuation for mortgage purposes to be carried out, usually at the OP's costs, but some deals offer a Free Basic Survey.

Likewise with "going for a longer Fix", just bear in mind the potential downsides aswell. Longer Fix means longer tie in, so job change, other change in circumstances, split up, etc. All mean that things may have to be altered in that time, so again OP, take a rounded view on the risks and rewards and what you feel is most likely to occur in your expectations, as you know better than anyone and you can't read the future either!

Just consider all the pro's & Con's and make your decisions based on that!

Soap Box now removed.... Sorry for any offense caused!:o

dimbo61

Time to consider your long term plans!
As others have said there are 3 types of survey and getting a valuation survey on a 3 year old house might be ok but a full survey might be a good idea on a 200 year old listed cottage.
Do you plan on staying in the property for the next 3/5/10 years or is this a stepping stone to the next property.
Kids any planned or have you already got kids ( time off work/ maturnity leave , part time work)
I like the security of a long term fix and the COOP 5 year deal at 3.99% is very good with a fee of £999. The decision is yours GOOD LUCK

opinions4u

Fairdo wrote: »

I'm not normally contentious in my responses, so I will apologise now, but ??????? Why are people suggesting a Full Structural Survey when no one knows how old the property is, what type of property, etc.???

No, it's a fair call. I'll hold my hands up and admit to making a generalisation.

Absolutely no offence caused.

In most cases (but not all) it makes complete sense to have a full structural survey.

_Andy_

We're not planning on getting a survey done as we've been told the basic ones only state things that an oridnary observant person wld see.
.

so you've worked you're asses of saving and now about to make the biggest financial decision of your life, spending tens/hundreds of thousands of pounds, and you're willing to make a huge risk just to save a couple of hundred?
Not a good idea.