1st Time Buyer Mortgage Advice

chrisc1983

Afternoon all,

I'm thinking about trying to by my first property with my partner. Joint income of just under 50k and a deposit of around 13/14k. No debts or credit problems apart from student loan.

Unfortuntely I know nothing about mortgages at all.

1. Is this a decent time to buy or is it advisable to wait until after Christmas?

2. What are the most competitive mortgages around at the moment? Ideally I want to be paying max of £700-£750 a month.

Thanks in advance.

hostie1985

Hi Chris,

The more you can save, the cheaper the interest rate you will get, which will make the repayments each month cheaper. 10% deposits are usually aimed for people who have a squeaky clean credit rating/score.

I dont think there is an 'ideal' time to buy - alongs you find a property that you are happy with - but the longer you can wait, the more deposit you can save.

Hostie

xx

chrisc1983

Thanks,

I'm pretty sure my credit score and stuff is fine so expect to be able to get a 10% deposit option.

I guess I'm going to be looking at a value of c.130k - as long as I can find something that gives me manageable repayments.

Does any one have any ball park interest rate figures from either

a) similar recent experience
b) general knowledge of the market

I don't want to agree to a mortgage in one place only to find somewhere else has a far better rate...

TrickyDicky

In answer to your first question:

If you are planning to live there long term - any time is a good time to buy. General long term trend on property is to rise (by not much more than inflation I think). It just swings around a lot.

Just save as much as you can and you can start looking now. it will give you some idea of what is available in the market. If you find the right house - go for it. No need to apply for a mortgage before you look.