1st time buyers...where to start!!!!

Aztecgold

I'm 3 years Post Graduate and have 2 yrs to take advantage of a Graduate Morgage with HSBC.  As a Key Worker i'm able to get a Shared Ownership property.  Thats is easy enough.... but where do you start finding a morgage? Do I stay with my bank? Shop around... how do you do this with out spending hours walking round the town? I've tried the Morgage Calculators, but they don't compare what I could be offered as a Graduate!  Help!!!!

theGrinch

start at the beginning ;D

I would advise a no fee mortgage broker to search the market for you.

Travelqueen

BUT... also do your own research. I spoke to loads of brokers & saw 3 IFAs.. none of them could get the same amount at the same rates as I could going direct...

Also, bear in mind some brokers can't / won't offer you deals with certain banks as either they only deal direct with customer (eg. HSBC) or they don't pay enough commission....

Eg: the highest rates I got offered by brokers were around the 200,000 mark (buying with my cousin on a 100% mortgage)

With Scottish widows graduate (up to 7 years after graduation) I was offered up to 230,000 LTV on a 100% with an optional 2% loan on top at the same rate

Bank of Ireland first Start up to 265,000 on 95% LTV

All of these were on fixed rates of about 5.2 - 5.9 %

I was also fortunate to have my dad acting as guarantor, although it reduced the options available it did mean we could borrow more. Crucially Scottish Widows (who we eventually went with) base their calculations on affordability. Also, if you're a professional you can borrow substantially more as they expect your wages to go up a lot in your first years of working. Sadly I don't fall into that category!

Anyway, good luck, but also be cautious and watch the market, so long as you know you can afford what you're paying out for, and you're not just looking to make money quickly you should be OK in the long term as house prices always rise historically. However, you could be buying at the top of the market, then again you might not be... Just keep yourself informed and make sure you have taken all the other costs into account before you overstretch yourself - bills, moving costs, solicitors fees, stamp duty, paint!

TQ