FTB Mortgage Advice

happy_2008

Hello All,
We are FTB looking to buy our first property in Purfleet in Essex. We have a 20% deposit but im confused with all these mortgage deals and not entirely sure which one we should go with e.g. fixed, tracker and variable etc.

Now from what i have noticed, as we are first time buyers we cannot be put onto the variable deal?

Can anyone provide any advice as to the best package to use at the moment?

herbiesjp

You can have a varaible rate deal.

It would be a tracker, or discount of some variety if you wanted.

happy_2008

What happens with the % rate when your deal ends? E.g. if i was on fixed for 2 years and that ended?

So far the best deal i found i think is with HSBC:

https://mortgages.hsbc.co.uk/product/140-lifetime-tracker-standard?source=results

blueberrypie

happy_2008 wrote: »

Hello All,
We are FTB looking to buy our first property in Purfleet in Essex. We have a 20% deposit but im confused with all these mortgage deals and not entirely sure which one we should go with e.g. fixed, tracker and variable etc.

Now from what i have noticed, as we are first time buyers we cannot be put onto the variable deal?

Can anyone provide any advice as to the best package to use at the moment?

I think that when you say "the variable deal", you mean the standard variable rate - this is a follow-on rate, which means it's what you go onto after the initial period of your mortgage comes to an end. It's not available as a separate product you can choose (and this is the case for all borrowers, not just first-time buyers).

The "best package" varies from one borrower to the next - it depends on your situation, your preferences, what's available to you, etc.

If you are confused about mortgages, please speak to an independent, whole-of-market mortgage advisor. They'll be able to explain not just what products are appropriate for your needs, but which lenders are most likely to approve your application, and - importantly - what it all means and how it all works.

GMS

If you really are unsure about mortgages in general then you should speak to a broker.

The cheapest rate may not necessarily be the best deal for you. There are other factors to take into account.

A broker should offer a free initial consultation which would allow suitable deals to be looked at.