Queries from a first time buyer new to mortgages

kiran_mk2

I'm looking to buy my first place in the next few months and am just about to start looking at properties and talking to lenders. However, my circumstances are a bit out of the ordinary so I'd like a bit of initial advice here and see how that tallies with advice from lenders/brokers:

I'm looking at properties around the £180-£200k mark

I have a deposit of £90-£100k (i.e. around 50%)

In 4-5 months I'll get a further lump sum of £45k from a maturing bond

My salary is £30k

Here are my questions:

Given the interest level rates, am I right in thinking it's better to "invest" money in paying off the mortgage faster than keeping it in savings accounts?

What style of mortgage should I be looking at - I was initially thinking about an offset mortgage given my high deposit/imminent lump sum but am a complete newbie to all this

Where is a good place to find a reliable mortgage broker?

Many thanks for any input!

hcb42

offset works if you are going to keep some of the cash back in savings for emergencies as it were, but how much depends on how much you want to be paying out of salary for mortgage etc.

dimbo61

Most of the best deals need a LTV of 60% or less so on a £200K property you need to put down a £80K deposit.
Now if you went with an offset and put down £80K as a deposit and the rest of your savings into the offset you should get a very good deal ( look at FD tracker or fixed. Also check out YBS)
When the bond matures you can put the money into the offset and save interest on the mortgage and become Mortgage free quicker

Catslovelycats

I don't know much about different types of mtgs but I know if it was me I'd want to get the lowest mtg I could, which would mean putting as much of my money down up front as I could (minus some for rainy days). All the best with your decision-making. It's never easy, is it?