just had an offer accpeted on a house.. now what??

chrish12345

Very excited first time buyers, we've finally found a place and had an offer accepted.. what to do now?

find a mortgage, contact a solicitor and have it surveyed.. anything else?


whats the best option for mortgages at the moment with the current interest rate being low?


any help tips etc would be much appreciated

Caz3121

The options for mortgage will depend on how much deposit you have - rates are low for low LTV but you will pay a higher rate the higher % you are looking for and it will also restrict the lenders. Have you had a mortgage accepted in principal?

chrish12345

got an 85% ltv.. no not in prinable as at the time we didnt know how much we wanted to spend

lkmc01

I find this mortgage comparison site the best if you already know your purchasing price and deposit

http://tables.moneymadeclear.org.uk/Comparison-tables-home/Mortgages/Compare-mortgages/

chrish12345

Great thanks.. whats more important inital rate % or apr %?

Cheers

lkmc01

Well for me initial rate is more important. I was looking at fixed mortgage products. So I looked at the initial rate over the fixed time period and then the standard variable rate after the fixed time period which may have well completly changed after the fixed rate ends.

The APR takes into account the mortgage product initial rate and the standard variable rate after any fixed periods.

I'd say the initital rate is more important, but look at them all.

If you want to stay with the same mortgage provider for the length of the mortgage, say 25 year then look at the APR, but take into account that when you leave their fixed rate and get put on their variable rate the rates will be different anyway so the APR will have changed.