First Time Buyers

kirstyd_2

What is the best type of mortgage to get, we have been told a fixed mortgage for 4 years and others are saying a fixed mortgage for 2 years? With interest rates potentially going up whats the best option for us?

Morgage_Confused

dont fix for 2 years as its likely to drop you in it if the interest rates have returned to "normal"

if you need to fix go for 5 years.
want to take a gamble go for a tracker.

want a bit of both then look for the interesting 5 year tracker to fix deals.

best advice is to max out your deposit for a good LTV. check out ybs website for some very good deals.

carlton0903

Think we're going for a 5 year fixed, partly because of it being fixed, and partly because its the lowest interest rate that we can get..lower than 3 year and 2 year options! Plus with a longer fixed you know exactly what your repayments are going to be for that fixed term so I think for a FTB it brings more security and stability.

somethingcorporate

I agree, the longer you fix for the more certainty you will have, a big positive as a FTB!

Yorkie1

Plus, if you go for a short fix, in a short time you'll be paying another set of valuation fees and mortgage product fee (many of which are approaching £1K).

If you go for a longer fix, it will be longer before you pay these.