Mortgage experts....advice puleaseeeeee!

Bambywamby

Being a total mortgage virgin, I am hoping someone with more financial aptitude can give me a hand.

Myself and my partner are first time buyers, we are hoping to purchase a house for £160,000 (the mortagage companies have offered us upto £200,00 - but the house we like is only £160,000.

We want to be able to pay off extra as and when we can with the intention of becoming mortagage free a.s.a.p.

We both earn well, however our savings will be going on the deposit for the house.
So we will not have any substantial savings for about two years as the house we are moving into needs modernising (not extensively).

What is the best mortage to go for?

And any suggestions to who with?

Thank you in advance.

Bambers x x

comping_cat

I wouldnt like to recomend anything in particular, im not an expert, but i can tell you about my mortgage.
Im with the Northern Rock, am a year and a half into a five year, fixed rate repayment mortgage (4.99%). With the mortgage i have, i am allowed to make unlimited overpayments which i can borrow back whenever i need to (minimum borrow back is £500, takes about 48 hours to withdraw the funds, if needed).
The reason i like my mortgage is, 1) i know exactly how much i have to pay each month, and do so for another 3 1/2 years and 2) can pay whatever i want, when i want (i have paid £6 in before!!!). It acts as my savings, as well as paying my mortgage off quicker - if i need the money it is available, and because its in the mortgage rather than a seperate savings account not only am i saving myself interest on the mortgage, but im less inclined to borrow it for something i might not necessarily want!!!