Mortgage Options for First Time Buyer

Jonny0000

I am a first time buyer, looking to find a mortgage with a 20% deposit.

With so many options available I am not sure where to start. I have looked at a number of 5 year fixed rate mortgages at around 3.6 - 4.5 %, offered mainly from high street banks.

There are the usual fees (around £1500) and early repayment limits of up to 10% a year.

I am awaiting a response from a mortgage advisor who will likely say the high street banks don't offer the best deals and provide details on some other lenders.

Does anyone have an idea of where you can find out what mortgage will typically be available mortgage?

I am looking to compare rates on a 20% mortgage on those with lower deposits but at the moment, with so many types of mortgages repayments terms and rates avaiable it's all a bit confusing . . . and I thought I knew at least a bit about it.

Any help appreciated.

Gary123456790

Jonny0000 wrote: »

Does anyone have an idea of where you can find out what mortgage will typically be available mortgage?

Can you rephrase that for us???

You have a healthy deposit so you should have access to good rates, presuming your credit history and income are both agreeable.

Where there is a fee to get a rate, check that the fee justifies the reduced rate, in relation to how much you are borrowing. e.g. paying an extra £499 to get 0.5% off the rate would benefit some people and not others.

There are lots of options out there im afraid, and its up to you to work out which one you want or trust a broker to come up with the right answer.

Gary.

ACG

If your waiting on an advisor coming back to you then he/she will come back to you with the best they can find. It could well be a high street lender but it may not be.

Jonny0000

Gary123456790 wrote: »

Can you rephrase that for us???

Gary.

Sure. I was trying to find out the typical mortgage that would be available in relation to salary.

As an example, if your net income was 30K, what mortgage could you typically get? Is there a tool/ rule of thumb you use?

It would help us get an idea of the type of property/ location we could and could not afford.