What would be the best mortgage to get?

United762000

Currently me and my partner are saving for a deposit for a house. we have saved £11k so far and are looking to save another £9k to cover the rest of the deposit and legal fees/charges etc. we have a joint income of approx £60k and this would be our first purchase and wondered what type of mortgage would be best to go for and what kenders are more suitable for first time buyers? any help would be much appreciated

Gary123456790

Hi,

It is basically your choice and what fits your circumstances as to which mortgage to go for, but if you'd prefer someone helps you to make the choice, then see a good local mortgage broker.

It is often based on your personal attitude to risk, e.g. if you prefer to know exactly how much you will be paying, go for a fixed rate.

If you dont mind taking a lower rate initially with the risk that payments may rise unexpectedly, then go variable/tracker.

If your job pays a high annual bonus or you are expecting an inheritance, an offset might be beneficial as you could put the entire sum in the offset account.

At the end of the day, its up to you to decide or choose someone to help you decide!

Gary.

ACG

There is no "best mortgage" as such.

There are obviously mortgages which offer great deals, but they are generally harder to get. Finding the best deal is a case of narrowing down what you want from what is available - the cheapest rates are not always available to everyone.

United762000

thanks for your advice. how much do you think we should save? we are looking tobuy a property around the £150k mark. would you advise saving £15k (10%) and £5k for legal fees etc or are there still mortgages that pay legal fees?