First time buyer - any mortgage recommendations ?

Archie_Sanchez

With £4,200 saved for the fees warchest, we have a 7.5% deposit for buying a £230k house. This means a mortage value of £212,700 which equates to 3.2 multiplier of our joint salaries. This feels that although a great start is just outside of the minimal risk brigade.

fixed rate 5 year appeals although considering anything - has anyone been through similar recently ? I'm doing the trawl of the smaller lenders as they seem to have the better deals.

Would appreciate any leads and will keep you posted of how things go...

herbiesjp

Looking for a 3.2 income multiple should give you plenty of options. Have you made deductions, if you have any other loan/credit commitements?

Just be careful to look out for Higher Lending Charges if you borrow over 90%, and compare with mortgage schemes/lenders that do not charge this fee

HTH

VebGuy

Use the Listen Again thing at https://www.bbc.co.uk/moneybox as they've just done a prog on mortgages and it was very good - their expert thought a 2 yr fixed rate would be better then a 5 year.