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First time buyer - any mortgage recommendations ?
Archie_Sanchez
Posts: 3 Newbie
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...
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...
0
Comments
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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
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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.0
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