First time buyer mortgage help.

muzza8

Hi there, i was yesterday accepted for a mortgage with Halifax.

My credit rating is perfect and i have a 20000 deposit to put down which is little over 10% of the value of the property we want (180000). The offer is a fixed rate of 5.99%.

What i would like to know is:

1. Should i shop around more? Are there much better rates out there?

2. Has anyone in a similar position had any better rates elsewhere?

Thanks in advance for al advice.

Essex22011

muzza8 wrote: »

Hi there, i was yesterday accepted for a mortgage with Halifax.

My credit rating is perfect and i have a 20000 deposit to put down which is little over 10% of the value of the property we want (180000). The offer is a fixed rate of 5.99%.

What i would like to know is:

1. Should i shop around more? Are there much better rates out there?

2. Has anyone in a similar position had any better rates elsewhere?

Thanks in advance for al advice.

Hiya

How long is that fixed for? We have a 10% deposit, 4.79% fixed for 5 years with Natwest

muzza8

Its over 2 years i think. In my very limited experience, i thought 5.99% was pretty high, would you agree?

kingstreet

Yes. Shop around more.

Essex22011

Yes I think its quite high especially as its short term fixed, your repayments with Halifax will be around £1,030 over 25 years.
Co-op is 3.99% fixed for 2 years 90% LTV, repayments £844 over 25 years so saving of £186 per month!!

YBS starts at 4.24& fixed for 2 years 90% LTV

muzza8

Thanks for taking the time to reply guys, will definitely be looking around a bit more, looks like i could possible save nearly 2%!!