Advice regarding mortgage please ;)

annoyed26

Hi all,
Have been looking thru the web and all the comparisons etc.. but there are too many choices, and it is difficult to determine which to choose, especially since in this country there are so few fixed term products!

Background:-
I am originally not from the UK but have indefinite leave to remain, having been living here for 10+ years. I work as a doctor in the NHS at present and have a stable income/job. Taking into account my salary of £49.5k i should be able to get a mortgage of £200k.

I have deposit of £300k, and am looking to purchase a property about £500k. I take home approximately £2000ish per month, and am single.

I am a first time buyer, and would like to have a term of 25 years to begin with possibly. There is one setback with my job though, and sometimes requires moving up and down the country -but at present I will be staying in the property for the next year or two (and then it depends on where the job takes me!).

I would love to get a mortgage that were fixed and at a low rate (like other countries, but apparently there is only one place that does them at 4.99% manchester building society).

I have spoken to a couple of mortgage brokers and a few products have been suggested to me. I have banked with HSBC for many years and it should not be a problem getting a mortgage with them at 40%LTV. I am likely to only be able to borrow 200k apparently with the online calculator.

1. HSBC 1.99% for 2 years fixed with £1999 fee followed by SVR
2. Coop at 2.79% for 5 years fixed with followed by SVR £549ish fee.
3. HSBC 3.19% fixed for 5 years
4. Offset mortgage with first direct at 2.49% fixed for 2 years £1999 fee (after deducting everything i may have £10-15k leftover to stash in here?)

I am at a loss as to which product to choose, and have no smarts when it comes to economics! I have also the habit of not being money smart and forgetting to put stuff into regular saver (having had all this cash sitting in a current account with 0.1% interest for a while <--- bad bad)
However, my plans for the future are to fund another purchase, possibly going into buy to let if my job takes me round across the country again or overseas.

Anyone able to give me any advice or point me in the right direction?

Thanks:eek:

ACG

It looks like you have done your research, especially if your coming up with names such as manchester building society.

Unfortunately, nobody qualified can give you the answer your looking for on here.

Whilst we can give pointers, we cant tell you what to do or which to go with as its classed as advice and without completing a factfind first were not in a position to do that.

If your looking for actual advice, with those lenders your looking at it might be worth a chat with an independent mortgage advisor.

dimbo61

You living and working in London by any chance?
Round here in sunny cheshire £300K would buy a very nice detached 4/5 bed house with double garage.
Most doctors rent while doing all the training and then find a part of the country they want to live and settle down

annoyed26

Yeah.. living and working in london.. 300k cant buy anything here unfortunately! and therefore the question would like opinions/advice as I have had some advice from brokers who have said "it depends on what you want" rather than giving me something useful! am sure there must be some MSErs who can tell me what they would do in my situation!

In regards to renting, I have already rented for a loong time and hopefully if all goes well i'll settle in london have got a post here for next 2 yrs minimum.

droiderm

You only take home 2000 on a nearly 50k salary ?

annoyed26

thats 50k salary before taxes and NI pension deductions etc...
following tax -> £2900 per month.

I eat lots and end up throwing money into the drain (£200 for council tax, some for rent, some for petrol, or car repairs) so end up with about £2000 sitting in 0% current account.