Opinions sought- first time buyer and clueless

Mrs_ted

Hi and thank you for reading this!

Researching morgages (never have been a great risk taker) but like everyone else Im looking for the best deal in an area I know nothing and I mean nothing about!

Fixed VS trackable.

Found Britianna FTB trackable 3.79% currenlty and 0.095% less than Britiannas SVR. (Discounted tracker for graduates, hopefully not recent graduates!) No fees, valuation is free can make over payments and costs little to change morgages. TO GOOD TO BE TRUE?

Or go for a safe fixed rate. People keep telling me interest rates won't go up etc but how many times have we heard this. So I would appreciate some feedback please and opinions.

We have consulted with a morgage broker who at present has provided us with Morgage deals from Nationwide only.

I so look forward to your comments.

R_P_W

Difficult to comment without knowing anything zbout your circumstances

Jimbo1976

As RPW suggests it is difficult to help you without knowing more about you and your circumstances.

Whilst there is no suggestion that interest rates will increase in the near future, these things are impossible to predict.

If your mortgage payment is a small proportion of your monthly income and an increase of 2-3% (use a mortgage calculator to work out what impact this would have) would mean cutting down on a few of life luxuries then a tracker mortgage may be suitable. If like a lot of people your mortgage takes up a big chunk of your disposable income and an increase of 2-3% would mean sitting round a candle and eating cabage soup, then a fixed rate is probably best. Fixed rates mean you can sleep at night not worrying about "what if".

If you do decide to fix then it is probably worth doing so over longer than 2 years as whilst these rates are cheaper than longer term fixed rates. Most of the uncertainty over rates is beyond 2 years.

If you go to a bank or a building soceity, they will only give you advice (and sometimes just information) on their own mortgages. If you want to see what other rates are available, talk to a mortgage broker.