first time buyer which mortagage?

marko4ever25

hi within 6 weeks hopefully i should have my 1st house. i'm buying it from a friend a friend for £60,000 (1 bedroom flat)

My question is basically im clueless on what mortgages/deals are around can anyone recommend anyone for a first time buyer? Is there anything i should beware off/know?

Are there any banks etc who would pay my legal fees/cashback? i have a deposit for the house is it wise to pay more than the deposist if i am able too?

i read some people took unsecured loans from banks to pay off their mortages and then just pay off the loan is that wise? help!

Lotta_Littlies

Go to an independent mortgage broker who will be able to find the best deal for you based on your own circumstances. Don't use an unsecured loan and put down as much as you can as this will save you more on interest.

Lotta

ailuro2

The bigger the amount of money you can put towards the price, the better the interest rate or deal you should be able to get.

Read Martin's top tips on getting a mortgage, the link is http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1157017651,88404, the mortgage guide is a free download.

Good Luck in your new home. Don't let buying from a friend put you off having a good poke around to check for serious faults.:o

Martinslovechild

Martins tends to recommend the broker 'London & Country' because they don't charge any broker fees (unlike say Charcolonline or some others).

At least you won't have to line Gordon Brown's pockets with stamp duty, with the property being under £125,000.

Good Luck.

marko4ever25

marko4ever25 wrote: »

hi within 6 weeks hopefully i should have my 1st house. i'm buying it from a friend a friend for £60,000 (1 bedroom flat)

My question is basically im clueless on what mortgages/deals are around can anyone recommend anyone for a first time buyer? Is there anything i should beware off/know?

Are there any banks etc who would pay my legal fees/cashback? i have a deposit for the house is it wise to pay more than the deposist if i am able too?

i read some people took unsecured loans from banks to pay off their mortages and then just pay off the loan is that wise? help!

any more suggestions appreciated

Curious_Moose

Type your details into this site and they come up with the best overall deals for diffrent types of mortgage.

http://www.moneysupermarket.com/mortgages/mortgagesstep1.asp

If you are thinking of a fixed rate mortgage, set up a little spreadsheet that adds up the total monthly repayments over the fixed rate period, estimated legal fees, booking fee, arrangement fee, valuation fee, any other fee they charge. That way, it's quite straightforward to compare costs between similar products. look out for any tie ins after the fixed rate ends though.

cannycat

Hi, good luck with the mortgage - if you don't mind me asking, what part of the country are you in? Down here in most parts of the south west you couldn't buy a caravan for that price!

marko4ever25

cannycat wrote: »

Hi, good luck with the mortgage - if you don't mind me asking, what part of the country are you in? Down here in most parts of the south west you couldn't buy a caravan for that price!

bonnie scotland outside edinburgh