5 Year Fixed Best Deal? 150k house 16k Deposit

Cowster

Hi,

I was wondering if anyone new any good deals out there.

Me and my girlfreind are first time buyers. We have a reservation on a new deal for £151,500 and need to sort out our mortgage out sharpish. We have around £16,000 deposit.

We would be grateful for any advise? We are seeing a whole of market broker on Monday but would like to go with some good deals in my mind.

Many Thanks

Darren

homer_j_3

I would go to see your mortgage broker with an open mind and not a pre conception of what we think is good or bad.

Let them go through everything and explain everything. Let them understand your circumstances and then when they have done that, let them tell you what they think is best.

You don't have to sign up there and then - ask for an illustration of the deal that they feel is best and ask them to tell you why it is best - what does it do for you that the others dont effectively.

Once you have that you should be pretty confident that they have given you the right advice or at least enough info to come back here and let us know how you got on and maybe we can give you some steer.

You have to remember though that the broker should know your circumstances fully and we do not so our advice could be seriously off course from such limited information

Cowster

Thanks for the reply, as its our first mortgage I guess we just thought it might give us an idea of some of the better lenders out there. Your right though we should go with an open mind regardless.

Thanks

travel_freak

Hi Cowster,

I'm not an expert at all but what I did was to go to London & Country - they are independent brokers who can consider the whole of the market and they don't charge a fee for their advice (although they do receive commission from lenders). When I was in a bit of a muddle they were extremely helpful and can spend hours on the phone to you running through all the different options.

As others on here have pointed out though there are some deals that they can't source so I would start with them, get all the info so you know what would suit your circumstances and what is the best deal they can offer you.

Then do some internet searches - try Motley Fool etc and see what that comes up with.

For me L&C came very close but I found that Alliance & Leicester are doing a 5 year fix which bettered what L&C could offer me - not by a huge amount but every little counts! In fact A&L have just reduced their 5 year fix to 5.47%. There is an arrangement fee of £599 but this compared favourably with other higher arrangement fees and the rate seems good to me.

To qualify for this A&L mortgage you would need to already hold - or be willing to open a premier direct current account with A&L which you need to credit with £500 a month. They pay pretty good interest on this account and if you don't already have one see the referral thread where you can make money for opening one.

I'm not saying this would be the best option for you but I found it suited me and the rate seems good to me.

Good luck, anyway.

Regards,