First time buyer... Where do I start?

PHARR

Hi MSE,

I'm 25 and have been renting now for 3 years. Me
And my OH are now really after a mortgage. Prefably a fixed rate mortgage.

As for deposit, we can provide that due to me being in the Army.

We went into Nationwide and chatted to them and received an offer but now we have been told by friends to go to an independent advisor cause they have or we should go to different banks.

We have limited time off work we work hard but really want the ball rolling but don't have a clue about it all, we have read the guides as such but still don't know exactly all the details.

Does anybody have any recommendations on where to look at all? What should we take notice to? Is fixed rate 5yrs too little?

Thanks

Daerve

PHARR wrote: »

Hi MSE,

I'm 25 and have been renting now for 3 years. Me
And my OH are now really after a mortgage. Prefably a fixed rate mortgage.

As for deposit, we can provide that due to me being in the Army.

We went into Nationwide and chatted to them and received an offer but now we have been told by friends to go to an independent advisor cause they have or we should go to different banks.

We have limited time off work we work hard but really want the ball rolling but don't have a clue about it all, we have read the guides as such but still don't know exactly all the details.

Does anybody have any recommendations on where to look at all? What should we take notice to? Is fixed rate 5yrs too little?

Thanks

Personally I prefer to use an IFA as they have access to the whole of the market and will likely get you a better deal. A good one can also advise you about the whole process where as the bank are a faceless corporate entity.

There's no harm in seeing an IFA and compare them to what the bank have offered. An IFA can also advise you regarding whether it would be beneficial to fix (or not).

With rates as they are fixing could be either a good bet or a waste of money, take your chances as they say but good luck.

PHARR

Thanks but IFA's cost around £300 from what I hear? Then it's who to go to.

Daerve

They obviously have to make money but it's often the mortgage company that pays, not you.

My broker doesn't charge me. I'm pretty sure the forces will have an arrangement with a particular broker so it may be worth asking around.

heytoki

PHARR wrote: »

Thanks but IFA's cost around £300 from what I hear? Then it's who to go to.

£300 is not much when you are going to receive help and advise about posibly the most important purchase of your life....