First time free help!

Hi All,

I am a first time buyer up here in sunny scotland and looking for some advice for mortgages.

- Looking at houses in the £120k bracket
- £40k deposit
- Looking at mortgage length of 14-15yrs (£550/pm)
- Looking to make regular overpayments of at least 10% year on year (£8k/pa) to be mortgage free 12years sooner (Paid off before I turn 34).

Currently earn £43k/pa and accumulating savings at a rate of about 2.3k/pm.

How do I go about avoiding early repayment charges? What would be the best choice for me given that my intention is to be mortgage free in < 5years. Do Early repayment charges only apply during the 'fixed' period? How do I overpay from day one?

Dont really want to increase the monthly payment amount if I can help it as its manageable if I lost my job, for example.:D


  • EREP generally on fixed rate mortgages (but check the specific mortgage details before you sign up)
    First time buyer, get help to buy ISA (get billy bonus from govt when use it to purchase first house worth 25% savings in account)
    Get a shorter 'Term' mortgage at the start (thus pay less interest than longer term)
    If its fixed mortgage you are wedded to check out each provider to ascertain of they allow overpayments and what the limits are, then pick best that meets your needs. You may have to pay slightly higher interest rate for that flexibility.
    Sorry just read the bit about 'loosing your job !' so ignore the shorter term bit, but if you lost your job with a long fixed term then the ERP could be inevitable if you sold and did not port mortgage.
    Debt is a symptom, solve the problem.
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