Mortgage Advice

aj9648

Hello All

Could you please provide some advice to me. I am going to be buy my first house. My partner and I both earn £60K in total and hoping to buy a property somewhere in the region of £225K. We are hard savers and have around £55K to go on the deposit.

As some other people we are quite worried about the last few increases in interest rates so wanted some clear direction and advice from some of the experts here. For e.g. variable or fixed or offset? We will be repaying more than the actual required amount every month but dont know how much every month - sometimes we may overpay by £300-400 other times just £50 - do mortgages allo for this flexibility?

Also where do I go to get a mortgage - do I go straight to a bank/building society or go to a mortgage broker. Do brokers charge a fee?

Any advice much appreciated

Thanks

herbiesjp

You sound like you are in a fantastic position - assuming no other debts and a good credit history.

Many mortgage allow for overpayments - some restrict, but depending on what you are looking for, you should be able to find something that fits. The variable, fixed ,offset discussion should only take place once you have discussed in more detail with an adviser. However offsets tend to require a large amount of savings offsetting the mortgage to counter balance the normally higher interest rates.

If you go to a broker rather than direct, you would normally have the benefit of a someone looking at most mortgage products on the market - assuming a whole of market adviser. There are also plenty of free free advisers