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Advice/Guidance/Help for first time buyer
tonetone
Posts: 3 Newbie
Hi, my name is Tony. I will be honest, I haven't found a property and at this stage am not even looking at agreement in principle or a quote. Would it be ok just to chat for some advice?
I have quite a few questions. Me and my partner are looking to buy a property in Cardiff Wales. We would be looking/ready to buy probably in the new year probably around may/june time. We both earn 15k gross and could realistically afford £5-650 a month repayments. The property would ideally be around 80-100k.
The questions really would be, at this stage as a first time buyer does the term of the mortgage really matter? In the sense that we would not be staying in the house for more than 3 years.
Other than differing repayments what would be the best option to go for between capital and interest only? It is unlikely we could save a big enough deposit for interest only. What about the various home start mortgages also, obviously it increases the total amount but would it be worth it?
Also we are both graduates, are the offers aimed at us worth it?
For deposit by next year I would imagine 5-10% of anything up to 100k would be achievable without problems.
But realistically the difference of a 20 year term or a 30 year term would only be the monthly repayments? I mean after we sold the house after 3 years and moved on we would be back to square one, only with more capital (hopefully).
For people who do plan to buy for a few years and then move on would it be advisable to take out a particular mortgage?
Thank you so much in advance for any help, advice or guidance. I sincerely appreciate it.
Tony
I have quite a few questions. Me and my partner are looking to buy a property in Cardiff Wales. We would be looking/ready to buy probably in the new year probably around may/june time. We both earn 15k gross and could realistically afford £5-650 a month repayments. The property would ideally be around 80-100k.
The questions really would be, at this stage as a first time buyer does the term of the mortgage really matter? In the sense that we would not be staying in the house for more than 3 years.
Other than differing repayments what would be the best option to go for between capital and interest only? It is unlikely we could save a big enough deposit for interest only. What about the various home start mortgages also, obviously it increases the total amount but would it be worth it?
Also we are both graduates, are the offers aimed at us worth it?
For deposit by next year I would imagine 5-10% of anything up to 100k would be achievable without problems.
But realistically the difference of a 20 year term or a 30 year term would only be the monthly repayments? I mean after we sold the house after 3 years and moved on we would be back to square one, only with more capital (hopefully).
For people who do plan to buy for a few years and then move on would it be advisable to take out a particular mortgage?
Thank you so much in advance for any help, advice or guidance. I sincerely appreciate it.
Tony
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