First time buyer looking at mortgages - Help

mancitychick

My husband and I are looking to buy our first house. House is approx 120k and would need to borrow 90k. We just don not know where to start on the mortgage front.

Do you go to several lenders or is it best to use a broker. we were looking at just going to something like "the market place" at bradford and bingley. We were looking at fixed rate for 3 years.

Any advise to point us in the right direction would be greatly appreciated.

herbiesjp

I would go to an adviser but one that does not charge a fee - let them do all the work for you.

payless

some background reading from martin's articles
or
http://www.fsa.gov.uk/consumer/07_MORTGAGES/index.html

might be a good start

mancitychick

I take it we should forget about going to someone like bradford and bingley who charge a flat fee of £199.00 for the broker services.

thanks

herbiesjp

There are plenty of advisers that do the same job for no fee

mancitychick

sorry for being completely clueless, but where would i find a list of reputable advisors

meanmachine_2

Do some research yourself first by inputting your details into one of the online mortgage services - moneyextra's is quite user friendly and see what sort of figures they throw up. However, I don't believe they have a full list of mortgage providers, so it's best to go to your local broker. They shouldn't charge a fee upfront. But if they do, some think this is better as they aren't on any kind of commission.

£90K these days is a tiny mortgage, and with a large deposit you should get a good deal.

You can now fix for a few years for around 4.89%, and if at least one of you is employed or with full accounts your options are plentiful.

Having said that, you're buying at the very top of the market (arguably), so don't expect your house to double in value over the next few years. It wont.

But good luck

payless

mancitychick wrote:

sorry for being completely clueless, but where would i find a list of reputable advisors

sorry its does not exist

as suggested, do some background reading/ research - and speak to a few brokers / lenders
- you will find someone that you feel comfortable with.