Young mortgage-owner wanting advice from those experienced!

bethjames5681

Competsoph said:

My rate is 2.14% fixed for 3 years. I put forward a 10% deposit and chose 3 years as 2 isn’t long enough for me and I don’t intend on moving within this time frame. I didn’t choose 5 as I felt this was too long a commitment for me to make when beginning.

Out of curiosity, given you have a significant amount of savings, how did you land on 90% LTV when you might have secured a lower rate for a bigger deposit?

Competsoph

bethjames5681 said:

Out of curiosity, given you have a significant amount of savings, how did you land on 90% LTV when you might have secured a lower rate for a bigger deposit?

Good point, the difference in monthly payments and indeed interest rates was minimal even as far up to 20% deposit. As this house will need redecorating and furnishing I felt the cash I had was better positioned with me, enabling me to do these things and still go away etc without being strapped for cash should anything happen. 

I am also buying this property alone and as my partners job is not secure at the moment, I felt having the back up cash was more beneficial to me than paying £100 less a month.