First time buyer

poppyegg22

My partner and I are first time buyers. We have had an offer accepted on a property valued 112,000. We have a 10% deposit and our combined salary is £32,181. We have seen a mortgage on Barclays (pictured)

Is this a good deal or are we better not going direct and using a broker? 

MaryNB

For a 90 LTV mortgage you might be safer going with a broker. I don't know about Barclays but a lot of other lenders are much more restrictive with 90 LTV mortgages than they are with lower LTV mortgages. A broker would be able to help you with the most appropriate lender for your circumstances. If you have any issues on your credit file you should definitely consider going with a broker for a 90LTV mortgage.

MFWannabe

Personally I’d use a broker, they can match you with the right lender for your circumstances 

lspell1

....when you speak to a Broker ask them to explain the pros and cons of 2 & 5 year fixed rates

poppyegg22

lspell1 said:

....when you speak to a Broker ask them to explain the pros and cons of 2 & 5 year fixed rates

Do you know the pros and cons of 2&5 year fixed? 

csgohan4

poppyegg22 said:

lspell1 said:

....when you speak to a Broker ask them to explain the pros and cons of 2 & 5 year fixed rates

Do you know the pros and cons of 2&5 year fixed? 

This will be individual, there's is no one size fits all, Some want the 5 year fix knowing what they will pay is fixed for 5 years, for a higher interest rate.

Some want a 2 year fix for a cheaper interest rate or wanting to move within 5 years and need flexibility. 

MFWannabe

Also try to factor in what your ltv will be in 2 years time as then it could open up to cheaper rates? (I know no one can properly predict this but if it’s 90% ltv at the moment then hopefully you could get to 85% in 2 years)
I imagine the rates on 90% ltv are quite high so personally I’d probably go for a 2 year fix. 

DCFC79

I agree with the previous posts, use a broker, oh and your credit score will not be used for the mortgage application, only you can see it, your history on the other hand is.  

poppyegg22

Went with the broker. Had the valuation from nationwide today and noticed in my credit file they have done a hard search so hopefully not too much longer to wait for the offer.