First Time Buyer - Large Deposit Advice

bargain_hunter25

Hi

I am just looking for a little bit of advice, I am a first time buying looking to buy on my own. I have a basic salary of 30,000 plus a guaranteed extra 5,000 a year worth of on call allowance, bonus etc.

The house I am looking at is 179,000, and I have a 40,000 deposit, are there are specific mortgages that offer better deals for people in my situation with a good deposit? Also, what kind of offer would you put in for a house for sale at this price in the current market?

Thank you in advance.

Dan_Collins_2

Well the bigger the deposit the better the rate, more so at the mo. But when looking this will show up any way.

The price depends on the area. How long its been up and how realistic the vendor is. In my area 170k in the area I work maybe 165 even 160k!!

bargain_hunter25

Thanks for that Dan. the house in question has been for sale around a year now so I would probably try my luck at 165 and move up from there. I dont have anything to lose anyway.. If anyone knows of any specific good mortgage deals at the moment give me a shout on here it would be greatly appreciated, ive just been using money supermaket at the moment

beingjdc

The better deals on that basis tend to kick in around the 25% deposit mark, so if you can haggle down or save up another few £k...

Kavanne

Yeah, I will echo what beingjdc says, it seems better offers come in when you are at less than 75% LTV (For 40k this would mean buying for less than 160000)

Ian_Griffiths_Halifax

If the house has been up for sale for around a year, then the seller either a) isn't desperate to sell or b) is very stubborn.

Find out the post code and go to www.houseprices.co.uk to find out what others have sold for in the past. Take a note of the prices and the house, then have a drive down the street and compare them to the house you are after. If you're sure that it compares the offer what you feel is right, but a 75% mortgage would get you the better interest rate.

You may be able to get the vendor to agree to pay your Stamp Duty as another incentive. It does depend though how desperate or stubborn they are.

Good Luck