First time buyer, wait or buy now?

jb66

Hello, hope you guys can help. I'm looking for my first mortgage, My entry date is 12 September so I have a long time to sort out a mortgage. I have went through my mortgage advisor and the best deal he can give me at the moment is RBOS - 6.24% with £999 fee. The best deal I can find is nationwide 6.35% with a £299 fee. (This is a non broker exclusive)

Last week the nationwide was 6.09% so it has went up, I'm not sure whether to go with the 6.35% deal from nationwide or wait a few weeks to see if another deal comes along. My LTV is 60.

Any oppinions would be appreciated, Thanks James

phlash

As your initial question is dubious, and a bit open ended here's my 2 pence worth....

You can save a lot more by waiting a few months and buying the house at a reduced capital amount, than by any 0.xx% on a mortgage rate.

Save 0.5% on a 100K mortgage and you save £500 per annum.

Wait a few months and save £10K on the purchase price of the house and you've saved £10K. Plus £600 per annum on your mortgage (90K @ 6% instead of 100K)

This is money saving expert afterall.

Alias_Omega

a lot of talk about house prices falling on here,need way up what you want too do.

buy now at what you see, or wait for the fall which may, or may-not happen.

as they say, dont believe the hype.? or is it hype.?

wymondham

Prices are going down and by quite a bit (confirmed in lots of places now - it IS happening)..... that's quite a bit of money to lose - seems a shame to waste your hard earned deposit? I'd wait a year or two but the choice is yours...;)

firsttimetom

We're also first time buyers and we are waiting.

You seem to have a large deposit, also like us. We are waiting for another year at least.

If you really do want to buy now make sure you are putting in offers of 25-30% below asking price.

These are NOT cheeky offers. These are realistic offers on a cheeky asking price.

jb66

Sorry i should have mentioned more clearly I have bid on the house and i am the winning bidder. I move in on 12 September all we need is the best mortgage. I could get one tomorrow for 6.35% but not sure wether to wait a few weeks to see if they drop sub 6% again or snap up one now incase they go above 7%.

:money:

Wutang_2

do it now - rates are increasing every day

Conrad

You say you have plenty of time, you dont. Main lenders are inundated with business and whilst some cases luckily sale through, plenty get stuck in an impenitrable log jam. Also there are a thousand things that can cause a mortgage to be declined even at 60% ltv (for example one recently was declined as there were unresoloved iossues to do with the sewer pipe dating back decades)

jb66

I got a promise from abbey but they went from 5.97% to near 7%!!! So started looking elsewhere