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  • FIRST POST
    • meat_n2_reg
    • By meat_n2_reg 4th Mar 18, 3:43 PM
    • 89Posts
    • 80Thanks
    meat_n2_reg
    First Time Buyer mortgage advice
    • #1
    • 4th Mar 18, 3:43 PM
    First Time Buyer mortgage advice 4th Mar 18 at 3:43 PM
    Hello
    My son is looking at buying his first property
    He is looking for a 130k mortgage over 25 years this with a LTV of 90% and I have suggested that he looks at a fixed mortgage for either 3 or 5 years given the likely hood of mortgage rates
    He is looking at mortgages from Halifax and Nationwide currently , any advice greatly apprecaited
    Many thanks
Page 1
    • juniordoc
    • By juniordoc 4th Mar 18, 4:50 PM
    • 364 Posts
    • 286 Thanks
    juniordoc
    • #2
    • 4th Mar 18, 4:50 PM
    • #2
    • 4th Mar 18, 4:50 PM
    If he can get up to a 15% deposit then he will be able to access better mortgage rates. Make sure he has a help to buy ISA to make the most of any savings.
    Did you have any specific questions?
    • Fisa002
    • By Fisa002 4th Mar 18, 4:55 PM
    • 144 Posts
    • 61 Thanks
    Fisa002
    • #3
    • 4th Mar 18, 4:55 PM
    • #3
    • 4th Mar 18, 4:55 PM
    Advice on what exactly ? You haven!!!8217;t really said what your looking for.

    I would not just limit myself to those two lenders and try and get a mortgage broker on board too and discuss my options and offers available to me
    • ACG
    • By ACG 4th Mar 18, 4:56 PM
    • 16,841 Posts
    • 8,785 Thanks
    ACG
    • #4
    • 4th Mar 18, 4:56 PM
    • #4
    • 4th Mar 18, 4:56 PM
    Is there anything in particular you are looking for advice on?

    It is easy to get swayed by the rate but take a look at the overall deal (ie arrangement fees, cashback, valuation fees etc). Also check criteria and the lenders affordability calculators - no point applying if you do not fit affordability or criteria.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • robgoode
    • By robgoode 4th Mar 18, 7:54 PM
    • 49 Posts
    • 32 Thanks
    robgoode
    • #5
    • 4th Mar 18, 7:54 PM
    • #5
    • 4th Mar 18, 7:54 PM
    Hello
    My son is looking at buying his first property
    He is looking for a 130k mortgage over 25 years this with a LTV of 90% and I have suggested that he looks at a fixed mortgage for either 3 or 5 years given the likely hood of mortgage rates
    He is looking at mortgages from Halifax and Nationwide currently , any advice greatly apprecaited
    Many thanks
    Originally posted by meat_n2_reg
    We are just in the middle of purchasing our first home in similar circumstances. Our house is 128k over 30 years. We went for the longer term to help out with the mortgage payments in the first 2 years but plan on overpaying whenever possible.

    We went through a broker, had 10% deposit and got a great deal (or so we think) of a 90% mortgage at 2.15% fix for 2 years. Originally quoted 2.99% fix but I played 2 brokers off against each other to get a good deal. We have absolutely zero fees to pay for the mortgage set up and can overpay as much as we like.

    Get your son to contact multiple brokers, do his own research and save as much as possible. We got accepted for ours, very little paperwork and checks, so far its been a simple process.
    • dimbo61
    • By dimbo61 4th Mar 18, 8:07 PM
    • 9,880 Posts
    • 5,314 Thanks
    dimbo61
    • #6
    • 4th Mar 18, 8:07 PM
    • #6
    • 4th Mar 18, 8:07 PM
    Have you got a question ?
    Without a full breakdown of your sons finances we are only guessing.
    A broker will check your sons credit history, Income, age, location and mortgages available from each lender on the market.
    The broker should be able to help you and him decide which lender is offering the best deal for his needs!
    • enthusiasticsaver
    • By enthusiasticsaver 4th Mar 18, 10:01 PM
    • 6,402 Posts
    • 13,174 Thanks
    enthusiasticsaver
    • #7
    • 4th Mar 18, 10:01 PM
    • #7
    • 4th Mar 18, 10:01 PM
    Fixing a mortgage if it is just one borrower is sensible but I wouldn't limit himself to just two lenders.

    He will get offered better rates if he can go up to 15% deposit. He needs to work out how much for fees, stamp duty etc too.

    How much he can borrow depends on income, credit history and whether he has any outstanding debt, other commitments.
    Debt free and mortgage free and early retiree. Living the dream

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