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Getting A Mortgage - first time buyer
- Thread starter jpinblue
- Start date
Two Gun Bob
Well-Known Member
- Joined
- 2 Apr 2010
- Messages
- 12,350
Use an independant mortgage broker who will have availablity to the whole of market.
And the more you can put down the less the interest rate will be.
Loan to value they call it.
This should help you mate.
http://www.moneysavingexpert.com/mortgages/
And the more you can put down the less the interest rate will be.
Loan to value they call it.
This should help you mate.
http://www.moneysavingexpert.com/mortgages/
Use an independant mortgage broker who will have availablity to the whole of market.
And the more you can put down the less the interest rate will be.
Loan to value they call it.
This should help you mate.
http://www.moneysavingexpert.com/mortgages/
Cheers mate, that's really helpful!
TheBlueDune
Well-Known Member
And go for as short a term as you can afford. Standard 25 years but check shorter, even 1 less year might only add a few quid per month.
cptaidan88
Well-Known Member
- Joined
- 8 Dec 2008
- Messages
- 4,253
Know if you want a fixed or variable rate in advance.
Fixed rates give you piece of mind knowing how much you will have to pay whether you sign up for 2, 3, or 5 years. Alternatively variable rate is appealing at the minute because rates are so low. The danger is something could happen which results in them going up and suddenly you have to find extra money each month. Depends if you're a gambler I suppose.
Look if there are any over payment charges or limits. It sounds crazy to effectively give the bank more than they are wanting but it will save you thousands over the course of the mortgage.
The LTV ratios are important in terms of what rate you get and they go down in 5% increments. Eg It makes a massive difference if you make sure you're at say 85% rather than 86%.
Fixed rates give you piece of mind knowing how much you will have to pay whether you sign up for 2, 3, or 5 years. Alternatively variable rate is appealing at the minute because rates are so low. The danger is something could happen which results in them going up and suddenly you have to find extra money each month. Depends if you're a gambler I suppose.
Look if there are any over payment charges or limits. It sounds crazy to effectively give the bank more than they are wanting but it will save you thousands over the course of the mortgage.
The LTV ratios are important in terms of what rate you get and they go down in 5% increments. Eg It makes a massive difference if you make sure you're at say 85% rather than 86%.
markbmcfc
Well-Known Member
Cheers mate, that's really helpful!
Definitely use a broker Jake. I can recommend a very good one (they take their free from the lender), if you've seen my FB recently you'll know we're moving soon and she got us a great deal.
Hoghead
Well-Known Member
Upfront fees for fixed rate or tracker mortgages can be a as much as £2k. Look out for termination fees if you want to change the type of mortgage and how long you are locked in.
As others have stated get the lowest LTV you can afford. Pay more each month if it allows you BUT always pay off credit cards / store cards first as they will have the highest interest rates whilst mortgages traditionally have been the lowest.
As others have stated get the lowest LTV you can afford. Pay more each month if it allows you BUT always pay off credit cards / store cards first as they will have the highest interest rates whilst mortgages traditionally have been the lowest.
BimboBob
Well-Known Member
Try and pay 1 month extra a year. Will mean a 25 year mortgage will be paid off quicker.
Definitely use a broker Jake. I can recommend a very good one (they take their free from the lender), if you've seen my FB recently you'll know we're moving soon and she got us a great deal.
Yeh I saw mate, House is looking good!
We have a meeting with Nationwide tomorrow. We've already completed our decision in principle. Just hoping to finalise everything tomorrow.
blue b4 the moon
Well-Known Member
If you take a variable one make sure you leave some wriggle room if the rates increase you'll need to cover it.
As others have said pay a bit more off as you go along especially if the rates stay low.
As others have said pay a bit more off as you go along especially if the rates stay low.