gwynny

we are going to look at three houses tomorrow, one of which may end up being our first home. I would like some advice on who give First time buyers good deals, and what sort of offers to keep an eye out for.

Bad news is the Cossy may have to go!
Cheers

C8LNJ

I got my 1st mortgage with Lloyds TSB in May of last year...they have a staggered low rate for 1st 3 years (which your tied into) then onto std variable rate. Best bit was theres no fees & they even pay the house valuation survey for you

C8LNJ

http://www.lloydstsb.com/mortgages/f...r_mortgage.asp

There you go

They offered me up to 4x my anual income & up to 100% loan

stonehavencossie

Northern Rock are absoulutely great for first time buyers, i got a 125% with em 2 years ago. It was basically a 95% mortgage with a loan bolted on.

Went to remortgage a couple of months ago because my fixed interest was up and no one could touch northern rock so im re-did it with them. My mortgage advisor was even very impressed with them.

Great thing is the value of my property has gone up so much along with the payments ive made its wiped out the extra 25% i borrowed

Oranoco

We've been looking ourselves but it looks like we are going to need to borrow £160,000 to get ourselves going Even pokey little flats start at the £100,000 mark round here

Not looking forward to that millstone round my neck

mk2rstaff

got my advisor comin round tomoz night i buying in hertford too but mine is right to buy of the council mate in cheshunt, you not got that right???

Thrush

iTrader: (1)

Oranocio - don't I know it!!! My bro just moved out with his finacee - got a three-bed (well 2 bed + loft conversion) semi/end of terrace in Avely (5 mins the other side of Lakeside) and that cost £156k. Think he said he's gone with HSBC, got 100% mortgage on it tho... No idea what the repayments are, but he's pretty smart and researches stuff thoroughly so he wouldn't have got a bad deal

Damienholmes

Im an estate agent and we talk to people like you everyday.

your best option would be to goto the bank and see if you can get a mortgage but dont take it up, Then when you know you can get one, go see and independant financial advisor, He/she will do a better job for you - and it will probably work out cheaper

cossie4i+

iTrader: (15)

I would only get a repayment mortgage, as it pays off part of the capital and interest every month.

Also get it fixed as long as you can, its so much easier to budget

Good luck

Steve.

Lee Reynolds

All depends on what kind of deposit you have!

K3V HA

Ive just bought my apartment, but dont move in till feb. Im with Halifax, fixed for 2 years @ 4.9%, then can change aftr 2 years to search for another one!!

mk2rstaff

seems good to change every now and again imo as a lot of deals going around

Exeter J

Agreed - always had a good deal out them, loans etc.

Currently we're with the One Account, not the lowest rate ever but no tie in deal (so you can move soon as you had it a while), and they seem to welcome most people.

C8LNJ

Or get an interest only mortgage & move every 2 years, work your way up the ladder until your where you want to be then change to repayment

rabmc

Escuse my stupidity , i still live at home lads and am thinking of moving out soon

What if you have a few grand dept ? Can u still get a mortgage ?

Any info appreciated

Me and the girlfriend

Lambchop

iTrader: (1)

rab
do you mean dont have deposit? Think you can still be ok because you get a 100% loan. Gonna cost more tho!

ive just taken a mortgage with tsb too and it kicks ass. think i got 4.69% fixed for 3 years. Think we took 90% mortgage in the end.

rabmc

Yes mate dont have a deposit

Im working towards clearing some debt this year and hopefully towards end of year go for a place of our own with my girlfriend May have some debt left , but really need to move out , we both work and i earn okk money


Shes with ther tsb as it is and were going to go down and see them very soon , but 1st time buyer etc with no deposit does not seem very promising and its pissing me off

Lambchop

iTrader: (1)

rab
i dont think i couldve got such a good deal walking into a branch of the tsb believe it or not! i went through an independant financial advisor and got a far better deal. i think you can borrow up to 4x your salary. Banks sometimes offer 3/3.2/maybe 3.5 max.

work on paying off some debt before applying because your mortgage they give you is based on money you earn - monthly repayments to debt etc. if you have too much debt you might not get offered so much.

Oh and if its a joint mortgage its not as many times your salary added together. I can be sure cos mine is in my name only. it might only be 2.5 x joint salary.

chop

C8LNJ

You need to think about more than just the deposit mate....which is normally 5% or the value!!

There’s solicitor fees

Mortgage fees

Stamp duty

Valuation survey costs

Rates

Bills - they will come thick & fast!!

Furniture

Decorations

then if you got a burd to move in : blinds, curtains, curtain poles, IKEA ACCESORIES

Its not cheap!!!!

Ive not had a social life since getting mine & only just getting on my feet again & being able to think about having a nice car

matts1

Go to a few places and see what is on offer and what your likely to get.

First time buyers do well at Northern Rock, but avoid things like cash back, you WILL pay back a whack more than a grand for it.

Keep some cash for bits mentioned above and don't borrow more than you can really afford, but do get the most you can afford, in a years time you will be on more money and used to paying it.