Just had an offer accepted on a first house and need to sort a mortgage out. House is 120k and decentish 15% deposit. Any thoughts on what sort of mortgage or rate i should be lookin to get?

Any suggestions/advice would be great. Cheers

a low one 😛

seriously, check out the financail websites.

I thought it was normal practice to have spoken with a mortgage advisor before offering on houses?!

Not where I’m from. Seriously tho, spoke to one a while back but just wonderong if any one had recently got a really good deal anywhere.

We paid for a mortgage advisor. not the cheapest option by any stretch but the least stressful part of the whole house buying malarky.
we have an 87k mortgage with 10% dep. and we’re paying about 6% interest IIRC works out about £450 pcm.

its a minefield out there and the Advisor will find a good deal if there’s one out there, just make sure your credit file is up-to-date and accurate as one mistake on your file could mean you getting knocked back!

Thanks for the advice Highclimber. Greatly appreciated.

BTW, those mortgage calulators you get on bank websites don’t really tell you anything, nor does the compare websites, unfortunately the only way you can find out what int rate you’re eligible for is to apply for certain mortgages but speculatively applying for mortgages is generally regarded as a bad idea!

I haven’t paid for a mortgage advisor, have borrowed 83k and will be paying about £390 a month-4% interest rate. Should be sorted in a couple of weeks time.

as someone who has as good as cleared his mortgage I would strongly advise you get a repayment type. I think interest only is quite rare anyway now but if offered this don’t be tempted as its just delaying the inevitable. Paying off debt is a massive relief and every £ helps in that regard. Get one you make extra payments on if possible. Then when you get a pay rise you can stick half the rise onto the mortgage and pay it off early and pay less interest.

Odd, we must be weird. First thing we did was speak to a mortgage advisor, find out what deals were out there, what we could borrow, repayments etc… before we even looked at houses. In fact we got our mortgage agreed in principle before we made an offer. Surprised you had your offer accepted being in this position. I certainly wouldn’t take my property off the market if the people offering didn’t have a mortgage agreed in principle.

If you have or expect to have a reasonable amount of cash hanging about an offset might be a good idea, otherwise a repayment is generally recommended if you can afford it. We are lucky and pay something silly like 1% over BR at the moment. Think if you are mortgaging now 4%apr is a decent rate.

EDIT – of course you might not be in England or Wales so things may be different…

Try HSBC – I understand their deals have been so good they’ve been overwhelmed with interest (no pun intended)

Get a financial advisor. Most work on commission but that is standard. Mine got me a lifetime tracker at 0.05% above boe base rate 5 years ago. Now I am very pleased with it 😉

Ach i wouldnt be too worried about getting agreements in principal . You can get them in about 5 minutes

Infact the mortgage i took in the end they redid my morgage in principal offer when i applied as it was for a diffeent value

The fact is that an agreement in principal actually means **** all

I did all mine on my own because i got a slightly better deal than the advisor could get me as he didnt deal with that bank

LOOKING BACK At the stress i had i would use an advisor next time – but one that someone else i knew had used and had good xperiance with.

Me and the misses are self employed so the hassle of getting a mortgage is pretty high. We used a mortgage advisor for our last move and are using him again currently – takes a massive weight off our shoulders knowing someone competent is handling all the financial side of things. I wouldn’t even consider not using an advisor now – it costs me nothing and they can get better deals than the general public (more often than not).

If you need a recommendation – sing out.

Worth a read:

http://www.moneysavingexpert.com/mortgages/mortgage-guide

Get an advisor. It goes cost a couple of quid but it takes a lot of the stress away and, certainly for 1st time buyers, makes it a much less stressful process.

The fact is that an agreement in principal actually means **** all

+1

waste of time. we got one for 200k, when push came to shove could only get 150k

Try your own bank? If you have a good history with them you should find their rates are pretty atrractive. Check out the finacial sector of a decent Sunday paper, they list the best rates currrently available, so at least you know what to target.

We used an adviser, but he couldn’t get as good a deal as we could direct from the bank.

We did only have a 10% deposit though so there weren’t any good offers to be had really. Still only 1 more year at the initial fixed agreed rate before I can look elsewhere for a better deal.

I hate mortgages …

+1 for getting a repayment mortgage. We have 4 years left then that’s it cleared. We have always known exactly where we stand and exactly how much we owe.

I have many friends that are taking out extra loans as the ‘investment’ part of their current deal is leaving them massively short from paying the debt off

Thanks for the replies all. Mortgage agreed in principal. House off market. Financial advisor coming out Tues evening to talk details. Sorted!

Thanks again for all the info.