tony de wonderful

Just after some advice.

I'm a FTB.

Looking at 100k cash deposit and maybe borrow 150 to 200k.

Pay back over 20 years?

Am I best to get a fixed rate or tracker/variable?

Can I pay as much off as I want a month (over the min)?

I'll probably get an appointement with my bank (hsbc) when I am off work next see what they have...just want an idea.

TonyBurns

iTrader: (3)

Are you still contracting?

Tony

tony de wonderful

Er what?

I'm an employee, but my pay is half salery and half day-rate so I dunno how that is gonna fair with the bank?

corradoboy

If you want to pay back quick, consider offset mortgages which either consider a separate savings account into your balance in relation to interest, or the Yorkshire Bank one I use is just a big fat overdraught at mortgage rate. Everything I earn comes off, everything I subsequently spend goes back on.

http://www.ybonline.co.uk/personal/m...ount-mortgages

mamoon2

The National Bank of Nigeria have some good mortgage deals at the minute but your need to wire the monies (100k deposit) to them before hand to prove you have it.

Trout

iTrader: (1)

I bank with HSBC - they do not have the very best market rates although you have a good chance of getting a mortgage with them.

You can overpay - which is what I do - whenever I overcome my desire to think about car purchases I bung some money in the mortgage to give myself the feel good factor of being sensible.

Mitchy260

http://www.easier.com/76359-leeds-5-...-mortgage.html

Fix for 5yrs. 3.94%

http://www.moneymarketing.co.uk/inve...017213.article

No brainer.

If you're looking at £250-£300k properties, you should really try to find something on the good side of £250k due to the min £7.5k you will incur in stamp duty. Actually this will limit you to searching for houses <£275k. If you're looking at houses £275k-£325k then obviously you're going to get stung with the 2.5% duty.

stilover

Best advise is always get a Mortgage that you can make overpayment's each month, and that has none, or very little early redemption penalties.

Once that is sorted, work to pay your mortgage off ASAP. Will save you 10's of Thousands of pound in interest payments alone. Over 25 years, you end up paying over double what you borrow.

I payed mine off in 5 years, 3 months. Yes, I sacrificed certain things like Holidays, but now, apart from my months bills, all my wage is mine, all mine.

madscoob

iTrader: (3)

as above pay off asap we are paying 500 a month when the mortage is only 280 but will pay off in less than half . nat west do some good deals and will allow you to over pay 5% of total borrowed each year on top of std repayments

markjmd

iTrader: (11)

With that amount of deposit, you should in theory be able to pick and choose your mortgage, the only caveat being that you're a FTB and therefore still a lower level of life-form in the eyes of many lenders (however rightly or wrongly). On that basis alone, it could well pay to go to a fixed-fee independent advisor (usually much better than commission-based), as they'll know from experience all the little foibles the various lenders have about this or that detail of a particular loan, and should be able to spare you the trouble of applying for a deal you're unlikely to be accepted for. If they're doing their job properly, they'll also definitely know every last detail about which lenders allow exactly what amount of early repayment, and so on, if that specially interests you. Most if not all of them will have details of every loan-type from every lender on the market.

Depending on what part of the country you're in, you should be looking at a flat fee of around half a monkey - probably a little less, the further out from central London you get. If they try to sting you for much more than that, walk away and dial the next number in the book.

tony de wonderful

Yeah that is my plan.

I can probable scrape 125 k as a deposit in fact and then borrow same for a 250 k house.

I could borrow 200k but realistically I want to know that I can pay it off in 5 years if I scrimp. 125 k is a good figure for that with my income being what it is.

tony de wonderful

I've been with them since 1999 so they are my first choice.

fast bloke

some scary advice on here. I think you should talk to someone you can sue if they are wrong.

Terminator X

iTrader: (7)

Do you live in a shed?

TX.

Terminator X

iTrader: (7)

You plan to pay £2.5k+ a month?

TX.

fatscoobfella1

iTrader: (1)

If you can pay £2500 a month,wait another 2 years..

Houses will be cheaper and you will have another 60k to put toward your house of choice.

Then you monthly payments will be very low...My friend bought a 3 bed with garage and an awesome position that isnt overlooked on front or rear in Mobberley for 250k the other month..It wants modernising but that can be done over time. If you bought similar in 2 years you could have payments of around £600 PCM over 20 years at 5%..

We overpaid as much as possible and we paid of mortgage before we were 40..Just gives you security..

tony de wonderful

Yeah I'm gonna look all round this area like lymn, knutsford etc as well as Altrincham.

Thing is I'm wasting 575 quid on rent a month, so could do with buying plus my 125 k is wasting away as cash getting little interest.

Defo gonna wait until xmas to gauge the market though.

fatscoobfella1

iTrader: (1)

Yep...

There are some good buys about,but bide your time.

Surely if you have 125k you could get 4% or more ?? Not great i agree,and its a joke that people who have got savings are given such a paltry amount.No one is encouraged by the banks to save at all...

Steve vRS

I live in Lymm

If you use Rightmove, look at it using Firefox with the Property Bee add on.

You will soon see the state of the market.

We bought in May after selling last year (rented for 6 months) and had an offer accepted that was £55k less than the asking price. This was after the house had already been reduced by £75k. Not saying we got a bargain, just that the estate agents over value the houses.

Our seller then negotiated this reduction through to the house he bought so every one was happy - apart form the chap at the top of the chain .

Some people want to sell and will listen to offers from people who can sign up quickly with no chain behind them.

Steve

tony de wonderful

Thanks for the tip mate, that property bee thing is tremendous.

Lots of properties in Lymm not shifting and being reduced.