Mortgage

CoxyBoy123 · 12 Jul 2010 at 22:48

I am a first time buyer, with a large deposit available of 50000 to go on a property worth 75000, I also have a property on the market.

I am only 18, and i am looking to pay off the interest then pay the 20000 i am looking to borrow all at once, once my house sells.

Where would you recommend i look for a mortgage

scorza · 12 Jul 2010 at 22:51

Independent mortgage advisor - there used to be a decent guide on moneysavingexpert.com

CoxyBoy123 · 12 Jul 2010 at 22:54

Cheers that was helpful, keep the ideas coming

lazer46 · 12 Jul 2010 at 22:54

Large deposit at only 18! Well done you.

CoxyBoy123 · 12 Jul 2010 at 22:55

lazer46 said:
Large deposit at only 18! Well done you.

I am a lucky and extremely unlucky guy if you get me

gumbald · 12 Jul 2010 at 22:55

It's either a mortgage advisor or go to a bank?

I sense I just fell for the willy waving trap.

blairw · 12 Jul 2010 at 22:56

CoxyBoy123 said:
I am a lucky and extremely unlucky guy if you get me

ah right i see

At least you are putting it to good use

CoxyBoy123 · 12 Jul 2010 at 22:56

gumbald said:
It's either a mortgage advisor or go to a bank?/QUOTE]

Cant get out of work, he let me out to go view the apartment so its a no go :/

''I sense I just fell for the willy waving trap.'' not in my thread please

leaskovski · 12 Jul 2010 at 22:59

Mortgaga advisor is the way to go. Pretty much it really.

CoxyBoy123 · 12 Jul 2010 at 23:00

leaskovski said:
Mortgaga advisor is the way to go. Pretty much it really.

Yep thats fine, I was just wondering if anybody got a good deal from anybody on their first mortgage and similar situation?

leaskovski · 12 Jul 2010 at 23:02

Not really the best of markets for getting awesome deals. In theory the indie should provide you with the best deal.

CoxyBoy123 · 12 Jul 2010 at 23:07

Cheers guys, if anybody has any experience, let me know

Jez · 12 Jul 2010 at 23:10

leaskovski said:
Not really the best of markets for getting awesome deals. In theory the indie should provide you with the best deal.

What? Yes it is. Mortgages are as cheap as they have ever been within any period which i have ever studied. He will be able to achieve a monumentally low rate.

Plumb your situation into moneysupermarket. They also have whole market mortgage advisors on there too which you can speak to.

leaskovski · 12 Jul 2010 at 23:11

Ok, so my experience probably wont be the best being that I got my mortgage just under 3 years ago.

Jez · 12 Jul 2010 at 23:13

leaskovski said:
Ok, so my experience probably wont be the best being that I got my mortgage just under 3 years ago.

If you are paying a mortgage it would really pay to keep on top of the market as you may not have the best possible deal now.

Heliospherez · 12 Jul 2010 at 23:16

With that kind of deposit and such a small amount required - almost everyone will be interested in you - so anyone saying 'it's a bad time' is talking rubbish.

It's a perfectly great time for someone with such a large deposit and such a small mortgage, and you already have a house to sell. You can pick and choose and I would expect you to get the best deals on the market.

In fact - I would go so far as to say - even try one the most famous mortgage lenders (ie Nationwide) to see what they can offer. Let them know your intentions (as they have a large range of mrtgages that allow you to pay over your own timeframe - and ones that can be paid off in full with very little penalty).....

Just make sure you are up front with them about your intentions - and they tell you in writing what the penalties are in paying early (if any)....Chat with them first just to see what they can offer and to give you an idea as to what's possible.

Jez · 12 Jul 2010 at 23:20

He wont need to worry about ERC's or any form of tie in's, he should simply get the lowest variable rate interest only loan he can find and dump the capital into it as soon as he can to redeem it. All the major lenders will cater for this and have products which are perfect for him.

JBod · 12 Jul 2010 at 23:32

Are you just waiting for the cheque to clear from a nice Nigerian chap that sent you an email?

CoxyBoy123 · 12 Jul 2010 at 23:34

would getting a fixed rate not be better due to how the climate may change

The_Abyss · 12 Jul 2010 at 23:52

CoxyBoy123 said:
I am a first time buyer, with a large deposit available of 50000 to go on a property worth 75000, I also have a property on the market.

I am only 18, and i am looking to pay off the interest then pay the 20000 i am looking to borrow all at once, once my house sells.

Where would you recommend i look for a mortgage

If you're only looking to borrow £25,000, then with arrangement fees, surveys, enviro reports etc etc all at high cost, you may well be better off with a normal personal (unsecured) loan. Higher interest rate, shorter repayment period, but in most cases actually cost less and easier to manage.

You haven't given any other information on your income / current situation etc, so it simply isn't possible to properly suggest anything.