You can fix a mortgage rate for varying periods of time, the longer the term the higher the rate. Are you comparing lenders? Santander have some good rates, you could also look into their 123 current account. Might be worth looking at 2 beds, at least you could rent a room if times got tough.
I can't afford 2 beds in/near Oxford. I'm already having to compromise on some factors to find a 1-bed near the city which is in reasonable nick and I can afford the mortgage - 2 beds would stretch me too far or be a property with some major downsides. Plus I don't want a lodger.
Oh and another thing - don't squander all your savings on a deposit. The solicitors and brokers fees will cost you a fair bit, and I'm guessing you'll need furniture when you move too!
I was budgeting about £3k for agent fees, survey, solicitor, broker etc.?
Have you done the affordability check? A friend of mine is a mortgage advisor and after I thought I'd have no chance of buying anything, actually sitting down and figuring it out I realised we could get something decent (and this is in Reading where prices are ridiculous). If you need a hand with anything feel free to PM me as I've been going through this whole process for months.
Is that different to a MIP, mortgage in principle? I did an MIP a while ago.
Can you afford the mortgage if interests go up and if so by how much?
Are you confident that your job will survive any Brexit shenanigans or other economic turbulence?
Are you planning to sell it in the next 10 years?
If the answers are yes/yes/no go for it, people get very hung up with drops in price/what their hosue is worth, but if you are not planning to sell its really irrelevant and if you are any corresponding properties will have changed in price accordingly.
Yes, could adjust my budget to afford larger monthly repayments by at least £100 if not more.
Yes, my job is relatively secure, thankfully.
Would imagine I'll live there for at least 10 years, probably more.