Thetownend.com

Think I should get myself on the property ladder, only thing is I don't have a fucking clue where to start! Anybody got any handy hints?

Dont bother with mortgage brokers just go direct.

Any banks/building societies you would recommend?

i'm with portman they're good.i'd reccomend you to shop around see what each one has to offer,some throw in free surveys ect.

www.moneysupermarket.com is good for comparing deals. I'm with Northern Rock, think for first time buyers they pay your legal fees etc. I agree with Yeovil, avoid brokers, they are cunts

Im with the Chelsea Building Society there pretty good.

Here's a pretty good site

   http://www.fool.co.uk/decisioncentre/mortgages/bestbuys.aspx?NavLoc=TN&NavTo=mortgages&NavFrom=home

Im with Stroud and Swindon but i believe Northern Rock are the boys price wise.

I started with them..

To be honest they are all equal if you dont miss a payment

Yeah Yeo has it spot on, just dont miss a payment........

My advice:

1. Get the lowest interest rate possible. There are loads of deals out there offering first time buyers fixed rates for a set period of time to attract business.

2. Check that whatever deal you choose has no (or very low) redemption penalties should you choose to move your mortgage at a later date. Some lock you in for 5 years or so.

3. Avoid endowment mortgages, at all costs.(IMHO).

4. Do your research, lots of online resources to help as mentioned. Spend lots of time doing research, your committing money for 25+ years. Make sure you are happy with whatever deal you get.

5. And really, don't miss a payment. Ever.

Thanks for all the advice guys.

Unfortunately buying a property in Edinburgh isn't easy unless you want to live in a total slum or you have loads of money which unfortunately I don't!

I'll shop about on the net and see what I can find!

If you don't have much of a deposit go to Northern Rock, they'll do the best deal for first time buyers, as they specifically market for these type of investors.

The only thing I'd say is do not over stretch yourself as a lot of mortgage brokers will tell you the maximum you can borrow.  For example we saw (and bought) a house for £115k but the Rock would have lent us much more.  Better to try and stick to a nice affordable limit.  As when your fixed interest term comes to an end, in 2,3 or 5 years Interest rates could be significantly higher, and therefore you may struggle to pay off your mortgage.

You could go for a capital redemption mortgage which is quite expensive but you are paying off your loan, or if you're a little short of cash, you could go for an interest only mortgage, but you would have to set up a savings vehicle ie an ISA maybe to build up the capital to pay off your mortgage at the end of it's term.

Don't be worried about having a long term, 30 or 35 years maybe as you can always remortgage when you're earning more, or couple up and your Mrs is on shed loads.

And that's about it mate, go find yourself some digs you like.

the cheshire are actually offering a 25 year fixed rate..all mortgages are obviously subject to icome 3x your income usually..obviously if your self employed you usually need accounts  if you dont have these you can self certify usually probably need a bigger deposit though(brokers could be quite handy for self certified mortgages)may be worth getting interest only for the first few years..norther rock and the coventry are offering very competive 100-125% mortgages at the moment..hope that helps

I'm with Alliance and Leicester 'cos they lended me more money than Nothern Rock would (4.75 times annual wage but they will only lend up to 90% of the value of the house).

I used a Mortgage Broker and had no problems so ignore those cunts above, although saying that if you're confident then you can compare all the deals online.

All the Mortgage Broker did was go on some computer programme with all the deals and then find the best one for the amount of money I needed to borrow, I'm sure you could do this yourself!?

i work for a mortgage broker so obviously i agree with cookie ignore all those cunts above

Brokers are cunts only interested in selling you rip off life insurance and waffling on about crap for hours.

Avoid.

not all brokers yeovil

Go with Northern Rock, Mine was done and dusted within 3 weeks ,and they will lend you a bit extra if you need it . Brother Yeovil, you are indeed a wise man and i shall come to you when i need advise on more pressing matters  :king:

What he said.

The 'big boys' are probably as good as any as far as I can see. Nationwide and Halifax are as good as any and better than most. I am also told Halifax are about the quickest at giving a decision whereas Nationwide are amongst the slowest.

Problem is unless you're earning big bucks or you have a huge deposit then getting a big enough mortgage is going to be a problem.

Northern Rock and Alliance and Liecester will lend you loads of money even if you're only earning a crap wage (not that i'm saying you do).

Me and the gf have been working out what we can afford on our wages and as it stands its about £120,000 which is a £600 a month mortgage without bills etc  :shock:

I'm paying £260 in rent a month. I think for an extra £40 it would be well worth buying a house.

So what would that get you in Swindon out of interest???

Nothing. But Spuddy was on about sharing with his mrs, so I was applying it to that case (in terms of sharing). The house I rent at the moment isn't exactly the ritz

And here was I thinking you'd be living in a top floor penthouse apartment for that money.  Times have changed since I lived in the Shire of Wilt!

I share a house with 4 other people. So we're paying a fair wack of rent all together.

Where abouts do you live? I spent a few years renting in the Westcott Place /  Albion Street area. It was ok. I used to go in the Greyhound mainly, The Falcon occasionally and The Grapes every Friday early doors. The Grapes was utterly appalling but an ice cold pint of Guiness at 5.00pm on a Friday tastes beautiful wherever you are and it was just round the corner.

I'm in Southampton (I'm a student). Not sure what I'm doing at the end of this year. I will probably move back to swindon in with the folks for a while until I build up some money.

Depends if I find a job down here or in Swindon I guess.

Glad you're not renting my house  :P

Nothing personal like.

 :x

I'm going off for a sulk now

Actually SiPi, I'm really glad that Flammable Ben isn't renting my house after the picture t'other day.

Haha yes, that did look bad.