Mortgages

[Bob's Orange]

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?

[yeo]

Dont bother with mortgage brokers just go direct.

[Bob's Orange]

Dont bother with mortgage brokers just go direct.

Any banks/building societies you would recommend?

[Arriba]

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.

[land_of_bo]

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

[Compo]

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

[yeo]

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

[Compo]

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

[pumbaa]

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.

[Bob's Orange]

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!

[janaage]

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.

[red macca]

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

[Cookie]

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!?

[red macca]

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

[yeo]

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

Avoid.