2007-01-13 01:49:44 · 11 answers · asked by teary chocolate 3 in Business & Finance ➔ Personal Finance
I am in England.
2007-01-13 04:15:26 · update #1
Do NOT go for an interest only mortgage or one wth an adjustable interest rate. The interest only do not allow you to build any equity. Go with a 30-year fixed rate because the interest rates are pretty decent right now. It doesn't pay to go with the low interest adjustables because they are riskier and their rates are pretty close to the fixed rates anyway. Do not fall for all of that creative financing that seem to good to be true. They are too good to be true. Only buy what you can actually afford. If you have good credit you should do all right.
2007-01-13 01:57:05 · answer #1 · answered by TeresaW 2 · 2⤊ 0⤋
Best Advice - speak to a MCCB Independant Mortgage Adviser in your local area. Make sure they do not charge broker fees! If you have a small deposit towards the property, you may be able to get a better rate as the lower the risk to the lender. The adviser should be able to look at over 4000 different mortgage products available to get the best deal for you.
2007-01-15 08:06:44 · answer #2 · answered by Insolvencynetwork.co.uk 1 · 0⤊ 0⤋
Two ways to go about it - either get a mortgage broker, they find you the best deals and do everything for you and give you advice. Some charge a fee but it is often worth it. Or go to a site like money-news.co.uk they give you the best mortgage deals and apply yourself - http://www.money-news.co.uk/guides/best-buy-mortgages/default.aspx
Watch interest rates so go for a fixed rate to help you budget.
2007-01-13 10:00:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The first two people gave you good advice. The other thing I would add is; make sure your taxes and your insurance are included in your mortgage payments. That way you don't have some "surprise" big bills to pay.
Fixed interest rate and not an "interest only" loan are two BIGGIES.
2007-01-13 10:00:18 · answer #4 · answered by Caper 4 · 1⤊ 0⤋
yes - go to reputable high street lender ( eg Halifax are excellent for first time buyers )- AVOID estate agents and brokers like the plague - when you speak to someone if they haven't mentioned that Mortgages are regulated by the Financial Services authority then i would not stay long as ALL mortgage brokers have had to be regulated since November 2004- also speak to a Ce Map qualified adviser who can give you ADVICE - good luck
2007-01-13 09:57:39 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Stay away from Adjustable Rate Mortgages. Buy what you can afford start saviong for the downpayment advoid 80/20 loans if possible.
for the rest look here.
http://articles.moneycentral.msn.com/Banking/HomeFinancing/HomeFinancing.aspx
2007-01-13 09:57:27 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Check out the bbc finance section, brilliant website in general. They have mortgage calculators and free advice, do's and don'ts, brilliant advice
2007-01-13 10:13:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
go for a fixed rate or capped and don't stretch yourself to much
2007-01-15 10:58:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Apply online at www.surefirefinance.co.uk
2007-01-15 09:16:40 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Where are you from?
2007-01-13 10:37:08 · answer #10 · answered by me k 1 · 0⤊ 0⤋