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Where do I start to get a mortgage?

It's my first mortgage, where do I start?

Asked on Sep 19 2014, General in York | Report content

Answers (3)

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  • As a first time buyer you should be able to get a first time buyers mortgage giving you a certain percentage off current rates. Look up ;best first time buyer mortgage' on internet and compare different providers rates. It is important to look at how much the mortgage costs to arrange as this can vary widely. You may prefer a bank or a building society or have no preference. You may prefer a fixed rate for a number of years to give yourself some security especially as rates can only really go up from here. A young FTB friend of mine just found Yorkshire Building Society to be best deal for him at the moment - could be a starting point. Good luck

    Answered on Sep 19 2014, Report content
  • This is going to be one of the most expensive purchases you make in your lifetime, so make sure you do your due diligence AKA plenty of research! I wouldn't advise searching online, lenders may grab your interest with low "headline" rates but they could prove to be much more expensive after reading the small print. I would always going to see your bank and seeing a "fully independent" mortgage broker. Banks will only offer you their own products and there are literally hundreds of lenders offering thousands of mortgages at the minute so you only get to see a small percentage of what's available. With regards to independent brokers, not all of them (in fact most) are "truly" independent, they will still be tied to a certain number of lenders which, again, means that you only see a selection of what's on offer. We work with Mortgage Advice Bureau because they have "whole of market access" - so they can look at every single option that's out there for you. If you can get it cheaper elsewhere, they'll act in your best interests and tell you where you'd be better off. Even if they can't beat the deal offered to you by the banks (which they often can), you at least have peace of mind that you have the very best deal out there. And remember, a broker may charge an up-front fee but if it saves you £25 a month over the term of a 35 year mortgage, that's a saving of over £10,000. Remember to ask about the associated insurances as well (life cover, buildings and contents etc.) because they can also vary greatly depending on who you speak to. Best of luck with your search! Remember - due diligence!

    Answered on Sep 22 2014, Report content
  • Hi, There is a variety of different ways you can search for mortgage deals, the main ways however would be to speak to lenders, such as banks who will be more than happy to help you see what you can afford. Alternatively, you could look out for an Independent Mortgage Adviser who could assist your search, Independent advisers usually have access to a wide range of exclusive deals so it may be better for your time to go straight to an independent mortgage adviser. The Mortgage Advice Bureau will be able to help you find an adviser in your area. We hope this helps.

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    Answered on Oct 13 2014, Report content

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