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First time buyer - tracker or fixed rate?

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    First time buyer - tracker or fixed rate?

    What mortgage would you be looking for in current climate as a fitst time buyer and why?

    Deposit - £80k
    Looking for a property in the £200-£250k area
    Average credit score, no bad debt
    "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

    #2
    I wouldn't be looking for any mortgage at all.

    HTH

    FFS WHy would you want to buy now?
    Hard Brexit now!
    #prayfornodeal

    Comment


      #3
      Originally posted by sasguru View Post
      I wouldn't be looking for any mortgage at all.

      HTH

      FFS WHy would you want to buy now?
      Why not buy now? It will be a few months until we're ready to go.

      £What I'm really looking for is some pros and cons of tracker vs fixed rate mortgages

      Thanks
      "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

      Comment


        #4
        Originally posted by sasguru View Post
        I wouldn't be looking for any mortgage at all.

        HTH

        FFS WHy would you want to buy now?
        WHS

        Why buy when you can rent for another year for less than the monthly repayment.

        Why buy something that may be burnt to the ground during the comming unrest.
        Fiscal nomad it's legal.

        Comment


          #5
          Depends on how long you want to borrow for.
          Tracker, will be cheap for now, but what if interest rates hit 10% again in the next few years?

          Fixed, will mean you know exactly what the downside will be.

          IMHO, Get something flexible, avoid tie ins, redemption penalties, Mortgages with high MIGs or reservation fees etc. Compare via APRs (includes all fees) and not the advertised rate.

          Note the really cheap tracker deals are not open to new applicants.

          Cue CyberBory
          The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

          But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

          Comment


            #6
            To answer you question

            I reckon interest rates will go very high in a few years time, and they certainly can't go much lower.

            So try and get the best fixed rate possible, and for as long as possible.
            Originally posted by cailin maith
            Hang on - there is actually a place called Cheddar??

            Comment


              #7
              Originally posted by Jog On View Post
              Why not buy now? It will be a few months until we're ready to go.

              £What I'm really looking for is some pros and cons of tracker vs fixed rate mortgages

              Thanks
              If I was looking for a mortgage now I'd probably go with an offset tracker with no tie in, assuming you have funds beyond the deposit to use in the offset. Interest rates are going to stay very low for at least a year imo and you'll get a better AER on a tracker than fixed and cash offset against a mortgage is better value that sticking it in a saving account atm.

              GB was heard saying on R4 this morning that further interest rate cuts remain an option. Even if they dont go down further they wont be going up in a hurry.
              "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

              Comment


                #8
                Originally posted by Jog On View Post
                Why not buy now? It will be a few months until we're ready to go.
                Which is it? You putting an offer in now or in a few months?

                Because your current £200-250k property will be well under 200K in a year from now.
                You have £80K - keep saving like hell and meet the falling prices on the way down - you may be able to pay cash in a couple of years and avoid a mortgage altogether (or have a very small one).

                Yoof of today, eh
                Hard Brexit now!
                #prayfornodeal

                Comment


                  #9
                  TBH we'd still be looking to buy even if the bubble hadn't burst as we're sick of renting.

                  I'm really just after some pros and cons of tracker vs fixed rate mortgages, not whether it's a good time to buy or not.

                  On that note however - is now not a good time to get very good value for money when buying a property?
                  "Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon Musk

                  Comment


                    #10
                    Originally posted by Jog On View Post
                    .

                    On that note however - is now not a good time to get very good value for money when buying a property?
                    is he 'avin a laff?

                    Seriously, if I were looking to buy now, I'd want to pay 2001 prices and no more. I'd say were are now closing in on 2004 prices.
                    The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

                    But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

                    Comment

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