I’m a First Time Buyer, what schemes or products should I be looking at ?
Posted on 25 March 2013 by Summer
I earn between £28,000 to £35,000 a year and have so far saved a deposit of around £30,000. My aim is to find a 1 bedroom property for myself (preferably under £150k). I have a clean credit history and while my parents have paid off their mortgage, I’m not sure whether they would be able to act as guarantors as both are approaching their 60s. At present, I intend to keep building my deposit for at least another year, but are there any mortgage schemes I should be looking at?
The schemes or products to look at, will very much depend on your future plans and aspirations. You already have a decent deposit and subject to rest of your financial details, we could almost certainly get you a mortgage right now.
If you intend to remain in the property for some time to come, then we would usually look towards a longer term product, say in the region of a 5 Year Fixed, however if you would be looking to move on in a couple of years and / or if your income is likley to rise, then it might be worth considering a shorter term one, say 2 years? Also we'd look at whether you'd want to overpay the mortgage, or want to pay it off early ?
This is usually a discussion that we have with a client to ensure that we reccomend the most suitable product for your requirements, rather than just the one that offers the cheapest rate.
If you'd like to have a chat about some of the options open to you, then please let me know, and I'll arrange a convenient time for you to talk to one of our consultants.
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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
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