WG, that isnt too bad thinking like that. When I went to see a Mortgage Advisor a few months ago, thats what I sortta did, and he gave me a ball park figure to work around.

Im going to go for a 100% mortgage as well in a few months. But I dont know weather to go round all the banks/BS even though the Mortgage advisor is fee free and whole of market......as he is being paid by someone, so IMO think it must be better for me to go round everywhere myself for quotes etc, as then your sortta cutting out the middle man.

BTW, Northern Rock came out best as well for me when I went to see the advisor. Was a 100% Mortgage on £100k. (thats going to buy me a 1 bedroom flat where I live, with no parking )

When I went to see my Mortgage Broker guy, he said to stay away from estate agents mortgage advisors as they offer crap deals.....BUT, that could just be because he wanted my business.....which is more than likely to be honest.

When I went to see my Mortgage Broker guy, he said to stay away from estate agents mortgage advisors as they offer crap deals.....BUT, that could just be because he wanted my business.....which is more than likely to be honest.

You have to ask them if theyre all the market and not tied to some banks.  Assuming they pass those two criteria one mortgage broker is as good as the next.



Id agree with Sam - most banks are ditching the fixed rate options because theyre expecting another couple of quarter percent interest rises however youre paying such a premium for fixing the rate anyway it would take a lot of interest rises before variable reached the same as fixed.


If I was in your position and doing a first purchase Id be doing interest only variable and then rearranging my mortgage in a year or so when I was settled.  The money you save by not paying off the capital right away will help you furnish and move into the property which is more useful than you think.  Theres nothing more annoying than getting a house and not being able to get everything you want done because youre having to be extra careful financially.


For a general single house buyer (although not sure they do 100% mortgages in your case) Id probably be looking at ING right now.  Theyre not the cheapest but they have some very attractive things most mortgages do not offer.  You can overpay as much as you like, when you like with no penalty, take payment breaks for as long as you like as long as your account is in credit, link it with your savings account/ISAs, cancel the mortgage at any time with no penalty.  These things are worth more than people realise, especially overpaying on your mortgage without a cap or charges.  Being able to pay off a mortgage or simply overpay each month or when you get a bonus/sell something will substantially reduce the size of the loan - when times are good overpaying is awesome.  Most banks will cap how much you can overpay or charge you for doing it since it greatly reduces the amount you have to pay them in interest.

If its going to be your only home (I come at this more from buy to let so have different criteria) Id pick ING and set the repayment term as long as possible (probably 35 years) and then overpay the amount you can afford.  Doing it this way pays off the bulk loan in the shorter term anyway, means  you are obligated to pay less each month (for the times you dont have much spare cash around) and it lets you create a buffer zone for payments if something happened.  Its better to be obligated to paying £600 a month and choose to pay £1000 than being obligated to £1000.

Best of all - if it doesnt suit you just leave for free whenever you please.  The interest rate is a bit higher with ING than a standard variable rate but itll still be a lot less than a fixed rate.  If interest rates do go too high then you just leave and remortgage with someone else for free anyway.

ING also do some good ISA options so if youve not started thinking about that you could get it all in one roof (excuse the pun)

Youre only going to get a fix for 2 or 5 years at any decent rate, and interest rate will not go above 6% in 2, and unlikely in 5.

The way I think of a house is this - you can always sell it if you cant afford it anymore - its not going down in value (in general).

where are you based kunal ?

So where are you moving to ?

So really you guys wouldnt even think about a fixed mortgage?? I only was for the added security..........as surely there is a chance....all be it small, but the interest rate could sore couldnt it.

fixed interest rates are very good in one way, you know what your outgoing is going to be for X years, and that can be very useful. Be wary about fixing for short periods though, as the fees involved with switching deals when the fixed rate expires can rapidly outweigh the benefits of fixing on 2 years deals.