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Advice for First Time Buyer


Cocopops
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Hi folks,

I keep a wee eye on this forum as I'm really interested in this stuff but wanted to get your advice if possible on how to move forward with my first step into the world of buying. My wife and I have found a house we both think is near enough perfect and the asking price is within budget. It's in a popular area however where houses regularly go over asking so I think our chances are probably not the greatest unless we get a mortgage >90% which I'm reluctant to do. If we got it at asking, we could put 10% down. Is it worth throwing our hat into the ring as FTB's? We're obviously chain free and the house on sale is chain free so could that give us a bit more of a leg up? 

 

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On 09/04/2021 at 17:37, Cocopops said:

Hi folks,

I keep a wee eye on this forum as I'm really interested in this stuff but wanted to get your advice if possible on how to move forward with my first step into the world of buying. My wife and I have found a house we both think is near enough perfect and the asking price is within budget. It's in a popular area however where houses regularly go over asking so I think our chances are probably not the greatest unless we get a mortgage >90% which I'm reluctant to do. If we got it at asking, we could put 10% down. Is it worth throwing our hat into the ring as FTB's? We're obviously chain free and the house on sale is chain free so could that give us a bit more of a leg up? 

 

I would speak to a mortgage advisor first. I would ask for quotes for 5 or even 10 year fix rather than a two year teaser. 

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On 09/04/2021 at 17:37, Cocopops said:

Hi folks,

I keep a wee eye on this forum as I'm really interested in this stuff but wanted to get your advice if possible on how to move forward with my first step into the world of buying. My wife and I have found a house we both think is near enough perfect and the asking price is within budget. It's in a popular area however where houses regularly go over asking so I think our chances are probably not the greatest unless we get a mortgage >90% which I'm reluctant to do. If we got it at asking, we could put 10% down. Is it worth throwing our hat into the ring as FTB's? We're obviously chain free and the house on sale is chain free so could that give us a bit more of a leg up? 

 

Yep, speak to a mortgage advisor. If you're worried about interest rates moving forward I'd go for a longer fix. You're unlikely to get one 90%+ for 10 years but 5 years is possible at 4.5% - 5.5%

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