junio130
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A small one.....
I would not recommend an endownment mortgage.
Seek advice from at least two differant lenders. |
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Mary*
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A Citimortgage loan. Trust me.
Get a 30-year fixed, simple interest loan. Some companies will say simple interest mortgage loans don't exist, but Citicorp Trust Bank does have them. They're the best! Believe me.
I had a client that got a 30-year fixed loan and signed up for the equity-builder feature with the loan and now ~ instead of paying on their loan for 30 years, they'll pay it off in 22 years because it's a simple-interest loan, not a scheduled-interest loan. You'll get a Citimortgage loan first then after a year or so you can refinance into a Citicorp Trust Bank loan and get the simple interest loan. Good luck! : ) |
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Mark U
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Try www.KneeCapFinance.com I hear they are very reasonable. All you need to apply is a set of Knee Caps.
Whatever you do don't miss a payment. They will send round a big dude with a hammer and you won't be able to walk for a while.
Other than that I hear good things. Good Luck. |
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cjkloanguy@yahoo.com
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Depends, it changes per person. |
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fargo
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Most first time buyers would prefr a fixed rate so they know what the payments are for a set amount of time. There are a few good ones there out at the moment. It is better to have a small deposit but I have had a friend who has just brought there first home and went to Northern Rock as they will lend up to 125%. They paid off some loans and got their foot on the housing ladder. You really need to talk to an independent mortgage broker. Good luck good website is www.thepremiergroup.co.uk |
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Chris G
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Depends how much of a deposit you have. I bought my first place on a 100% mortgage as I didnt have £15k lying around and neither did my parents.
Got it fixed for 3 years so I knew each month what was going out, and did 50% repayment so that at least some of the equity was being paid off.
If you are short of a deposit then I would recommend going for one of these to get your foot on the ladder. Northern Rock do good 100% mortgages and will lend you decent multiples (I got offered a multiple of 6 although ended up with something like 4.2).
Good luck. |
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Sonny Walkman
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Try www.moneyfacts.co.uk for an idea.
Go for a repayment mortgage rather than an interest only (endowment) mortgage. |
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the mrs
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yes i would like to know to |
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Nic H
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It depends on your situation. If you have no deposit/little deposit then you will be charged a higher lending charge. If it was me I would go for a fixed rate for 2-3 years as it is easier to budget cos you know what it is going to be every month. Variabe rates can be lower than fixed but can go up or down depending on the Bank of England base rate. If the rate goes up you can be sure your mortgage will follow at more than the increase. If it goes down the bank may take their time in passing this change onto you!!!
Repayment method is up to you too i.e. capital and interest (every month you pay a bit of interest and a bit of the capital so that at the end of the term the property is paid for) or interest only (every month you pay only the interest and at the end of the term you still owe the original amount of the loan; you are supposed to have a repayment vehicle in place e.g. endownment, savings plan etc.) You can do a split mortgage part cap & int and part int only. This would make it cheaper than a capital and interest but not as risky as an int only.
You should really shop around and make sure you are getting the right deal. Go to your own bank but also look at others and get advise from the mortgage advisers. Most importantly make your own mid up; don't let someone talk you into something that isn't right cos it's good for their annual bonus!!!
Good luck mate!!! |
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jimmoney
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the best mortgage for you is one that fits your needs today and is tailored for your future plans. consult a mortgage broker-i'm in ma. |
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GorGeous_Girl
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depends on your financial situation, your spending habits and your savings
go for repayment mortgage - repayment period - you need to plan
if you are someone who doesnt plan monthly expenses, doenst know when to say 'stop i am spending too much here' then i guess a fixed mortgage is the one for you. you pay a fixed amount every month, not having to worry about interest rates going up.
but if you have a small sum of money saved somewhere, make your budgets, curb your expenses then variable rate is good. but you have to be prepared for the risk. when the interest rates go up, the mortgage payment will go up and you have to learn to make do with the lesser money left every month
my advise is that before you take a mortgage, try to bring all your credit cards levels down, mortgage is a big enough debt, you will burden you pockets if you owe 5 different banks on your credit cards.
also once you take the mortgage, try to work around your monthly income rather than your credit card limit.
save up certain sums of money for a holiday or something and try to curb all your unnecessary expenses.
also dont go for endowment mortgage - looks tempting but you pay a hell lot more.
good luck ! its scary at first but with some common sense and planning - it is worth it ! |
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jez
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lol thats a dificult question however i dont think you will find the answer on Yahoo ask your self before others good luck |
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scguy89
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one who's payments you can afford...and i'm not trying to be a smarta**...too many people get into mortgages they cannot afford...and dont fall into the trap of getting a interest only mortgage that then balloons in a couple years. and especially dont get a mortgage the reverse amortizes (paying less per month than the amount of interest that you're charged, and then the bank capitalizes the interest)...look at suze ormans web site, she's got good advice about mortgages....good luck! |
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David F
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FHA Loan. If structured right you can get up to 100% financing and have the seller pay your closing costs.
FHA Loans also have good rates, no pre payment penalties and can be ARM's or Fixed for 30 years.
Email me and I will give you my contact info. I work for a national lender |
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Searchlight Crusade
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The way rates are right now, you want a 30 year fixed rate loan.
One of the previous answerers said "simple interest" but any real estate loan without a pre-payment penalty is functionally simple interest. Just remember to make certain about the pre-payment penalty.
While we're at it, here's a list of Questions you should ask prospective loan providers
http://www.danmelson.com/posts/1147466020.shtml
Feel free to print it out and share it, so long as you preserve the copyright. |
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tadopoly@sbcglobal.net
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There are so many options, that as a 20 year veteran mortgage broker, I would hate for anyone to tell you there is one good choice.
Your entire picture should be reviewed, from down payment, your intended time frame, availability of BMR programs, income growth, etc. If you want to investigate this thoroughly please, contact me via: http://www.slarson.com/contact or steve@slarson.com
Regards,
Steve |
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dochsa.co.uk
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Have a look at miney supermarket, but yes I also would not recommend an endowment unless there are financial benefits. Ask a FA about the best options, but make sure your FA (Financial Advisor) is registered. |
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