Best mortgage for first time buyer

[neilV8]

Can anyone give some advice on the following:

First-time buyer looking to buy a property in Essex approx. £215,000

Has 10% deposit available but could stretch to 15% if it makes a big difference.

So the questions are:
Which bank's/building societies are offering the best rates at the moment?
How much does the size of deposit influence the mortgage rate available?
Anything else which should be considered?

[scotal]

neilV8 said:

Which bank's/building societies are offering the best rates at the moment?

It depends (not helpful but it is the truth.

neilV8 said:

How much does the size of deposit influence the mortgage rate available?

Enormously. You are goin gto hate the rates above 85% LTV.

neilV8 said:

Anything else which should be considered?

Does your salary allow you to get the mortgage in the first place?
Does your credit score allow you to get the mortgage in the first place?
(At 90% LTv the lenders are going to want you to be pretty clean credit wise)
Do you have any other debt that might stop you getting a mortgage?
Is your income provable?

Once you've got the mortgage, can you afford to service it (On a repayment basis)
Can you afford to own the property (i.e insurance premiums, council tax , utility bills)
Can you afford to still have a life beyond paying the mortgage?

Edited by scotal on Monday 14th December 12:44

[neilV8]

Yes to all of the above.

Okay, with 35k to put down on a 215k property, (16.3%) what rate should I expect and from where if possible.

Thanks,
Neil

[scotal]

YHM.