First Time Buyer Mortgages UK | Episode 65

Hi everyone, welcome to Mortgage Broker TV This is episode 65 for first-time buyers

So listen guys if this is the first time you've seen this video make sure you subscribe, share, like, and hopefully it helps you out and obviously lots of other people Don't forget, I'll put a notification card up there because this might be a historical video So make sure you check out all that latest First Time Buyer Mortgage deals because rates change , lenders change and things like that So let me dive straight into it ;I'm looking today at the best 5 year fixed rate on a 30-year term in the marketplace as of today So like I said mortgage interest rates can change and this might not be the best deal as of tomorrow, and this is really important to be aware of

So the scenario were looking at is a first-time buyer looking to buy their first place at £450,000 with a mortgage of £382,500 which means they've got a deposit of sixty £67,500 and I know this might not be a typical first time buyer mortgage scenario up and down the country but believe it or not, it is quite a common scenario for first time buyers buying in London there's a lot of first-time buyers who are looking at 2 bed flats for £450,000 – £500,000 and all the rest of it! This sounds ridiculous I know, but that's the reality we live inand don't be put off if you think that actually that's ridiculous I'm never gonna be able to for something like that you know your circumstances gonna be very different to other people's and this is just the scenario we're looking at so don't be put off by that in any way and if you've got a mortgage question you want to ask you know if they forget it just put in the comments and maybe I'll happily do a video for you guys to help you guys out as well So the best first time buyer mortgage deal based on the scenario is with HSBC at 2

09% so that's a really really good rate in terms of farm you know the rate and it being on a five-year fixed now usually the longer you fix it the more expensive it can be and obviously the shorter the fixed rate it has to be cheaper as well but it gained every scenario is slightly different but this gives you an idea of what it is based on the five year fixed Now in terms of the fees; HSBC has an £800 arrangement fee and a £99 booking fee The £800 you can add to the loan which is great means you do have to find that money upfront but the £99 you do have to pay that when you apply for the mortgage Now the benefit with this deal is it does have a free basic valuation which is great so if you you know looking to buy that's what one less cost you have to worry about having said that your property may need or you may be more concerned about answer might be sensible to have a full structural or home buyers but again get an independent mortgage broker will be able to steer you in the right direction to help you tell you what they think and you know basically give you some guidance In terms of the monthly payments the again this is a mortgage of £362,500 over a term of 30 years the monthly payments will be £1,431 per month so that's on a repayment basis and remember this is on a thirty-year ten so if it's right for you you know you might be able to have a number thirty five years which actually means the mortgage payments go down

Indeed you could have a term which is even shorter say twenty five years but your payment's would go up then so again it's working out what's right for you guys Now let's give you a bit of an insight this lender and this deal is only available if you have a particular type of bank account with HSBC which you may not and so it's great for those that do you know this is a great deal but obviously that does disenfranchise a lot of people who don't have that type of bank account so I think that for me there's a little bit frustrating because this deals out there which are really really good and can help lots of our clients but they're not always available to clients and I think it's about finding what is the best deal for you and if you are hsbc customer with this particular backing up think all right but if you're not don't despair there's gonna be lots of other deals out there which are far off that mark so so we'll about just getting independent advices to find out what's work for you guys so listen guys if you found that video helpful I love it if you can share subscribe and do those amazing things and I catch up you later