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Where to get a mortgage - First time buyer

(7 Posts)
pippop1 Fri 20-Sep-13 01:19:04

I have a very lucky DS who has inherited some money which he can use to help him buy a 2 bed flat. He has recently started a graduate job and has a two year contract. He intends to stay in that area of the country for at least a few years. He's just graduated.

The loan to value should be about 40% (i.e. he has just over 60% of the price of the flat to put down as a deposit). He intends to rent out one room to a tennant so that he can live comfortably and the rent should more than cover the mortgage payment although he could just afford it himself if he had to (he's currently renting a flatshare in the area himself).

My question is: Should he approach the high street bank where he has his current account (it was previously a student account) to ask about what they would offer for a mortgage or is it best to look for some kind of mortgage broker? How would he find a good one? Obviously he would prefer not to pay fees for such advice.

He is looking for a 3 or 5 year fixed mortgage and has slightly unusual circumstances I think.

Any advice?

Rockchick1984 Fri 20-Sep-13 08:15:30

He would be better off really using a broker - the fact that he's not on a permanent contract will cause problems with a lot of lenders.

CogitoErgoSometimes Fri 20-Sep-13 13:34:19

Definitely a mortgage broker. His bank can only offer the products they sell whereas an independent mortgage adviser can trawl the market for all the products on offer. Agree about the two year contract being a hurdle. The last broker I used didn't charge up-front fees. London and Country isn't a bad place to look

bunjies Fri 20-Sep-13 13:43:01

I would also ask the Halifax as they are pretty good with first time buyers. Even if he has got a fixed term contract.

pippop1 Fri 20-Sep-13 16:35:08

Thank you, I will tell him. It's a two year contract in that it's a graduate trainee thing with exams to take during the time. He would very much hope to be kept on if he's any good.

martin money man recommends London and country. they have served us well twice. fee free as well.

pippop1 Fri 20-Sep-13 22:38:33

That sounds just what he needs. Mumsnet people know everything!

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