Fixed Rate Mortgage and home buying advice

Looking for a mortgage or a first time buyer ?

Make sure you shop around its surprising the difference in rates and offers  .

Fixed rate deals give you a little security and the ability to budget your outgoings with no sharp rises in interest charges. 

Here's one that's a great offer and its available now

New HSBC Fixed Rate Mortgage Rates:

2yr @ 1.24% 3yr @ 1.44% 5yr @ 1.79% 

Overpaying

Another tip I was told many years ago , pay off your mortgage as quick as you can possibly do so,  if your already on a low interest rate deal now then this is the ideal time to make over payments to clear the loan off early, this will save yourself  interest charges and leave more money in your pocket.

So when you look at taking out a mortgage ask the lender if you can pay of off early or make overpayments with no penalties incurred, this could save ££ in the future  

We also have the government's help to buy isa:

This is a great way to start saving towards your first home and you and your partner can open one and save towards your first home

Have a look here :  https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Insurance:

Don't scrimp on this, I know it's expensive but you must factor in building and home content insurance. 

Add up the value of your goods and think if you had to go and replace at todays market values , don't undervalue !

Don't apply for credit shortly before any mortgage application:

Avoid applying for credit in the months before trying for a mortgage, as it could affect your credit rating score and lead to your application being rejected , because providers search your credit file each and everytime you apply for a loan, credit card, overdraft, or mobile phone contract. These checks are registered on your file , even if you don't go ahead making it less likely you will be accepted.

You can check your credit score at a few outlets and giffgaff offer a Free credit report

https://www.giffgaff.com/money/free_credit_report/application/#/about_me

Have you considered home share ?

This can be a great way to get on the property ladder .

You buy a percentage of the property and so have a better chance of buying if you cant meet the criteria to buy outright

Here's a good guide that will give you insight to getting started.

https://www.sharetobuy.com/firststeps/gettingstarted/latestnews?id=318

General tips:

When you get your keys to your new home make sure you contact the utilities with the gas and electric / water meter readings.

Change your address / driving licence/ car insurance / bank etc. and let your to friends know your new address ( well the ones you like lol)

Also make sure you leave a forwarding address for all your mail. 

Royal mail offer a take your mail and your identity with you redirection service ( chargeable )

https://www.royalmail.com/personal/receiving-mail/redirection

 

I hope you find these tips helpful but before making any major financial decisions seek advise from a financial advisor

Good luck and happy house hunting

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Representative example for a loan of £4,000 for 24 months at an interest rate of 15.5% APR fixed. In this example the total amount payable (including interest and fees) would be £4633.57 and your monthly repayments would be £193.07.

giffgaff receives a fee for introducing personal loans to Retail Money Markets Ltd trading as Ratesetter.

giffgaff gameplan is a trading style of giffgaff Limited, we are a credit broker and not a lender and introduce loan applications to its selected provider of loans Retail Money Market Limited trading as Ratesetter. Terms and conditions apply. Finance subject to status. 18s and over. Credit is provided by Retail Money Market Limited trading as Ratesetter, 6th Floor, 55 Bishopsgate, London EC2N 3AS Ratesetter is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 633741

giffgaff Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number - 680957. Registered address – giffgaff Ltd, 260 Bath Road, Slough SL1 4DX. Company Number - 04196996.

Posts on this site reflect the opinion of the members posting only, and not necessarily giffgaff’s opinions or views. There’s a lot of information here that can help you, however, you must remember that we operate an open forum and sometimes messages that are posted are misleading, deceptive, or inaccurate. If you follow these tips, you do so at your own risk. Always do your research and check the terms.