Getting a mortgage, bit of help please

Banned
I'm looking to get a flat inthe center of belfast for about £120-£160k

I am 20, a student and self-employed and have about 20k in the bank

However I cant use all of that as my deposit as I need some capital for my business

I went to ulster bank (part of RBS I think) for the best rate and I think it was 4.5% for 5 years then the rate increases

Can people explain the best route to go down and best place to get a mortgage atm with the smallest deposit

Thanks

5 Comments

smallest deposit is usually around 10% at the mo as banks arnt lending but the best bet is to shop around

Banned

This may help

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With house prices still falling this might not be the best time to jump into a mortgage.

EDIT - if you are going for it, take a look around the Motley Fool: fool.com/ - they do comparisons between products.

House prices are starting to rise again in N Ireland though and are almost as low as they were 4 years ago when I bought mine so good time to get the ball rolling and after shopping around last year I went for Ulster Bank too as it seemed to be the best on offer around.

I'm not convinced about the house prises rising. There was a 1-2 month rise in some areas but I think that will prove to be a blip because prices fell too quickly at first. The recession is a long way from over and it seems likely that more people will lose jobs in the coming year. That will put more downward pressure on house prices. I don't think we've seen the bottom of the housing market yet. Even if I'm wrong it seems unlikely that there will be a big rise in prices this year so a 6-12 month wait is probably sensible.
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