Hi all,

I'm a first time buyer, basically a mortgage novice! I have decided with my girlfriend that we should step on the ladder and any advice would be appreciated. We have a good lump sum we can use as a deposit and with the help of our families we should be able to aim at a 70% mortgage.

Given the current rates, I think it'd be a shot in the foot to go for a fixed rate mortgage (let's say 5%). I don't think interest rates will go up significantly in a couple of years and after that fixed mortgage products will convert to a variable rate anyway. I am considering the Barclays Woolwich lifetracker product: Barclays basic rate + 2.27%, currently 2.77%. Although I am planning to apply for a 15 year mortgage, I think we can significantly lower the outstanding balance after the early repayment charge period 31/01/2012. I have checked with Barclays and there's no charge nor limit to overpayment after 31/01/2012.

I know my guess on interest rates is good as anyone's but, sticking to it for a second, I would be able to benefit from the low rates for the next 2 years and avoid nasty surprises by making a free big overpayment in case the rates hit the roof in the future.

I know I need to get independent mortgage advice but I was wondering whether the forum can add something I am not considering perhaps.

We have permanent jobs, clean credit history and deposit. Is the lifetracker the best option?

Thanks for any advice.

K