They absolutely destroy you as a first time buyer. We're paying 6.9% on a £115k mortgage, even with a 20% deposit.
When I look online now I can get around 3-3.5% interest, we didn't think it would go much lower at the time so we got a 5 year fixed mortgage It will cost us £3.5k to exit the fixed mortgage and set up a new one, but we'll still save money over the course of the 2 remaining years.
We're looking to move to a bigger house in a couple of years, I can't wait for all this process shit