Mortgage Madness

straddie

First Direct offer 90% mortgages, but only for their SVR (currently 6%), and also for their offset tracker (currently BR +0.99%). Their fixed deals are all 80% LTV.

hpjpmpmp

what are cashback sites and daily clicks? i am really ne to all of this! sounds like your doing an amazing job though -- thanks so much.

dimbo61

right lets start,
You have found the perfect house GREAT.
Its only £250,000 and you have a £30,000 deposit so £220,000 mortgage and you both earn good money yes.
So why are you looking at a 2 year deal ????
What happens if in 2 years time you are off work with a new baby and need
to remortgage !!
Husband earns £35/40k a year paid £5k off mortgage and need £215k
thats 5/6 times his wages and little equity in home. new baby to fed, wife on £70 a week mat pay and wants full year at home plus then part time job.
what I am trying to say is think long term ie fix for at least 5 if not 10 years.
Second you have another property on the market but whats the mortgage on that ? and what if it does not sell can you afford 2 mortgages right now.
consider the size of mortgage you are taking on and savings you have if wife off work / part time for next few years. GOOD LUCK

hpjpmpmp

But do we fix our mortgage when interest rates seem so high - is this a good idea? To fix them for five or ten years when mortgage deal is not great anyway right now?
The job my wife does is flexibil and even with a young baby she could easily ear 200 a week from home - good advie though thanks

raq

we pay £1003.56 each month repayment and got 22 years left. Our dream home as well and not once regretted it. We got three little one's to see to. ( £85k equity in here )

dimbo61

mortgage rates have been on average about 6% since the second world war.
If you can get a good long term fix of say 5/10 years for your dream home this gives you time to pay off a large part of the equity and therefore clear a big portion of that huge mortgage ( well it would be for me )
I am not saying dont buy your dream home just consider long term and have the stability of knowing how much your mortgage is going to cost you for at least the next few years.
" Interest rates seem so high " you dont remember the good old eighties / early nineties when rates hit 15.4% !!! do you .

space_rider

.
" Interest rates seem so high " you dont remember the good old eighties / early nineties when rates hit 15.4% !!! do you .[/quote]

I sure can and times were getting hard. Had 3 small children though mortgage was around £17,000!

neverdespairgirl

hpjpmpmp wrote: »

The job my wife does is flexibil and even with a young baby she could easily ear 200 a week from home - good advie though thanks

Are you sure she could do that?

When my son was little, my chances of looking after him and doing much else were minimal!