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Where to start... got a deposit, need a mortgage!
crob83
Posts: 56 Forumite
My husband and I are thinking of putting an offer in for a house (£140k). We have a 16k deposit.
But the interest rates are so high!
Any advice on where to start?
And do student mortgages still exist just out of interest?
But the interest rates are so high!
Any advice on where to start?And do student mortgages still exist just out of interest?
0
Comments
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Student? Do you mean Graduate mortgages?
Well, you start by checking out sites like moneysupermarket and speaking to brokers. Is 140k the asking price or the price you intend to offer? Have a look on the Mortgage board here.0 -
My first time house was purchased when interest rates were 9.49% and they increased up to 13% within a year. Interest rates whilst higher than they have been (many have not reduced their rates in line with the base rate - even allowing for a bit on top, as it used to be common to be baserate plus 1 or 2 % which would mean that the SVR would be common at 3% which it isn't!!) are still low! Look at the history! Look at what you can afford to pay, factor in rises of up to another 5% and then decide if you can buy.0
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In 1980 the interest rate was 15% for mortgages up to £20,000. I wanted £25,000 towards a £55,000 house and I had to pay 16%. This was with HALFAX...............................I have put my clock back....... Kcolc ym0
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My husband and I are thinking of putting an offer in for a house (£140k). We have a 16k deposit.
But the interest rates are so high! Any advice on where to start?
And do student mortgages still exist just out of interest?
I was about to say that the interest rates have never been this low for years, but these low fixed rates are only available for those who have a 25% deposit, and you have just over a 10% deposit...
How long did it take you to save the £16k? Any chance of saving up another £16k? Or going for a cheaper house?
Have you been to speak to an independent financial advisor yet?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Thanks for your replies. My husband has a mortgage on his own and the 16k is from his flat sale. We are now looking to buy together. I have no idea how long it would take to save up another 16k, a long time probably!
Do you think in the current market we might be better off renting?0
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