Quick fire mortgage questions

ed89

I earn circa 20k p/a.

I have about £4k saved.

I have seen a property for £119k in my town that I could perhaps bargain on - it's been on the market for a while.

I currently pay £575 p/m on rent for my current flat.

What are the options available to me? What would I be looking to pay back each month, say over 25 years?

paulfaz

I'd keep saving towards a bigger deposit and look again in six months - chances are the house will still be for sale.

beecher

You don't have enough saved at the moment I'm afraid. You need at least a 10% deposit. Say you got the property for £100,000, you'd need £10,000 as a deposit plus £2k plus for fees etc.

A mortgage of £90,000 over 25 years at 6% would be £579

ed89

Thanks guys, just the kind of answers I was looking for. Many thanks.