FTB Help: Type of morgage?

Tony1210

Hello. Just looking for some advise regarding a FTB morgage. As an FTB buyer, I am looking at the "perks" offered by the lenders and the best/ lowest payments per month.

It's a single application, earning £15,700 per year. Have a £10,000 deposit in place. I also want to pay off the interest and morgage per month. What advice can you offer. Looking at house around the £70,000-£80,000 price range.

Thanks

herbiesjp

To be honest FTB do not really get any perks - potentially when you come to re-mortgage you could get free legals fees and valuations.

If you were looking at a purchase price of £80k and a mortgage of £70k over 25 years on a repayment basis i.e. paying back interest and capital, you could be looking at monthly repayments of just under £390 pm

homer_j_3

Is this the first time you have had to run a property or have you rented previously. If you have not lived on your own or run a property before then I would be fairly careful with the amount of mortgage you take on as to achieve a 64k mortgage you will be looking at 4 x Salary, which you may find a stretch when you are coming to paying the mortgage and all your bills etc.

If you have rented and have been paying more than the mortgage payment that you will be paying on the mortgage then you will probably be OK with the finances side.

I would also state that with regards to a mortgage, you should just decide what you want from a mortgage - fixed payments, cheapest rate etc. When you know exactly what you want then go and see a mortgage broker.

Tony1210

Thanks for the info guys. Much appreciated.