What sort of interest rate would we get?

sarah_elton

We're looking to buy in the next 6-12 months, so obviously rates will have changed again by then, but I was just wondering what current details are like to help us budget:

Deposit about £100k. Looking to borrow £150k-£190k (so total budget £250-290k). Salaries £45k and £48k.

We'd be looking for quite a long fix - 5-7 years (10 years feels just a bit too long in my mind I think, but is a possibility depending on the exit penalties later in the term).

We're trying to decide how much we're happy to spend, as we want to buy with the option to go down to one salary in future if we would like to (hence not going up to our max lending). It's very confusing trying to work it all out.

System

Go here and it'll give you a massive list:
http://www.fsa.gov.uk/tables/

Using a £250k property with a £150k mortgage for 5-10 year deals I see rates of 4.34 and upwards, loads of choices.

Payments between 750-800 based on a 30 year mortgage.

But anyway, have a go on it and see for yourself.

sarah_elton

Thanks Joe - very useful site! I didn't want to get into filling in the huge forms you get on price comparison sites yet so this is perfect.