Mortgage advice please

brighthair

Bear with me on this because me and mortgages go together like... well they don't!
Currently we have a mortgage between me, my Mum and Dad so we each own a third of my flat. I am wanting to take over and so change the mortgage
I am a NHS/Ambulance worker who will need a mortgage of about £125,000 over 25/30 years. Any idea on what I can expect to pay roughly each month and where to start?

puppy8910club

Not sure what type of mortgage you would go for i.e Fixed, variable, tracker etc but your repayments per month will work out around £700. (30 years)

Try natwest / abbey and look at the mortgages available, they also have repayment calculators so you can see how much it works out at exactly.

brighthair

thanks - I'm looking at repayment mortgage and currently on a fixed rate but not sure which is best

herbiesjp

Mortgage is £125k

What is the value of the property?

What is your income?
Do you have any other loans/debts outstanding?

Also, when you say take over, do you mean take over 100% - so only you would be named on the property and deeds?

brighthair

yes, take over 100%. My income is around £20,000. Property value - we paid £123,000 but unsure of value ATM, prob a bit less than that. No loans, I have 1 credit card with £1000, a small overdraft and student loan

herbiesjp

So you are looking at a mortgage of £125k on a property of £123k or less?

Have I got that right? Or have you made a mistake with the mortgage amount?

brighthair

sorry! It's a bit confusing trying to explain - I said I was rubbish lol
The mortgage at the moment is £108,000 and we put in £15,000 dep so £123,00
We want to change the mortgage, but take £15,000 back out (for my Mum and Dad as it is their dep) and then have just that in my name?

Mrs_Bumble

Check the current value, you can use a site like https://www.zoopla.co.uk to give you a rough idea of what it is likely to be worth.

Do you have any other credit committments at all, loans, credit cards?

Any adverse credit history problems?

Who is the current lender?

brighthair

no credit history problems - I just got accepted for a new 0% credit card, I card tart but always cancel old ones, also have a sofa on 0%. Current lender is Nationwide
See above post for commitments - total £3000 debt - 1k on card, 2k overdraft and a student loan

herbiesjp

This is not going to work for you, as the figures do not stack up.

Your income is too low, combined with oustanding debt (even if at 0%)

Plus you do not have enough equity to take out the 15k

Is there any reason why you have to do this now?

brighthair

Parents have changed jobs - not especially desperate but just mulling it over IYSWIM
What sort of level income would I need to have as I get a pay rise in Jan and we could change next year?
Mortgage at the moment is on a fixed rate 5.54%