Mortgage question...

Athlete

I'm going to look at a house later. Its on the market for £115,000, hopefully if I like it they might drop the price by a bit.
Anyway I have saved up £70,000 which I am going to use as a deposit, if I cannot get them to drop the price and I have to pay asking price I will need a mortgage of £45,000.

Some info about me....I am 37 and a ftb, I'm single and I currently get paid pm £1,800. I would like to pay the mortgage asap looking at 8-10 years, so does anyone have any ideas what mortgage rate % I would be looking at, which is the best lender etc

Thanks for any replies:beer:

_Andy_

Hi

I would suggest speaking to a broker or perhaps looking at comparision sites in the first instance

Athlete

Have you got any rough ideas before I contact a broker, really looking to see how much I would have to pay (willing to pay around £500pm, any spare cash as overpayments) and how many years it would take to pay the mortgage off.

I'm a bit clueless about all this and I have no-one else to ask...

Wutang_2

Athlete wrote: »

Have you got any rough ideas before I contact a broker, really looking to see how much I would have to pay ...

thats what they do

mortgagemicroscope

Athlete wrote: »

I'm going to look at a house later. Its on the market for £115,000, hopefully if I like it they might drop the price by a bit.
Anyway I have saved up £70,000 which I am going to use as a deposit, if I cannot get them to drop the price and I have to pay asking price I will need a mortgage of £45,000.

Some info about me....I am 37 and a ftb, I'm single and I currently get paid pm £1,800. I would like to pay the mortgage asap looking at 8-10 years, so does anyone have any ideas what mortgage rate % I would be looking at, which is the best lender etc

Thanks for any replies:beer:

If your talking just about the 'best' being the cheapest then the market leader is at 1.98%. This is a variable rate and therefore can go up. Dont know if you fit their criteria or it is suitable to you as an individual.

Athlete

I would like to know how much I have to pay each month, any spare cash would go on overpayments/savings, so I'm looking at a fixed rate mortgage. Ideally 5 years fixed, then hopefully with any overpayments/money saved when I next apply for a mortgage the repayments will be really low.

opinions4u

The BBC mortgage calculator is a good place to get an idea of costs if you know what interest rate you are going to be paying.

I'd suggest a 22 year term as the longest, so the debt will be repaid before you are 60. Consider a shorter term though.

£45k over 22 years at 6% would cost £311.42 a month. I would expect a broker to find you a rate lower than this.

As others have suggested, a price comparison site such as www.moneyfacts.co.uk can give you an idea of what's available pricewise, but a broker will identify the mortgage best suited to your circumstances.

Wutang_2

You can really nerd it up and use this calculator too

http://www.whatmortgage.co.uk/calculators/fleximortgage.html

Athlete

opinions4u wrote: »

The ... is a good place to get an idea of costs if you know what interest rate you are going to be paying.

I'd suggest a 22 year term as the longest, so the debt will be repaid before you are 60. Consider a shorter term though.

£45k over 22 years at 6% would cost £311.42 a month. I would expect a broker to find you a rate lower than this.

As others have suggested, a price comparison site such as .... can give you an idea of what's available pricewise, but a broker will identify the mortgage best suited to your circumstances.

I'm looking to pay it off asap, as I have a disibility (ms) and I don't know how it will progress. I can afford to pay high now to get the years down.

herbiesjp

A good 5 year fixed rate of around 4.99% would cost you under £500pm (around £480pm)

That would be over 10 years.

You could get higher or lower rates - but at that mortgage amount (£45k) you would need to look at fees and not just go for the lowest rate.