Mortgage

muddypaws2807

Gosh where do I start, ah yes, I have had money problems in the past and am now debt free for the last 5 years but i did do an IVA.

Now, my dad is giving me a rather large sum of money and I would dearly love to buy a house which would mean I would need a mortgage of £50-60k over 15 years.

I am in full time employment, I do have savings and I can put probably 40% - 50% deposit down. What would be the best mortgage to get given I am 44, live on my own too in rented, yes I did have an IVA and checked my credit rating and its average

Please help, its a minefield and not sure what to do? Not saying which lender but what type of mortgage should i be looking at so at the end of the term I have no debt?

Thanks

_Andy_

Speak to a whole of market broker who can guide you free the options.

Re your last point - capital repayment.

muddypaws2807

Thanks andy for that, found a website called charcol, will they have brokers listed?

muddypaws2807

Sorry to be dumb but is that just a repaymnt mortgage? As it asked me repayment, interest only and part & part??? :eek:

_Andy_

Yes - repayment means capital repayment - that is, each month you're paying back some of the debt, some of the interest (mostly interest in the early years) - same principle as a personal loan - i.e. you keep your payments up, the mortgage is all paid by the time it ends.

Interest only - just paying interest each month, the amount yow owe stays the same and needs to be paid when the mortgage ends.

Part/part - mix of the two
HTH

PS Charcol are a broker.