First time buyer

jenny_13

If you are on a fixed term deal normally you onlu incurr charges for ending within the fixed rate term (ie 2,3 years etc).

You and your OH have to decide what is important to you in regards to the mortgage (ie fixed rates, ability to overpay, tracker etc).

You could choose a shorter repayment period although you'll have to pay the capital quicker so repayments will be higher. I'm not sure how much you'd be left with on the mortgage if you make a £5k profit.

liamg1987_2

hmm, seems wiser to just rent; its so confusing. Thanks for all your input

jenny_13

Don't give up and I'm sure that in the end you'll find something that suits the both of you. Rent for a while and save as much as possible as a higher deposit will put you in a better position.

VIGILANT22

The figures are correct...i am afraid we all have pay interest as well as repay capital sum.........

Also if you've decided to rent for now....before going to buy again...read up a little on mortgages...knowledge is power...good luck

liamg1987_2

Can I just ask, if we sell the house in year 4 , would we have to pay of the stated amount to pay back(£130k), or just the amount we borrowed plus 4 years of interest?

jenny_13

It would be what you borrowed plus 4 years interest.

CloudCuckooLand

The payback is high because its over 35 years.

If you have spare disposable income and could handle higher monthly repayments, you could ask for a shorter term, the norm was once 25 years.

Aged 57 when the term ends, doesn't leave you much leeway if you want to buy something bigger and need wiggle room on the term. Or much time after the term to save for your retirement.

liamg1987_2

yesss! thanks, we'll sleep easier now haha!