First time buyer - ball park guesstimate please

Charlton_King

Hi

Am posting this before rushing out of the house - haven't the time at the moment to do all the necessary research and am looking for a word from the wise and experienced.

My son and his wife hope to come back to the UK from abroad and are asking what they might need to budget for.


Rough figures:


Joint income - £70k

Deposit available - £30k

Mortgage required - £150k

Basis - interest only, fixed rate over 3 - 5 years


What I need to be able to tell them is a ball park figure for the monthly repayment they might expect to pay if they elect for the average 'going rate' on offers at the moment.

Can anyone help please?

Beast

What is the value of the house they are looking to buy?

Charlton_King

Beast wrote: »

What is the value of the house they are looking to buy?

£180k, as you can see from the figures.

Got to go.

Beast

As a quick example - Post Office 5 year fixed at 5.79% would be £723 per month on interest only.

herbiesjp

Then you need to see if they fit the criteria for an interest only mortgage.

g_attrill

They would easily afford that property, although if they don't have any credit history and are newly employed here it might be tricky. Best thing is to get on the electoral register ASAP and get a few months payslips behind them while saving as much as possible.

Charlton_King

g_attrill wrote: »

They would easily afford that property, although if they don't have any credit history and are newly employed here it might be tricky. Best thing is to get on the electoral register ASAP and get a few months payslips behind them while saving as much as possible.

They will be working for the same companies which have employed them for years. Just relocation to the UK.

Any more thoughts on the monthly repayment, folks? Is £723 around the right figure, then??

jockosjungle

Take a look on the HSBC website, there is a mortgage calculator there where you can play with the value, years and interest rate. Should give you a decent idea of what they will be likely to pay.

Definitely get them on the electoral roll asap, are they buying straight away or renting first?

Charlton_King

Last call for any guesstimates.

epsilondraconis

There are many online mortgage calculators that allow you to generate the figures for yourself. An example is:

http://www.thisismoney.co.uk/true-cost-mortgage-calculator

Wutang_2

Charlton_King wrote: »

Last call for any guesstimates.

1.) No such word and 2.) In the 20 hours between threads, you could have typed mortgage calculator into google surely?