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Advice for FTB please
Gemmzie
Posts: 14,876 Forumite
Hi, my partner and I are in the early stages of buying a new build flat.
It's valued at £115k, and we have an 85/15 split with the company.
The 15% will be interest free with no payments for three years, then seven years at 0.3% interest. At the end of the ten years, we pay it back or remortgage to add it to existing mortgage. So around £200 a month if I've calculated correctly?
We have around £6k saved but need £11k, however, the flat won't be ready for a year so we can save that monthly.
We are seeing the mortgage brocker next week and just wanted some guidance as to the next steps.
The completion, when they will want 5% of our deposit, is likely to be around Christmas. They want £500 before this for processing, fees etc.
Does this all sound okay?
It's valued at £115k, and we have an 85/15 split with the company.
The 15% will be interest free with no payments for three years, then seven years at 0.3% interest. At the end of the ten years, we pay it back or remortgage to add it to existing mortgage. So around £200 a month if I've calculated correctly?
We have around £6k saved but need £11k, however, the flat won't be ready for a year so we can save that monthly.
We are seeing the mortgage brocker next week and just wanted some guidance as to the next steps.
The completion, when they will want 5% of our deposit, is likely to be around Christmas. They want £500 before this for processing, fees etc.
Does this all sound okay?
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