First time buyer question

housesitter

mlgt wrote: »

So in theory, the reason why 33 years is listed is to help me with my first mortage?

I'm also with Natwest as a FTB.
I asked them to do this for me and explained why. She thought it a novel approach to save on mortgage protection insurance.
Perhaps it filtered down the chain? :beer:

I plan to overpay to end around 15 years at current rates.
Circumstances may change etc naturally.

I wondered about multiples too.
I'm in a similar situation to you. My partner will be contributing but not on the mortgage.
I was told that since there was a historical monthly payment to my account from her which I hold with them that they would consider that too when it came to affordability but we didn't need to push the boat out that far.

calypso_rhapsody

My guess would be that NatWest have proposed 33 years so that the loan is repaid by the time you are 65? I came across this recently with HSBC - although in that case they would only lend for the 12 years until i will be 65 .... slightly mad as my income will in fact increase then!

If i were you, I'd accept the 33 year mortgage and just pay off more each month - you've then got a safety net at the end of your fixed period if rates have increased very significantly or if your circumstances change at any time. Just make sure that NatWest will take account of the reduction in capital on each payment and not just at the anniversary of the mortgage drawdown.

mlgt

Thanks for the advice guys.
I have accepted the offer from Natwest and simply overpay as close to the 10% I can.

Then if I have a bigger lump sum at the end of the 27 month then pay it and get a new mortgage.

Which is negotiable from Natwest, but may incur fees. No idea why there will be fees when you already had a bloody mortgage with them for 27 months!