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Mortgage & Equity Linked Mortgage advice
Gemmzie
Posts: 14,876 Forumite
Hi,
I'm hoping someone here might be able to help me a bit. We're both FTBs so this is all a bit new to us.
We're looking to buy a flat for £115k, we have £11.5k in deposit and the developers will loan us 15%, the rest will be mortgage.
The amount the developers lend us will be an Equity Linked mortgage of ten years or whenever we sell if sooner than 10 years.
1. What is the most sensible way of preparing to pay this money? ISA, endowment, plan to add to main mortgage?
Any advice is welcome.
Secondly, the mortgage offer we have expires in April, we won't complete until August (new build!) so are the mortgage lender likely to be able to give us a new deal if we ask and extend it to August? We've currently been offered a 3.79% 2 year fixed (but the 2 years started in Jan 2010) but this product will be gone at the end of April.
Thanks
I'm hoping someone here might be able to help me a bit. We're both FTBs so this is all a bit new to us.
We're looking to buy a flat for £115k, we have £11.5k in deposit and the developers will loan us 15%, the rest will be mortgage.
The amount the developers lend us will be an Equity Linked mortgage of ten years or whenever we sell if sooner than 10 years.
1. What is the most sensible way of preparing to pay this money? ISA, endowment, plan to add to main mortgage?
Any advice is welcome.
Secondly, the mortgage offer we have expires in April, we won't complete until August (new build!) so are the mortgage lender likely to be able to give us a new deal if we ask and extend it to August? We've currently been offered a 3.79% 2 year fixed (but the 2 years started in Jan 2010) but this product will be gone at the end of April.
Thanks
No longer using this account for new posts from 2013
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We looked for about six months and we found nowhere that needed less than £20k's work (OH's parents used to develop property so thankfully know the costs realistically), a holiday home or much smaller / 1 bedroom only.No longer using this account for new posts from 20130
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