what type of mortgage to go for?

purplesmiler82

Hi all, Sorry if this is long winded but here we go.....

Me and soon to be hubby are looking at buying a place together. My house is worth approx 110K and I have approx 70K left on the mortgage (previously fixed but at end of fixed rate moved to lifetime tracker at 0.99 above base rate). House we are looking into purchasing together is oiro £235K but hoping to get it for less than that.

In terms of finances we should have a deposit of 45K from savings, sale of house (taken into consideration that may have to lower price etc) this will also leave us with about 20K for fees and the work we plan to carry out.

My question is what kind of mortgage do we go for with rates being quite low at the moment? When i brought my current house I went for a fixed for 3years becase i wanted stability being on my own but with our planned purchase i just don't know. What are your opinions?

herbiesjp

You could look to port your current deal and top up and mortgage needed with a new deal.

Or you could look at a new deal, and fix the whole amount.

Personally, if you are minded you to fix your payments, I would look to fix for longer i.e. 5 years and lock into some good 5 year deals out at the moment, and save on remortgage fees every 2/3 years.