buying my first house, advice required

khampson

Hi I am looking for a house to buy, I am a first time buyer and I have seen a 3 bedroom property for sale at £75000, need a bit of work but I am happy with the price, my question is what fees will I need to pay and how much will they cost? Also can the costs be added to the total mortgage and be paid that way? I can get a good mortgage from the Halifax if I put my deposit down I've saved £15000 making it a 80% mortgage, I do have a little more saved but I am unsure what to do because if the mortgage goes up £1 so does the interest rate, if I add the fees to the mortgage (assuming this can be done) I could still cover 80% even if the mortgage hit £77000 with the fees.

What are your thoughts and suggestions please
Keith

missjy

Use an online mortgage calculator and play around with the figures. I wouldn't recommend putting all the money you have because the survey may throw up work that the house needs doing which you have not factored in. Also contact a conveyancer/solicitor and get an idea of their costs. You can add the mortgage fee to your mortgage but obviously that will mean your monthly payments are increased.

First_Time_Buyer_Guru

Hi Keith

Firstly, congratulations on saving so much for your deposit. It's not easy for first time buyers at the moment. You'll need to put aside the money for the solicitor and moving in costs. If you can avoid adding any ancillary costs to your mortgage then you absolutely should, even if it means using a credit card and doing a 0% balance transfer! The amount you end up paying by adding anything to the mortgage is vast!

Good luck!

twirlypinky

If i were you, i'd avoid putting anything on that mortgage aside from the house itself. If you've got the money in the bank then use that. Remember that the bigger deposit you have, the smaller the capital owed so therefore the lower the interest payments will be. If i were you i'd add as little to the loan as possible, and lay down the biggest deposit i could afford