Mortgage with Natwest help please

Savingthepennies_2

Basically my husband and I are first-time buyers looking to get a mortgage, I am hopefully starting a job soon which will increase our income to £21,000 a year.

We can't seem to find a good mortgage anywhere but I looked on Natwest website and the section "what can I afford?"
We pay £500 a month rent at the moment so I put £600 (taking into account I will be working too).

It came up with: Current Discounted Rates Available 4.89%
I selected to see more details on this and it said: Loan amount £119,000, Discounted Rates 4.89% 2 year tracker, Capital and Interest Mortgage 592.96. Could someone explain what that means to me? Does it mean I can get £119,000 for a house?

Sorry if it is a silly question but I have no idea!

Savingthepennies_2

Should have said this is over 35 years.
Would it help if we had a deposit? We may be able to scrape one together.

fuzed

You will be paying - Interest - (is the major part of your monthly repayment)
then the capital - is what is used to pay off the mortgage - normally half of the iwhat the nterest is (400 interest - 200 capital) - dont quote me on figures please, just a random figure...

I use natwest for one of my properties... and they are quite good...

If you can get at LEAST a 5% deposit together all the better, also look at the solicitors costs involved stamp duty, searches etc etc...have you found a property you want to buy yet?

Savingthepennies_2

Yes, the one we are renting, the landlord said to make m an offer.
A neighbouring house sold for £125,000 but this one needs work doing, electrics in the kitchen, new double glazing at the rear of the house, new bathroom sink. We were thinking of about £120,000.

fuzed

i'd get a valuation done on the place... windows/electrics/bathroom etc etc etc is going to cost much more than 5K... unless you DIY!!!