Opinion on our chance of a mortgage?...

cupid_s

Yoyu're currently paying 700 a month rent plus bills etc. You do realise that a £150k mortgage at 6.25% is virtually £1000 a month. Add this to arrangement fees (if they apply to the mortgage you're looking at) plus other costs associated with owning rather than renting, for example buildings insurance, life protection. Again I'm not sure what that particular mortgage insists on but I imagine that would add a fair bit more per month on top of the 1k.

And you'd still have you cc payments to make on top of that. Do you honestly think you can afford an extra £400 per month or so?

leannie_2

Well....we haven't put any offers in as yet, but we have been given a mortgage in principal by Northern Rock this morning to value of £157,200. With no Higher Lending Charge, a £100 discount on the product fee, and £700cash back...so there you go.

MABLE

leannie wrote:

Well....we haven't put any offers in as yet, but we have been given a mortgage in principal by Northern Rock this morning to value of £157,200. With no Higher Lending Charge, a £100 discount on the product fee, and £700cash back...so there you go.

My feeling is your repayments may be more than your rent but it is something that is yours and you are not working to pay someone elses mortgage. Also besides your home it is an asset that can be disposed of if the needs arises. Go for it!