First time buyers

jessika_2

Hi All,

Just looking for a bit of help with a mortgage really...

My partner and i are looking to buy a house costing 204950, it's a new build so get 5% deposit paid and stamp duty paid, also £500 worth of solicitors fees paid, we need a mortgage of 194702, so 95%

Mu salary is worth nothing so mortgage being obtained by partner and mother (have been told this is ok as she doesnt have a mortgage)

I suppose my question is, how the hell do i get a rate lower than 5.5%!!! We need to keep our payments below 900 pm but this seems impossible at the moment, pleae can anyone suggest anything to help?

thanks

herbiesjp

Are you going through a broker to get this agreed?

ARe you looking at a repayment mortgage, if so have you looked at taking out a longer term?

HTH

jessika_2

have been speaking to a couple of brokers - whoever can get me the best deal. Initially looking at repayment but happy to go interest only for a couple of years if it will keep the payments down.

I am happy to take a longer term however my mum is 50 so not sure if they will lend past the retirement age (even though we will look at remortgage in a couple of years to include me)

what do you think? thanks for the reply