Mortgage Query

madeup

I have some questions which I was hoping someone might be able to help me with.

Age: 36
Circumstances: Single and living with parents (FTB).
Credit History: Very Good (always had a credit card and paid off in full every month). Never missed a payment and don't owe any money.
Deposit: £45,000 (plus £3000 towards fees etc).
Salary: £14,500 plus bonus of approx £4,000 per annum.

Question 1
I would like a house for approx £110,000. Is this too much.

Question 2
Given my age, how long should the mortgage be for (I was thinking either 18 or 20 years).

Question 3
What sort of mortgage should I go for and would it be straight forward in obtaining one. Also, would I benefit from seeing a broker?

Thanks for looking.

Dave_Ham

Yes it is possible, but not on that repayment term.

Depends on bank you would approach, but I would possibly suggest broker as sounds like you need advice and will need 5 * income.

Alternatively, spend some hours on here researching as many have asked similar questions and got solutions.

Ask away any questions, although this is achievable..

Best of luck

ACG

Q1: Its doable, but im not sure every lender would be happy to do it.
Q2: Typical mortgage is 25 years - although that seems to be increasing to 30 years +. But its based on affordability partly what you think you can afford and partly by what the bank thinks you can afford.
Q3: This is for you to decide. Fixed and variable are the main ones. You then have discounted, capped, offset etc.

You have 2 options, go and see an advisor answer their questions and they will make a recommendation or read up on the types of mortgage decide which you would prefer then look for a mortgage that matches what you want.

clive12

go for a longer term if possible chances are you will move your mortgage later on and a longer term reduces the monthly cost.

go via a broker as a bank can only offer there only products whereas a broker will offer more choice.

make sure you can afford the repayments and get some kind of cover in case your circumstances change in the future.