Advice on First Mortage

evs32

Hi, me and my girlfriend are starting to think about getting a mortgage. We have been saving for a while and now looking to go and talk to a bank/broker to get some more info.

Our current situation is that we have a deposit of 35k and combined income of 50k. She has no debts and mine will be cleared in September. Is it best I wait until I'm debt free before looking to get an offer?

Also I don't know if this is easy to work out for the experts on this board but thought I'd ask anyway... based on the info provided and current interest prices would you be able to give a rough figure on monthly repayments if for example we went for a 25yr mortgage on a property worth 160k? This may well be a ridiculous question that is impossible to answer but I really am none the wiser!

Thanks

ACG

Affordability wise, depending on how much yoru debts are, i dont think you will have a problem. With them ending in September i doubt they will be massive.

As for the repayments £600-650.

evs32

ACG wrote: »

Affordability wise, depending on how much yoru debts are, i dont think you will have a problem. With them ending in September i doubt they will be massive.

As for the repayments £600-650.

Thanks ACG, as a mortgage broker yourself can you advise how it works in arranging a meeting? Would I pay an hourly rate? And it is more expensive to go through an independant broker?

ACG

Theres no set answer.

An independent advisor will charge a fee, they will search everything on the market. If the deal they find pays commission they may refund some of that to you.
Others charge a fee and also take the commission.
Others dont charge and just take the commission.

Im a whole of market advisor (basically means i have access to everything except deals if you went direct to the lender), i know what i and my colleagues charge, generally speaking its pretty much the same amount.
I THINK Independents (have access to everything including deals if you went direct to the lender) will charge a higher fee but may refund some of the commission.

As for which is more expensive, it can vary. You might be best ringing a few and asking about there fee structure.