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I'm new and need advice...
chelle_9
Posts: 3 Newbie
me and my fiance are looking to buy our first house this year.
i contacted a broker who advised on a £6950 deposit for a £138995 house, by making this deposit we'd be able to get a 90% mortgage. Fixed rate for 3 years at £658 a month, over 35 years (5.29%apr).
i'd not heard of percentage mortgages, but accepted the advice. My fiance says the figures don't add up, so how is it a 90% mortgage when the deposit isn't 10%, i'm confused...
Any help would be greatly appreciated.
i contacted a broker who advised on a £6950 deposit for a £138995 house, by making this deposit we'd be able to get a 90% mortgage. Fixed rate for 3 years at £658 a month, over 35 years (5.29%apr).
i'd not heard of percentage mortgages, but accepted the advice. My fiance says the figures don't add up, so how is it a 90% mortgage when the deposit isn't 10%, i'm confused...
Any help would be greatly appreciated.
0
Comments
-
10% of £138,995 = £13,899.5 -
£6950 is only 5%
Is the builder offering a 5% deposit as well as part of the sale? I'm guessing you are buying a new build propertyI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes that's makes more sense. I guess i got a little overwhelmed and forgot the detail of the builders paying 5%.
Thank you for replying0
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