I need a mortgage.

maninthestreet

Littlebookworm:

The figures I quoted are typical for a repayment mortage - I'm not quoting figures from a specific mortage currenty on offer from any mortage lender.
Note that a significant proportion of your £4000 savings would be gobbled up in buying costs - stamp duty (1% of purchase price), solicitor's costs, surveys, etc.

herbiesjp

I think the most that you could potentially get is £129k as a mortgage based on your sole income over a 35 year repayment mortgage term

So the difference would need to be put down as a deposit - don't forget all the other expenses that need to be accounted for such as legal fees, stamp duty etc

If you did look at that kind of a mortgage you could be looking at monthly repayments of £675.10 on a 2 year fix or £700.38 on a 3 or 5 year fixed rate

These figures are just to give you an idea on monthly affordability and are not deals/rates that you will definitely get

The most important thing is to work out what is affodable to you and then see what kind of a mortgage that would equate to


HTH

Bargain_Rzl

Littlebookworm wrote: »

The estate agents told me that I could use their solicitor,which was kind.

Just to pick up on this point! EAs do not offer you their solicitor out of kindness, they do it because it is good business for them, and there is a good chance that you could get more competitive quotes elsewhere. Do not let the EA take advantage of your inexperience to tie you in with their own solicitor.

Littlebookworm

Yes but how do I find some-one to help,I realise that all have been excellent ,but I how do I to get started.
WHERE NEXT

Littlebookworm

Bargain_Rzl wrote: »

Just to pick up on this point! EAs do not offer you their solicitor out of kindness, they do it because it is good business for them, and there is a good chance that you could get more competitive quotes elsewhere. Do not let the EA take advantage of your inexperience to tie you in with their own solicitor.

But they recommended him ,he helps all their clients,he also knows a person who gets mortgages.

Melissa177

Pick up the yellow pages and phone around?

You don't need a solicitor until you have found a property that you want to buy, and for which you know you can get a mortgage for. My suggestion would be to talk to a fee-free broker to discuss your borrowing requirements firstly - 150K for a single salary of 25K and 4K savings is quite steep. You may need to have more realistic expectations - unless your parents can assist with a deposit of 20K ish.

Melissa177

Littlebookworm wrote: »

But they recommended him ,he helps all their clients,he also knows a person who gets mortgages.

No offence, but I think you're being a little naive. Do you want the estate agent to know how much you can borrow? Not really. Do you want to accept the first solicitor whose services you are offered, or do you want to phone around and get a few quotes first (checking which quotes include costs for searches etc).

Also, buying a property at 150K will mean 1,500 in stamp duty is payable, plus solicitors and search fees. Then there are moving fees and furniture to buy.

How about going to https://www.moneysupermarket.com (that's where I started) to work out your requirements, or call a fee free broker? (I found one through money supermarket).

Good luck, but you need to have your eyes wide open.

silvercar

Littlebookworm wrote: »

But they recommended him ,he helps all their clients,he also knows a person who gets mortgages.

I wondered when that would surface!

To be fair they are all probably good people, whether they are the cheapest and most efficient is a different matter. If you are going for the easy life and using these people do get written quotes of their charges first.

They all recomend each other's services and buy each other a few drinks on the back of it. The plus is that they all have an interest in getting the deal done, the downside is they will talk to each other and the estate agent will know what you can afford etc. Think if this house falls through, will you feel obliged to find another house with the same agent because he has been "so kind" and is mates with your solicitor and mortgage broker?

Littlebookworm

Melissa177 wrote: »

No offence, but I think you're being a little naive. Do you want the estate agent to know how much you can borrow? Not really. Do you want to accept the first solicitor whose services you are offered, or do you want to phone around and get a few quotes first (checking which quotes include costs for searches etc).

Also, buying a property at 150K will mean 1,500 in stamp duty is payable, plus solicitors and search fees. Then there are moving fees and furniture to buy.

How about going to https://www.moneysupermarket.com (that's where I started) to work out your requirements, or call a fee free broker? (I found one through money supermarket).

Good luck, but you need to have your eyes wide open.

Thank-you Melissa you are very helpful,I thought you would all be very official .

Melissa177

We're people just like you!

(Apart from the ones with the mortgage advisor signatures, of course )