Urgent help needed on new mortgage

bigjb603

Hi everyone, Just joined the site and would be grateful for advice.. I'm so lost in the mire of finding a mortgage.

Basically, am divorcing and looking for a £90,000 or £95,000 mortgage on a property worth 160,000. I will have around 65k deposit.

I am 45yrs old in July , so can realistically only go for a 15yr repayment. My annual salary is 26k. Can prob afford around £750 a month or thereabouts.

I'm lost for the best and cheapest options. A tall order but anyone seen anything I should look at or any helpful advice ?
Thanks
John

JoeK_3

bigjb603 wrote: »

Hi everyone, Just joined the site and would be grateful for advice.. I'm so lost in the mire of finding a mortgage.

Basically, am divorcing and looking for a £90,000 or £95,000 mortgage on a property worth 160,000. I will have around 65k deposit.

I am 45yrs old in July , so can realistically only go for a 15yr repayment. My annual salary is 26k. Can prob afford around £750 a month or thereabouts.

I'm lost for the best and cheapest options. A tall order but anyone seen anything I should look at or any helpful advice ?
Thanks
John

Hi John, no problems that I can see.

We will all be retiring at the age of 68, unless you have other plans?

As you will be relying on your only income, it would be advisable to get a good fixed rate.

JoeK

bigjb603

Thanks.. is good to know that a fixed rate is the way to go...I can't work out the variety of other types. I def want everything to be paid off by the time I'm 60 (well, I can hope anyway).

Herein lies the rub.. what term should I get a fixed rate over? .. given that I'm looking over 15yrs (how long's a piece of string I know).. and who really is the best deal right now ? Everything seems to change so often.. and I'm going potty trying to get my head round it all.

John

JoeK_3

bigjb603 wrote: »

Thanks.. is good to know that a fixed rate is the way to go...I can't work out the variety of other types. I def want everything to be paid off by the time I'm 60 (well, I can hope anyway).

Herein lies the rub.. what term should I get a fixed rate over? .. given that I'm looking over 15yrs (how long's a piece of string I know).. and who really is the best deal right now ? Everything seems to change so often.. and I'm going potty trying to get my head round it all.

John

Now we are not allowed to give advice on this forum but as a guide a 15 year term repayment mortgage with a fixed rate of 6.20% would cost around £781.31 pm.

Hope this will help to narrow down your choice.

Joek