Advice please?

reg79

Hi there

I am after some advice from some of the mortgage advisers on the board. My situation is as follows:
Myself and my partner have agreed a purchase price on a new build in Northern Ireland at £280k for a turnkey package.
We have between us capital of £120k.
Current joint income is £47k with no outgoings/debts to pay.
We both previously owned properties but have sold them on and are currently living with parents.

I basically want to know how much of a deposit we should be puttting down? Ideally I would like to have a repayment term of 25 years with a mortgage of aprroximately £1000 a month - is this a realistic ambition?
We had intended to put down approximately £100k to leave £20k for fees and some furniture
Would I be correct in thinking the larger a deposit we would put down the better rate of interest we would get on any potential mortgage we may take out?

Thanks in advance for your help.

JoeK_3

Hi reg, a £160,000 repayment mortgage over 25 years @ 5.84% works out at £1,015.29 per month.

Yes the more that you can put down, the lower the interest, as a rule.

JoeK