Her 2nd Time Mortgage, my 1st Time Mortgage...

T4i

Hi all,


I am in the process of trying my very best to understand mortgages as I have never been on the housing ladder before.

Basically;

I (him) currently rent and have no deposit and no capital at all. I work full time earning a basic of 24k.

She has a mortgage on a ~100k house and roughly owns 50% of it with Santander. This 50k could be used as a deposit for a new house so we can live together. She also works full time and earns 29k.


We would look at a 30 year mortgage so we own our new house just before we both retire.

She is going to ask her current mortgage people about moving house and the deals available. But before we do is there anything obvious to you lot that I should be looking at/asking/researching?


How much are legal fees when getting a new mortgage? I can't find any concrete information regarding legal fees on the net. Or do the legal fees depend on many factors?

It's hard to put a financial plan together when there are so many unknown costs to think about.




Any info would be great before I start moving to step 2 and approaching mortgage people.

kingstreet

The legal costs are the cost of purchasing a new home. These would be confirmed by quotations from solicitors. The mortgage costs are a different issue and will depend on the lender and product you select. Key Facts Illustrations set out the rates, costs, fees and when they are payable.

I suggest talking to lenders and to independent/whole market brokers to get a feel for the issue and to establish what you would feel comfortable paying each month