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Mortgage advice needed
pollylee_2
Posts: 3 Newbie
Looking to buy our first house after years of renting. Have been left a sizeable sum which we intend to use as a deposit. The house we are looking at is £245k and we have £205k to put down leaving a £40k mortgage. We earn jointly, £40k.
We would like to pay over a period of 10 years to give a good sum to live on, Ideally with the option to pay back early if we want to. Have looked at Santander with a fixed rate of just over 3% for 5 years with the option to repay early.
This is our first house so complete newbies to the financial side of it. Would we need to put some money aside for fees (not sure what fees we would need to take into account but pretty certain there will be a few).
Any info anyone thinks would be relevant would be gratefully received.
We would like to pay over a period of 10 years to give a good sum to live on, Ideally with the option to pay back early if we want to. Have looked at Santander with a fixed rate of just over 3% for 5 years with the option to repay early.
This is our first house so complete newbies to the financial side of it. Would we need to put some money aside for fees (not sure what fees we would need to take into account but pretty certain there will be a few).
Any info anyone thinks would be relevant would be gratefully received.
0
Comments
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Find the best "fee-free" mortgage product you can get;-
no arrangement fee
no valuation fee
cashback towards legal costs
as there is no point chasing the keenest rate for such a small mortgage.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Fee free product sounds good. Any you would recommend or is it a case of trawling the net for the best.0
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Not something I carry around in my head, I'm afraid.
We source products for our clients based on their individual circumstances at the time. It can be lender A this week, lender B, the next.
Either find yourself a whole market broker, or roll up your sleeves and get stuck in to some research. TBH a broker would have to charge a fee on such a small mortgage, as the commission will be about £120, so you're likely to have to do this yourself.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for all the info. Have contacted L&C (the recommended company on the site) to get some advice along those lines.0
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I'm sure a Santander long-term fix will be the answer.
It also pays commission of 0.5% for five year fixed rates and 0.7% for ten.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks again kingstreet. Complete we are newbies to all this so not sure what the figures you are quoting refer to (will have to look up the terms and see ) but I'm certain it is solid advice.0
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