Any help would be greatful

Finch7

Hi, I am simply looking for some information and help for my situation.

Me and my boyfriend are moving in together next year and he has suggested it would be better for us to buy somewhere rather than rent. Currently we each pay about £300 per month on rent, and we are looking at houses around the £140,000 mark.

I am basically clueless on the whole mortgage front, I have no idea how much buying a house costs other than the actual house price, so any help would be appreciated.

We will be earning in the mid 20k bracket next year and will both be on about 45k at the end of 4 years.

How much deposit do we have to put down, is it viable to get a loan for the deposit?

Can we get individual policies, so we can pay different amounts and be for the same house but our own money?

I know i am ignorant of the procedures for buying a house and obviously this is the first place i thought to ask before i start looking into it properly, we are just wondering whether it is an option rather than just renting, when the money could be going towards our own place.

Thanks

JoeK_3

£140,000 at 6% = £902.02 per month for a 25 year repayment mortgage.

It may be an idea to save up as there are costs as follows:

Solicitors fees £650
Valuation fee £250
Stamp duty £1,400

You could also save to put down a deposit to reduce the monthly mortgage costs.

What are your occupations?

JoeK

maxcor

I have been reading your post on mis sold endownments and would like info on the above referred to standard life how do i go about attempting to claim compensation

maxcor

maxcor

I have been reading your posts on mis sold endownments and would like info on the above referred to standard life how do i go about attempting to claim compensation

maxcor

JoeK_3

You seem to have posted in the wrong thread.

Could you delete your posts in here please.

JoeK