Whats my best option?...

D1on

Myself and my partner are looking to buy our first house.
We have a £100'000 for a deposit and are looking for a house at around the £160000 mark. So that's a £60000 loan. With our high deposit what would be the best deal we could get and roughly what would we be paying monthly? Not too interested in these initial payments for 2 years, want to know in the long run what our monthly cost will be.

What's our best option with having what I consider to be a large deposit on the amount we require?...

Thanks in advance.

GMS

Speak to a broker.

Impossible to say what the 'best' deal would be without knowing your requirements.

nobodysdriving

GMS wrote: »

Speak to a broker.

Impossible to say what the 'best' deal would be without knowing your requirements.

GMS is right and I have only learnt that recently since applying for a mortgage myself...

there is so much more that 'just' a deposit/your income/price of property.

Lenders have different criteria/small print, some may not lend for your purposes or type of house you are buying for a start, too much for someone who does not know in detail your position. Also these criteria may change frequently.

kingstreet

For such a small mortgage, the interest rate is relatively less important when compared to set-up costs and fees. There is no point paying massive fees for the keenest rate when it will not give you the kind of savings those with a bigger mortgage can achieve.

Look for things like free or refunded valuation, no arrangement fee and a cashback towards legal fees or similar.

dimbo61

Did you save £100,000 or get left this money? Bank of Mum and Dad.
Age, incomes, jobs, kids, long term plans, type of mortgage, repayment, offset, Interest only, fixed 2/3/4/5/10 years, type of property ! One bed flat or four bed house, area you are buying ?
So many questions !

amnblog

This is not the place for specific advice of this kind. As has already been mentioned above you need to engage a mortgage broker.