Mortgage offer - thoughts appreciated

Teddie24

Hi all,

I have made an offer on a house at 208k. My mortgage broker has found me a mortgage with "first complete", it's a fixed rate mortgage at 2.84% which reverts to 4.75 SVR in 5 years' time. The mortgage is for £150k, I have a deposit to make up the rest (a lot of saving and some inheritance). The product fee is £1499 and repayments come in at £553 a month. My income is £31k a year.

I am a total mortgage novice and despite reading up on the subject I still don't know whether this sounds like a sensible offer to go for or not. Whilst the rate is ok I am concerned about returning to their 4.75 after five years, or can I remortgage before that onto another fixed rate or a tracker?

I've had some great feedback on here in the past, so if you've got any input then please fire away!!

Many thanks

ted:j

kingstreet

Your broker is a First Complete appointed representative, FC isn't the lender. The KFI has the lender's name on the front page.

This is a 72% advance for someone wanting to borrow 4.83 x income. This assumes you have no dependents, credit commitments, childcare etc.

According to Mortgage Brain and subject to affordability etc, the best rate is 2.75% with 4.49% SVR and £1,525 fees.

Unfortunately, you don't give enough information for anyone to say if any better deal could be found for you.