First Time buyer

Essex2014

Looking at buying my first property in 6-9 months with the property costing around 110k & my savings will be around 90K.

My budget for furnishings is £4000
Fees £3000 Is this accurate?

What deposit is recommend & how much money should I leave untouched?

Thanks in advance

stator

Depending on how risk averse you are, how much money would you need to live on for 12 months/18months etc? That would be the basis for how much savings you need left over
£3k is reasonable for fees, but you might need a bit more for moving costs, depending on how you do the move, ie professional company?

With such high savings you should have a good range of mortgages available. Anything below 50% LTV and you will get a very good rate.

somethingcorporate

12 months outgoings in the bank should be more than enough as a rainy day fund.

£3k sounds about right for fees, give or take a bit.

kingstreet

Check the minimum loan for the kind of mortgage product you desire.

Often, they will be higher than the £20k you appear to need so take care with that.

Essex2014

What mortgage rate am I likely to get on £50,000 with a good credit rating & no other debts?

My monthly take home is £1276

kingstreet

Lenders work on gross annual income in the main, not net monthly.

As there are fixed rates, discounted variables, trackers and these can run from 1 year to 10 years, rates vary from about 1.5% to 5%.

No-one here can really tell you what you will be able to obtain. Carry out your own research or appoint an independent mortgage broker to do it for you.