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What interest rate should I expect to pay
wannalot
Posts: 186 Forumite
Hello all
I feel really embarrassed to post here about something I am utterly clueless about!
I am a bit of an emotional mess at the moment, as my mother died a few weeks ago, but I am trying to look to the future. I have £55k saved up for a house deposit and will inherit around £45k in the next few months. I know that this puts me in a fortunate position, but I am completely clueless when it comes to the mortgage market.
In the town where I live, the money I have would buy a flat outright. That is an option, but I could also take out a mortgage for something much bigger. could anyone give me an idea of how much I would have to pay if I took out a mortgage for £50,000 to add to the money I already have? I.e. what interest-rate should I expect to pay on this amount over a 20 year mortgage period. And what would the monthly payments be? I am very reluctant to overstretch myself, as I am in fairly unstable employment, on a salary which is slightly below average.
Where do I go to get advice on mortgages? I have never had one before and I really have no idea what I am doing. I am not even sure if I really should take one out or whether I should live mortgage free in a smaller flat? Any comments or advice would be very welcome as I am at a huge crossroads in my life and have no idea what to do!
I feel really embarrassed to post here about something I am utterly clueless about!
I am a bit of an emotional mess at the moment, as my mother died a few weeks ago, but I am trying to look to the future. I have £55k saved up for a house deposit and will inherit around £45k in the next few months. I know that this puts me in a fortunate position, but I am completely clueless when it comes to the mortgage market.
In the town where I live, the money I have would buy a flat outright. That is an option, but I could also take out a mortgage for something much bigger. could anyone give me an idea of how much I would have to pay if I took out a mortgage for £50,000 to add to the money I already have? I.e. what interest-rate should I expect to pay on this amount over a 20 year mortgage period. And what would the monthly payments be? I am very reluctant to overstretch myself, as I am in fairly unstable employment, on a salary which is slightly below average.
Where do I go to get advice on mortgages? I have never had one before and I really have no idea what I am doing. I am not even sure if I really should take one out or whether I should live mortgage free in a smaller flat? Any comments or advice would be very welcome as I am at a huge crossroads in my life and have no idea what to do!
2025 goals
GC: April £100
Savings: save £6K (or move house)
Health: Lose 3 stone
Mind: read at least 24 books
GC: April £100
Savings: save £6K (or move house)
Health: Lose 3 stone
Mind: read at least 24 books
0
Comments
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My advice would be take your time. There's no rush.
Would you be content with a flat? Or would you prefer a small house?0
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