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First mortgage applied for
goodwithsaving
Posts: 1,316 Forumite
Hello
I don't post on here so please forgive me if my question is a bit daft.
My partner and I applied for our first mortgage (hurrah!) for a home which is big enough we won't ever need to move we hope. The mortgage application is being sent off today so I'm feeling very anxious. We want to borrow 3.5 x joint income but the repayments make up 19% of our monthly take home. I think this is a good level. Is it?
The other question I have is, what is the difference between a first time buyer mortgage and a re-mortgage?
Thank you
I don't post on here so please forgive me if my question is a bit daft.
My partner and I applied for our first mortgage (hurrah!) for a home which is big enough we won't ever need to move we hope. The mortgage application is being sent off today so I'm feeling very anxious. We want to borrow 3.5 x joint income but the repayments make up 19% of our monthly take home. I think this is a good level. Is it?
The other question I have is, what is the difference between a first time buyer mortgage and a re-mortgage?
Thank you
0
Comments
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A re-mortgage is to replace existing lending for the same borrower(s) on a property.
Not applicable to you.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you. I just wondered for further down the line. We've fixed for 5 years so don't have to worry for a while!0
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