Questions about or DIP

tbkbt

We got a decision in principle from a broker today and would like to ask you all a few questions about it. they were offering 215K loan, with 25K deposit over 35 years(roughly 3.5%). 1st of all ive never really seen a 53 year mortgage. it obviously meeans lower repayments but when i did rough figures it'd cost an extra 50K over the life of the mortgage. Also the 215K loan seems way above anything we were expecting, i'm not really sure we could all ways afford this, but is this why they've spread it over 35 years? the broker didnt say who the DIP was with, was meant to be getting an email but nothing so far.
Thanks for any help.

Malmo

The purpose of the AIP / DIP is to provide an indicative maximum that you could potentially borrow given the income and expenditure / commitments presented at the time.

You do not necessarily need to borrow all of it.

You should tell the broker over what term you would like to borrow if 35 years isn't needed and what your monthly repayment budget is and work from that.