Any better deals out there?

brad26

I've tried most brokers and advisors out there but just wanted the experts on here to see if they could do better, (many thanks in advance if you do).

My main aim is to have as lower monthly payments as possible, over a 35 yr term and only be tied in to a max of 2/3 years.

My current mortgage which is an interest only is only about half way through but with all the bust out fees and everything else its

£114,000,

I've sold my house for £143,000
I need to use £20,000 to clear my loans,
that leaves me with £9000, I'm guessing about £5000 on legal fees and all the other fees like stamp duty etc which leaves me with £4000

The purchase price of the place i'm interested in is £151,000. However i need to do alot of work on it, i.e new kitchen and blocking off a few doors, i know £4000 won't cover it all but i'm really looking for options on what i can do?

Any help/advice would be very much appreciated.

17Dave

Without knowing your full circumstances no adviser can give you definitive advice, especially in a forum.

Couple of pointers however:
From what you say you will be looking at 100% LTV or above.
In this case, with little or no deposit you will not get the lowest rates. However, the rate will probably be lower than your other "debts".

Several lenders - including Northern Rock / Coventry offer up to 125% loans which may enable you to complete your improvements. Take care as house prices seem to be at best stagnent at the mo. Will the improvements increase the value of the house?

If your broker is whole of market he/she should be able to demonstrate that the recommended product is the lowest cost per month - ask to see the sourcing system results and for an explanation of the recommendation.
This will help you to discover if the broker has understood your needs and circumstances.