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Is this agreement in priciple a bad decision?

Markus247 · 2021-05-18 14:39:47

First time buyer. 2 jobs. One has only been going for a year, hence the need for a broker) House prices in my area 300k for 2 bed. deposit is 85k. Broker has found a mortgage that lends us the money we need but the fixed rate is 3.24% for 2 years fixed. This would mean a monthly repayment of £885. This sounds incredibly…

Comments

amnblog Posts: 12,785 Forumite

19 May 2021 at 12:26AM

kingstreet said:

Is this £215k on £300k then, LTV of 72%?
Which lender?
What's the term?

Sounds like a Kensington Mortgages select product. This would fit with the two income situation if there were gap complications in the employment history.

You say you have two jobs and one for 12 months only. Have you been in both employments for at least 12 months on each, no gaps? Similar occupations?

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.
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