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Best mortgage for me ?
desiman
Posts: 231 Forumite
Hi,
Wonder if I can get some advice.
I have a tracker mortgage on my current house with the C&G owing roughly £34,000, am paying around £320 a month. The property value is about 80k or so and this is my first house.
We're now looking to move up the housing ladder and have seen this house which needs some work but is priced accordingly. Our offer of 113k has been verbally accepted by the vendor. If all goes to plan with the sale of the current house I will be able to make about 46k equity, of which I will put in 25k as a deposit of the new house and the other 21k to keep as renovation. Therefore, I will borrow 113k-25k= 88k which is roughly 77% LTV.
I am 28, married, sole income around 30k, student loan outstanding around £3,000, paying £100 a month. One credit card outstanding about £1,200 paying off £110 a month, its a life of balance deal. Other credit cards are paid off in full every month, no other loans/HP's. Time with Employer 5 years, permanent job.
Income is around 30k, £1800 a month; after outgoings in the month, we save around £400 or so, can do more if we try. No other major expenses. I've been very stringent about credit reports for a few years, so have a pretty good record, bar a few (around 5) late payments in the past 3-4 years, due to stupidity rather than payment difficulties (e.g. deleting direct debits from my internet banking!)
Questions are
Which are the best current deals suited to me (looking for fixed deals without an astronomical fee tag attached to it)? I've read the threads about FD mortgages and that seems like the best option, I am a FD customer as well. I'm looking for a 5-yr fix for peace of mind and the FD 5.29% seems like a good deal.
How does a lender look upon a house which needs lots of renovation (this house needs Double Glazing, Central Heating, new kitchen/bathroom, carpets, hence the 21k budget). We are purchasing for 113k but once we're done the house compared to others in the street will be valued at 145k+
Are there any good conveyancing deals that will do purchase and sale for me compared to local firms?
As the house needs doing up, I am tempted to go for a full survey rather than a homebuyers report etc. Is this adviseable? Is there a huge extra cost?
Is it worth going to an IFA etc? I've used London & Country in the past (using MSE's referral of course)
Many thanks
Wonder if I can get some advice.
I have a tracker mortgage on my current house with the C&G owing roughly £34,000, am paying around £320 a month. The property value is about 80k or so and this is my first house.
We're now looking to move up the housing ladder and have seen this house which needs some work but is priced accordingly. Our offer of 113k has been verbally accepted by the vendor. If all goes to plan with the sale of the current house I will be able to make about 46k equity, of which I will put in 25k as a deposit of the new house and the other 21k to keep as renovation. Therefore, I will borrow 113k-25k= 88k which is roughly 77% LTV.
I am 28, married, sole income around 30k, student loan outstanding around £3,000, paying £100 a month. One credit card outstanding about £1,200 paying off £110 a month, its a life of balance deal. Other credit cards are paid off in full every month, no other loans/HP's. Time with Employer 5 years, permanent job.
Income is around 30k, £1800 a month; after outgoings in the month, we save around £400 or so, can do more if we try. No other major expenses. I've been very stringent about credit reports for a few years, so have a pretty good record, bar a few (around 5) late payments in the past 3-4 years, due to stupidity rather than payment difficulties (e.g. deleting direct debits from my internet banking!)
Questions are
Which are the best current deals suited to me (looking for fixed deals without an astronomical fee tag attached to it)? I've read the threads about FD mortgages and that seems like the best option, I am a FD customer as well. I'm looking for a 5-yr fix for peace of mind and the FD 5.29% seems like a good deal.
How does a lender look upon a house which needs lots of renovation (this house needs Double Glazing, Central Heating, new kitchen/bathroom, carpets, hence the 21k budget). We are purchasing for 113k but once we're done the house compared to others in the street will be valued at 145k+
Are there any good conveyancing deals that will do purchase and sale for me compared to local firms?
As the house needs doing up, I am tempted to go for a full survey rather than a homebuyers report etc. Is this adviseable? Is there a huge extra cost?
Is it worth going to an IFA etc? I've used London & Country in the past (using MSE's referral of course)
Many thanks
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