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Mortgage advise needed

(31 Posts)
GeePipe Wed 14-Aug-19 13:05:35

Hi all, i am totally a novice to the world of mortgages and wondered if anyone could give any advise possible.
I am looking to save with my boyfriend for our own home within the next 6-12 months. The houses in the area we are looking are generally between 80,000-115,000.

My questions are:
How much do we need to save for a deposit percent wise?

How much are solicitors fees?

Anything else we need to know?

Thanks

WeThreeKingsofOrientAre Sat 17-Aug-19 14:03:57

- You need minimum 10% deposit in cash in the bank.
For starters....

- You need to budget for around £1,500 for Solicitors (Conveyancing/Legal Fees)

- The greater the amount of deposit you have above 10% minimum the better mortgage rate you will get from mortgage lenders (banks). This makes a difference to the amount of your monthly repayment.

- The longer repayment term you choose, the lower the monthly repayment amount.

GreenTulips Sat 17-Aug-19 17:51:00

If you really want to research, have a look at overpayment calculators on line £50 a month extra can clear it 5 years earlier for example

GeePipe Sat 17-Aug-19 19:40:38

Greentulips thats amazing! And so fast for such a little ammount! I will def try to do that when we eventually get a mortgage.

Happysummer2020 Sun 18-Aug-19 02:02:08

@bethsmith024

You need to speak with a solicitor

Mileysmiley Sun 18-Aug-19 02:11:51

I would go for a new build if I was you. The builders will offer you a lot of discounts and will also recommend a good solicitor and sometimes they will pay your legal fees as well.

www.barratthomes.co.uk/?gclid=EAIaIQobChMIhbGEr56L5AIVmZ3VCh0iKgGfEAAYASAAEgIMOvD_BwE&gclsrc=aw.ds

GeePipe Sun 18-Aug-19 09:34:37

I will look into that but the thing is i have always been advised against new builds and have lived in ine myself. Always full of problems with foundations etc. Also we have no new builds in the area we live so might not be feasable for us but i will have a look. Thank you

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