Morgages/Rates/Repayment ???

[Scoobydooooo]

We are looking into morgages & i just wanted to ask what peoples % rates are? where is best to go for all good deals? what sort of repayments are we looking at on £165,000? with a £15,000 deposit?

here scooby

Thanks twiglett, have so many questions to ask & need advice on what other people would do in our situation?

ok I would always choose a repayment loan if I was planning on staying for 5 years in the property

I would choose a mortgage that has no penalty for early repayment

I personally like tracker mortgages that offer an initial discount and are pegged at less than 1% above base rate (ours was 2 years at base rate and 0.75% above base rate for life .. but that is a particularly good deal)

I would always work out what the repayments would be if base rate increases by at least 2% (so could I afford if base rate was 7% and hence mortgage becomes 8%) .. there are mortgage calculators that do this for you

if you are worried about interest rates and feel it would be a stretch affording it once off initial discount then consider a fixed rate

HTH

happy to answer any more specific questions (am not a financial advisor .. I've just always been interested in money / financial markets so have a better than normal knowledge)

Thanks Twiglett thats is a big help, we have dp's dad who is brill but we are just trying to work out if we should go for it or not...

There is such much to be thinking about..

Also if you have a £15,000 deposit & say the house is £170,000 do they take the 15,000 off so you will only have a mortgage for £155,000 or how does it work?

yes that's how it works

but don't forget you'll have to pay moving costs, stamp duty, solicitor's fees .. have you accounted for those or do you have money elsewhere to fund them?

If the house is £170K and you have £15K to put towards it, you only need a mortgage for £155K.

you'd probably need to find between 5 and 7,000 to pay for the costs associated with buying a house

Yes all accounted for, we are having a housing dilemma, don't know if you have seen my other thread on out housing but we are officially homeless, so dp's dad has offered to give us £15,000 deposit for a house & pay the fees.

At the moment we are fghting with the local council for a house, so it's one or the other but we want to make sure we can afford it first.