Does this sound normal for a mortage quote?

[orangehead]

Maybe I am being naive. I didnt think I was in a position to buy but saw a house that was for shared equity (basically you just buy half the house and pay a small rent for the other half) which would mean I would just need a mortage for £72,500. So I thought I would see if I would be able to do that. The answer came back yes but my monthly repayments would £922. I am really shocked, does that sound right? I cant believe that people can afford to buy houses of about £170,000 to £200,000, what must they monthly payments be?

What's the interest rate and the period of time?

The time period 35 yrs he didnt say what the interest rate was but it was fixed for two years

That is quite high but, as Mascara said, depends on the interest rate and the repayment period.

The interest rate must be high if it's 35 years.

It sounds sound ridiculous. My house is worth more than 3 times what my mortgate is and my mortgate is more than what your asking for and my repayments are a fair bit less tahn you have been quoted.

what kind of deal was you looking for? Repayment? Interest only? fixed rates variable rates? and who quoted ie bank building society?

Very high and over a very long time.. you could get a much better deal than that unless have you gone to specialist company that deals with bad credit ratings?

It sounds about right to me. The reason people can afford it is that they bought their first property 10 years ago when it was £72k (that was the price of our first flat in Croydon in 1996). I think our mortgage then was c£800 per month but interest rates were lower, I think?

I do sympathise completely. I don't know how people get on the housing ladder now, I really don't

That is high, we have 25 years, £101,000 and pay £639 repayment.

If you shop around and don't mind being tied in Woolwich I think are doing 2.99% interst but 10 year tie in.

My mortage was for approx £85k and I pay a lot less than that over 25yrs

Way too high. I am assuming this is on a variable rate (which is always higher). Do you mind me asking if you have had credit problems becasue if so there will be an even higher rate charged if you fall into the category of 'sub-prime'

Based on my mortgage, which is on a standard variable rate, I would have expect monthly repayments to be around £500-600.

£72,000 for 35 years at 15% is £911, but does that include the rent?

The estate agents has a mortage speacialist who apparently searches for the best mortage. I am going to try my bank. I dont have bad credit rating. I dont really know what im looking for Im a bit thick when it comes to mortages. I just desperately want to get me and my kids out of this shit hole we live in

we used to have £160000 mortgage and our monthly payment was around £1000. Over 25ish years. But I can't remember whether it was interest only or repayment.

That must include the rent. Otherwise

You should be looking at repayments between £350 - £450

No rent is £130 extra. My credit rating is actually quite good. Thanks I will try the woolage thanks. Im getting all upset now, I have worked so hard these past few years after my divorce in which I was left homeless and penniless and it just feels everything against us at the moment and I will never get things normal again. sorry for the moan

that would be a rip off

go onto moneysupermarket and go through their questionnaire

Hi,

112,000 and paying roughly £700 pm.

You could maybe try moneysupermarket.com

They do a free search and you can mess about with the criteria i.e. how many years etc. so's you can have a fair idea before you go to the mortgage specialist.

I think we're all a bit thick about these things until we need to know about them, it will all fall into place.

Good luck, I hope it goes well. Let's hope the interest rates come down soon, eh?

based on about 50% of that being rent, I think it works out to be about 7% ( so roughly on the calculator) which is high for a "new" mortgage, as you can get deals for the first 2, 3, 4, 5 years, but ours will be hitting near 7% I think in June as our deal ends.

Twiglett, you beat me to it! lol

HOLY MOLEY, £130 extra for the rent? That's a 15% mortgage then, what a blooming cheek!

That sounds way too high. Have you tried any of the internet comparison sites like www.moneysupermarket.com/mortgages/ - this will give you a much better idea. If you have a good credit rating there is now way you should be payigng 15% - beware financial advisers "attached" to estate agents - they will be earning commission from the lender for selling their mortgages which are often intended for those with poor credit ratings..

obviously took me too long to type that post about money supermarket!

That sounds ridiculous. I've just put a mortgage of £72,500 over 30 years into the Smile mortgage calculator here (it doesn't let you do over 30 years), and repaying both capital and interest over that time at a rate of 7% it comes out at £479.64 a month. Obviously you might even get a better rate than 7%.

Ask around! Get loads of quotes and some good advice.

Thanks will try moneysupermarket