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?

That is far too high, unless my maths is way off.

I would be quite wary of mortgage 'specialists' which are recommended via estate agents; there is usally some kind of kickback between the two involved.

You need to see an independent mortgage advisor, or go an see you bank.

orange my dp can help he is an advisor can search whole of market for you he had a thread on here in the small buisness ads and has helped other mnetters if you mail me on [email protected] i will give you his details so you can mail him

I was rather at that quote! Blimey, cheek!!!

We've just moved up the ladder from shared ownership to outright mortgage, £144k @ 5.19% fixed for 2 years (repayment over 30 years) = £800/month.

A useful tip - find out if the shared ownership company pays your buildings insurance for you. There are some small 'perks' to be had

Poke in the eyes for that mortgage 'advisor'. Shocking.

VEry high.

You're being ripped off.

Don't go into this without educating yourself a bit about mortgages etc.

There is loads of more impartial advice online, e.g. www.guardian.co.uk/money/2007/oct/25/mortgages. The Guardian website also has a mortgage calculator where you can input the capital you want to borrow, the interest rate offered, and the number of years you require the mortgage. It comes out with your monthly repayments. It's useful to compare the various offers around.

The sort of figures you are being quoted do suggest that you are going to some dodgy "sub prime" type lender. Have a look at the website of the major lenders, e.g. Nationwide, Barclays, C&G and so on, and see what better offers you can get from them. Some IFA (Independent Financial Advisors) will be able to help with your application for free (but you need to check this first) as many of the larger organisations cost in the IFAs' fees when they market their mortgages - so you get the help but it makes no difference to the amount you pay.

But most of all, don't go into this blind.

PS Most Mortgage Protection Policies sold through lenders are pretty useless - you should perhaps start investigating Life Assurance or see what Death in Service benefits your employer offers. Also Home & Contents insurance doesn't have to be purchased from the same organisation (although you may have to make a phone call to have your mortgage provider named on your H&C policy).

HTH

If you want some free advice on sharedownership mortgages you could try us mortgage broker. Not all banks will lend on sharedownership. Moneysupermarket will sell your details if you enter any so be carefull.