First mortgage

[oblio]

My son is about to get his first mortgage (fixed rate). It has been a few years since I have had to deal with one (fortuntaly) so I have suggested he checks the following...

What is the initial % interest rate for the fixed term?

What does it go up to after the fixed term has ended?

How much is the arrangement fee?

Are there any penalties if you overpay - either monthly or via lump sums?

Are there penalties if you pay off the entire mortgage early?


Am I missing anything else that he should be asking?

ta

[red_slr]

Pretty much. You could always speak to Sarnie on here. Top man.

You might want to consider if there is a rate change for a lower LTV say you are at 72% LTV and the rate comes down by 0.2% at 70% it might be worth looking at a smidge more deposit, IYSWIM.

[oblio]

Thanks for that

The lad has a healthy deposit due to a legacy from his late Gran so it's worth asking the question...

Cheers