Mortgage Question - How much/Payment

[paul26982]

Theres a house the other half is intrested in, £149950, they pay 5% and we pay 10% deposit, anyone know the ruff Mortgage payment a month, dont expect the exact amount thanks

[missdiane]

There is a few mortgage calculators on the net, have a quick google for them, you can change the amount of years you pay it over and interest rates- which decides how much it will be.

[VTECMatt]

Around £850 over 25 years on a Fixed. Tbh with out all the info, salary, debts, area etc it is difficult to get an accurate number.

[SS HSV]

If they spell-check your application I can assure you that you won't qualify

[mik.ross]

Very rough guide would be £450 - £650 on every £100K borrowed depending on your deposit.

[paul26982]

they all seem to ask for email details etc so they can send you an email with the info, i hate messing on, is there on that it just comes up.

[paul26982]

seemed to found a calculator but puzzled on what to put into the intrest rate field!

[missdiane]

I'd be guessing about 6% rate- fixed

[paul26982]

id put 3% in the calculator, came out at 650 pounds, 5 % was 860 pounds, for someone who has excellent credit and high monthly income, what percentage would you imagine being relistic at getting.

[Road Pest]

The LTV is a massive factor at the moment. At 85% you'd be looking at around 6% as long as you can even get the mortgage on the other factors that lenders look at.

Edited by Road Pest on Friday 27th March 22:01

[missdiane]

paul26982 said:

id put 3% in the calculator, came out at 650 pounds, 5 % was 860 pounds, for someone who has excellent credit and high monthly income, what percentage would you imagine being relistic at getting.

It has little to do with that
You search around for the best deals on the internets and take it from there.
Fixed/tracker rates are probably safer

[paul26982]

alliance & leicester was doing 3.18% i think 2 year fixed and after the 2 year went upto 5%, there would not be any problem on getting a mortgage even at the lowest rate.

[Road Pest]

Also lenders don't like deposit paid at the moment, where they pay X%. The "discount" is deducted from the purchase price and then you're looking at a 90% purchase, don't mean to be negative but good luck...

[scotal]

paul26982 said:

alliance & leicester was doing 3.18% i think 2 year fixed and after the 2 year went upto 5%, there would not be any problem on getting a mortgage even at the lowest rate.

Not at 85% LTV they aren't. That loan also has a fairly chunky fee atttached to it.

As road pest says, gifted deposits are a bit of a minefield, some lenders are happy to accept them, others most definitely are not.

Is this house a new build?

[paul26982]

Road Pest said:

Also lenders don't like deposit paid at the moment, where they pay X%. The "discount" is deducted from the purchase price and then you're looking at a 90% purchase, don't mean to be negative but good luck...

no thats fine, need all the advise thats all, thanks everyone

[paul26982]

also its a new build and 15% is getting paid off the purchase price, 10% off us and 5% of the builder

[Road Pest]

scotal said:

paul26982 said:

alliance & leicester was doing 3.18% i think 2 year fixed and after the 2 year went upto 5%, there would not be any problem on getting a mortgage even at the lowest rate.

Not at 85% LTV they aren't. That loan also has a fairly chunky fee atttached to it.

As road pest says, gifted deposits are a bit of a minefield, some lenders are happy to accept them, others most definitely are not.

Is this house a new build?

I work for a broker in quality control, Scotal is a qualified advisor (from what I can tell), he's better positioned to advise you if you want him to.

[scotal]

You're going to have to pick your lender very carefully Paul.

alot of them are not keen on newbuild right now (moreso flats than houses, but even some houses are restricted on LTV.)

Whats your credit score like?

[paul26982]

not being big headed but fantastic, also no daft default etc

[scotal]

paul26982 said:

not being big headed but fantastic, also no daft default etc

good for you.
RP's idea of around 6% is about right.
You'd be pushed into a 2 or 3 year fixed rate, and like I said you'd have to pick a lender that was happy with the deposit being in part paid by the developer.