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oh good grief my luv !!! lmao, thats all i will say, we have had our mortage for a year and it still confuddles the hell outta me. the good news is intrest rates are low at the moment, alot lower that when we bought. we had 100,000 house 10,000 deposit so 90,000 mortage fixed for 2 years at 6.1% (i think could be 5.9) and its £537 per month. ur deposit isnt affected by ur earnings, what we did was within dixons estate agents was a mortage advisor and we sat with her who took our details and sorted out everything. she was great, it was all free, and she explained what mortage we could have, how much, the lot. we bought our house from connells and the mortage was through chelsea. definately see some1 about it though hun as if u limit urself 2 somewhere like halifax u may find a much better deal but it takes some work. best wishes hunni xxxxx EDIT: our mortage is over 35yrs but when we renew it next year hopefully we can find much lower rate and shorter payment time :D

by ♥ Laula & miracle 1 due 2 dec.♥

6 months ago

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A mortage is when you buy the house off the goverment, you pay off the mortage monthly, you keep paying monthly untill the payment is complete which is usually around the retirement area. Unless you are rich.

by Haydn- 6 months ago

A mortgage is just a big loan, basically, and the lender's security if you don't pay it back is the house that you buy with the money. Having debts won't go against you unless you have missed payments or still have the debts outstanding and are not paying what you should when you should. You will basically just need to prove that you can afford the mortgage repayments in addition to any other debts you have at the time. As far as the best type of mortgage for you and the number of years it is spread over, that is something for you to decide at the time. You can normally spread a mortgage over 25 or more years, unless you retire before then, and in that case it will be spread over the number of years until your retirement. Go to see an independent mortgage advisor. The key is that they are truly independent, as anyone else will give you biased advise based on which lender pays them the most commission, not on which mortgage is best for you.

by K B- 6 months ago

The deposit is not linked to your joint income. It is linked to the cost of the property you wish to buy. For example, if you wanted to buy a house that cost £120,000 you would currently need a minimum deposit of 10%, ie £12,000. However, the more you can afford to put down, the better the interest rate you will be able to get. The debts from the past should not really affect things unless they were never paid off in which case they would show on your credit file and could mean that a lender would offer you poorer rates. The average mortgage is paid over 25 years but it all depends. You can do it over longer or shorter depending on how much you put down and how much you can afford in monthly payments. The best thing would be to make an appointment with a mortgage advisor and go through it all.

by Jabberwocky- 6 months ago

First, what is not a mortgage. It is not the sales contract. Also, it is not the loan contract you do with the bank that helps you finance the purchase. A mortgage is a third document/contract where you provide a lot of warranties to the lender that helped you finance the home. If you don't pay the debt, they will take your house. If you don't pay insurance or taxes, they will do it for you and add it to your loan, etc., etc., etc. This document expires, once the debt is retired. In a sense you probably want information regarding the actual loan, which most do call "mortgage". It works like most loans, but spread over long periods of time. They can be complex animals, but the typical "mortgage", or home loan, runs 30 years, has a fixed interest (beware of variable rate loans), require some sort of "down payment" (it is a portion of the home value the bank will not finance, so you need to come up with that amount. Yes, banks don't finance 100%, not anymore in this economy) and closing costs. Closing costs are tricky. You might want to see several actual closing sheets (here in the US the form is standardized), so that you don't get shocked. By the way, you might want your lender to provide you with this sheet before closing day. They will do it really late, but it will give you a chance to protest anything strange there. Tricks are played here just in the day of closing, knowing that most buyers/sellers are fatigued and will not walk out of the closing. You should be prepared to (or really pretend you could) walk away at any time. Past financial history affects the interest rate you would get. Your payment may be higher if your credit score is not 100% what they were looking for. Of course, the loan will be based on your ability to pay for it. Most of the times they will check your income. Here, your income determines your loan amount. Some of the time they go by property value, here, the value of the property will be enough to provide you with the loan. Don't count with the last one, home values here in the US have plumeted and too many banks have been hurt by these deals. Buying a home is rewarding, but stressful. Good luck!

by Banbalan B- 6 months ago