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need some mortgage advise

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  • need some mortgage advise

    Hi all,
    Just had an offer accepted on a house for 156k, the Mrs owns the current house we live in outright. We have accepted an offer of 104k on this property, therefore we will only require a small mortage, i want some extra to do the house up so was looking at getting a mortgage for 60k, or should I just get the 52k needed and get a seperate loan. Does all the mortgage money have to go into buying the house???

    I'm not too clued up on mortgages and this will be my first buy. I earn around 37k a year and the Mrs will not be contributing to the paying of the mortgage. Firstly how do I go about this. Will it still be a joint application as she is providing all of the capitol.

    Secondly I was leaning toward a 5 year fix as there seem to be some good deals about at the moment and it means peace of mind for a while and less worry. Can anyone advise if this seems a good idea in my position. We have such a large deposit that I dont think getting a mortgage will be an issue but I still want to make an informed decision without jumping in with no knowledge, can anyone reccomend the best deals around in their opiniou. any advice would be greatly appreciated, ,,

    Thank you in advance.

  • #2
    Re: need some mortgage advise

    If you get a higher mortgage then you'll reduce your deposit and can use some of the funds to refurb the house.

    It can proceed as a joint application so long as you both pass credit score and earn enough which on the face if it you do.

    And yes - at the moment fixed rate deals have really dropped, including 5 year fixed - so it makes sense to grab one now.