Looking to purchase a small property in the region of £100,000 and have 10% deposit avialable. I am looking for interest repayment only over a 20 year period.
4 Comment(s)
If you check out moneyfacts.co.uk you can enter what you are looking for and it will give you tables of top 5, and you can change to be best rate, true cost, no fees etc, so you can look for exactly what you want. It should also tell you what LTV (loan to value amount) that each company will allow – ie what deposit you would need.
make sure you get the lowest interest rate at a fixed rate!!!!! variables always change on you. if you can afford it at times double up on your mortgage. its less you will have to pay on interest. also, if interest rates drop lower dont forget after one year you can go back in and refinance with any company. always get that fixed rate.
really depends on your credit. some places won’t even require you to make a down payment. they offer 100% loans and such full doc with rates around 5-7 percent depending on your credit score.
What property state do you live in – So I can check rates for you – each state is different – but a 20 year rate is lower than a 30 yr rate – so I would guess your rate would be 6.5 – possibly lower, depends on your state
If you check out moneyfacts.co.uk you can enter what you are looking for and it will give you tables of top 5, and you can change to be best rate, true cost, no fees etc, so you can look for exactly what you want. It should also tell you what LTV (loan to value amount) that each company will allow – ie what deposit you would need.
jenster | May 15, 2009 | Reply
make sure you get the lowest interest rate at a fixed rate!!!!! variables always change on you. if you can afford it at times double up on your mortgage. its less you will have to pay on interest. also, if interest rates drop lower dont forget after one year you can go back in and refinance with any company. always get that fixed rate.
dick | May 16, 2009 | Reply
really depends on your credit. some places won’t even require you to make a down payment. they offer 100% loans and such full doc with rates around 5-7 percent depending on your credit score.
Dooberry | May 18, 2009 | Reply
What property state do you live in – So I can check rates for you – each state is different – but a 20 year rate is lower than a 30 yr rate – so I would guess your rate would be 6.5 – possibly lower, depends on your state
W. E | May 18, 2009 | Reply