Good news! (I think)
30-11-2006, 02:44 PM
#1
Good news! (I think)
After spending another hour or so at the mortgage/conveyencers this morning, I got a call a little while ago to tell me that my mortgage application had been approved 
So I am now waiting for the official "offer of loan" bollox to come through, so I can sign it and get some money
Which then means we can get the vampires, sorry - I mean solicitors
, onto the case to start putting through the deeds etc....
Fuck..... I might just get a house out of all this!
Can anyone tell me if I have done okay here;
Mortgage with Nationwide. Property value is £160k, I am buying 50% @ £80k (shared ownership) so mortgage is for £80k.
95% mortgage, put in my own £4k, borrow £76k
30yr term, fixed for 2yrs @ 4.97% = £406 repayment per month.
Says the overall cost for comparrison is something like 6.5%, but I guess I don't have to worry bout this as he tells me I will probably switch mortgage in 2yrs anyway to get a new fixed deal????
Have I done right? Seems a bit daunting as I borrow £80,000, yet pay back £168,000 Says its £2.21 for every £1 borrowed
So I am now waiting for the official "offer of loan" bollox to come through, so I can sign it and get some money Which then means we can get the vampires, sorry - I mean solicitors
, onto the case to start putting through the deeds etc....Fuck..... I might just get a house out of all this!
Can anyone tell me if I have done okay here;
Mortgage with Nationwide. Property value is £160k, I am buying 50% @ £80k (shared ownership) so mortgage is for £80k.
95% mortgage, put in my own £4k, borrow £76k
30yr term, fixed for 2yrs @ 4.97% = £406 repayment per month.
Says the overall cost for comparrison is something like 6.5%, but I guess I don't have to worry bout this as he tells me I will probably switch mortgage in 2yrs anyway to get a new fixed deal????
Have I done right? Seems a bit daunting as I borrow £80,000, yet pay back £168,000
Says its £2.21 for every £1 borrowed
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