Hello, I'm interested in the new buy mortgage deal but really haven't been able to get to grips with what it entails and what I'll be paying back.
I'm going through a divorce am 41 and have 2 kids living with me and looking to buy at around the £300k mark (would love it to be less but in the SE that's as good as it gets)! I can get the 5% deposit and if I'm correct think there's a government loan of 20% then mortgage for the remaining 75%.
I can get a decent estimate of the mortgage repayment (although any advice on how much that would be is gratefully accepted, every time I try to see I just sign up for a call back from a broker!). What are the repayment arrangements for the 20% government loan though? I think it's interest free for 5 years then goes to 1/2% after that. I'm trying to get an idea of what my monthly payment would/should be.
As I'm 41 I really don't want to wait too long as I already have to get a 24 year mortgage rather than 25. Thanks for any help.
I'm going through a divorce am 41 and have 2 kids living with me and looking to buy at around the £300k mark (would love it to be less but in the SE that's as good as it gets)! I can get the 5% deposit and if I'm correct think there's a government loan of 20% then mortgage for the remaining 75%.
I can get a decent estimate of the mortgage repayment (although any advice on how much that would be is gratefully accepted, every time I try to see I just sign up for a call back from a broker!). What are the repayment arrangements for the 20% government loan though? I think it's interest free for 5 years then goes to 1/2% after that. I'm trying to get an idea of what my monthly payment would/should be.
As I'm 41 I really don't want to wait too long as I already have to get a 24 year mortgage rather than 25. Thanks for any help.