I dont understand the first thing about mortgages and interest rates can some1 give detailed explanation?

Question

I dont understand the first thing about mortgages and interest rates can some1 give detailed explanation?

Answer 1

Imagine you had a 20 year mortgage for £100,000 at 7%. Over the first year you would pay £7000 or about £560 per month.

Over the 20 years of the mortgage you would repay £140,000.

Interest rates can go up and down, so you may pay more, or even a little less.  

Answer 2

All here:

http://www.financecomparator.co.uk/mortg...

Answer 3

Try this link:

http://brochure.s446.sureserver.com/i2.p...

Its a free PDF guide to mortgages, provided on the money saving expert website.

Hope it helps

Answer 4

ok there are a few things.  Lenders will only offer a percentage of the cost of your house therefore you probably would need some savings as your deposit.  They can offer maximum of 90 or 95% of the cost of the house.  as an example you want to buy a house for 150K and they offer 90% mortgage you would need a deposit of 15K and they would lend you the 135K.  But lenders work out how much they can lend you with different percentages again.  they could put your salary and your partners salary together and work it out by multiplying it by either by 2.5 or 3 or even 3.5 times your joint annual salary.  Well as for interest rates unless you have a large amount of money spare each month to allow for rises in your mortgage payments i strongly recommend

fixed rate mortgages  

Answer 5

You will find all you need on the web...google them.