Basic Mortgage Question

[The Mad Rapper]

I'm starting to think about buying a house. I'll be buying it on my own. I have no clue whatsoever about mortgages so I need some general pointers.

Some basics about me might help I guess. I'm 33, earn £30K excluding overtime (of which I can have as much as I like). I'll be looking to buy in the North East.

How big a mortgage could I have, and how much will that cost me a month roughly?

What are the different types of mortgages available and which would be best for me?

TIA.

 

[The Mad Rapper]

As a guide, a mortgage of £150,000 is currently costing me £890 per month over 25 years. With the recent increase in the Bank of England base rate, it'll probably cost you more.

It'll cost you more as well won't it? You can't have a fixed rate for 25 years can you?

Thanks for the links, I read a huge thread on MSN Money last night which discussed the merits of renting over buying. What was clear to me was that a majority of people feel the market is due an imminent crash. Obviously the thought of that scares the life out of me. If there is going to be a crash I'd rather wait until it's happened and buy afterwards than buy now and get saddled with a ton of negative equity

Opinions?

 

[The Mad Rapper]

Basically anyone involved in the industry does not give you impartial advice because their livelihood depends on a rising market.

That reads as being entirely sensible statement to me. Where, or to whom would I go for some impartial and sound advise then?

 

[The Mad Rapper]

Thanks to all for the great replies BTW, I am grateful. At the moment I must confess to feeling a little like one of those buffalo you see in the nature documentaries. I know I really want to cross the river but I can't see if there are any crocodiles in there and I'm scared!