How affordable is buying?
We asked Westexe Mortgage Solutions what deals would be available to a couple looking to buy their first home in Exeter.
We took as our example a 25-year-old couple with a joint income of £40,000 and a clean credit history. They want to buy a two-bedroom home in Exwick costing £159,950.
They have an £8,000 deposit, meaning they require a 95 per cent loan-to-value mortgage, which they decide to repay over 35 years.
Here's what they came up with:
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Melton Mowbray Building Society: variable interest rate (currently 4.79 per cent); £1,000 in fees; monthly repayments of £746.65.
Halifax: 5.19 per cent interest, fixed until May 2020; £355 fee; monthly repayments of £785.39.
Bath Building Society: a family-assisted mortgage, meaning the loan is secured against their parents' property: 4.79 per cent interest, fixed for three years; monthly repayments of £752.95.
If the property is a new build, the couple may be eligible for the Government's NewBuy scheme. Mortgages available include a 4.44 per cent product from Nationwide, with fees of £354 and monthly repayments of £713.49.
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