mortages - where to start?!

[pagey3]

Me and my boyf are looking to buy a flat this time next year.  In our area we are looking at properties of about 110,000 � this will be our first time buy.

Now I realise there are a HUGE amount of variables involved, but hypothetically, if we put down say a 15% deposit of 16 � 17000, and borrowed the rest for our mortgage, what ROUGHLY would our monthly repayments be? (on an average high street mortgage interest rate)

Also is fixed interest rate or variable better? I know there's LOADS to understand with mortgages but just a couple of pointers would be great so that I have some idea of how things will work out!
I just used 2 mortgage calculators online and they told me completely different things!!

[Sweet G]

Make sure you get Independent Financial Advice, ideally someone specialising in mortgages. Also take responsibility and be prepared to educate yourself, finance is less daunting than most peokple realise. You could use your local bank as a start point see what they offer you, ask them for a mortgage quote. Your bank shouldnt charge you for this.

An independent mortgage adviser will often get their money by way of a Procuration Fee, this is paid to the adviser by the lender once the loan has been made. This means you dont pay anything for the advice so go shop around you have nothing to lose.

Have you tried the BBC's mortgage calculator??: http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

its simple and not sponsored by a mortgage adviser or lender and you can use it to do rough calcs as a basis for comparing specific quotes.

[Sweet G]

A Variable rate is just that, it varies. How does it vary? It will go up and down along with the Bank Of England Base rate currently 4.50%. However a quarter point (0.25%) cut/rise does not necessarily mean a quarter point cut/rise in your mortgage. It depends on the lender. Most lenders will have a Standard Variable Rate (SVR) this is their basic default offer. It is often the rate you get put on when any deal you are on expires and often the most expensive rate.

Fixed interest is better when interest rates are rising/expected to rise because your rate will stay exactly the same for the term of the fixed period regardless of rises in the Base Rate. Of course the opposite applies when the Base Rate is falling. Those on a limited budget, as FTBs often are, find that the certianty of a fixed rate deal very useful.

Hope that helps.