Start Mortgages

[Seam]

Hi all,

I know there have been some threads already about Start Mortgages but I'm not looking for general info on them.
A house costing 160,000 (it's not in a city) will cost 900 per month over 30 years with Start, this amounts to 324,000. A bit hefty.
Have been told by First Active that if no payments are missed with Start in the first year FA will refinance the loan. We need to use Start initially as my husband is self employed and it's difficult to prove his income.
Would anyone know how much the redemption figure is likely to be (approx) after a year????? Do you have to pay a larger redemption figure?

Any help is appreciated...
Thanks

 

[Molly]

Do you have to pay a larger redemption figure?

No, you only repay what is outstanding on the principle amount borrowed at the time you are remortgage.

if the property costs €160,000, presuming you go for a 90% mortgage as START dont do 100% and you are repaying 900 per month, thats a rate of approx 6.5%, our mortgage balance would be approx €140,600 after 12 months.