Answer
It depends on the interest rate at the time. mine is fixed at the rate of when i took out the mortgage for 2 years. after that it goes up. an interest only mortgage is the cheapest but you will only pay the interest and will have to save seperately for the actually main payment (the value of the house) at the end. this is good to get you on the ladder, you can change later. the best thing to do is speak to a broker because they will be able to tell you the correct figures at the current rates. my mortgage was for £120k and my payments are £520 a month. a friend of mine has a £120k mortgage too and his payments are £680 a month because the interest rate had gone up when he got his. his is also fixed for 2 years. our mortgages are both interest only which is the cheapest. we also had to put down deposits of around £40k.
