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Mortgage - First Time Buyers - Ready!
EagerLearner
Posts: 4,976 Forumite
Hi all we have £22k ready for deposit plus around £5k to cover fees / decorating / emergencies once we move etc.
Other info:
Is there anything else in the current market you would advise (apart from waiting til prices come down further
we really want to stop renting and will stay there a good 3 years at least).
Your thoughts are much appreciated!
Other info:
- We're both in PAYE full time work, and in addition I am self-employed too which adds extra income
- We don't want to pay HLC
- We're in the South East
- Looking at 2 bed properties of around £140k-£150k max
Is there anything else in the current market you would advise (apart from waiting til prices come down further
we really want to stop renting and will stay there a good 3 years at least).Your thoughts are much appreciated!
MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover
0
Comments
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Based on those figures, and depending on the final purchase price, you are hovering around the 85% LTV mark.
If you can try and stay at 85% maximum as that will mean some slightly better rates for you, compared to deals for over 85%I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi herbiejsp thank you for your answer - we'd definately try to be at the 85% LTV or better if possible.
What is the average rate we can expect based on the info? I can PM you more details if you like just let me know...MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
Based on the post there is nowhere near enough information - fire away if you wantI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Hi herbiejsp no problem, can you give me an indication of what you would like? That may then help other 1st timers that read this post. If you can let me know I will thenPM you what you need.MFW #185
Mortgage slowly being offset! £86,987 /58,742 virtual balance
Original mortgage free date 2037/ Now Nov 2034 and counting :T
YNAB lover0 -
An idea of the kind of things needed would be:
Last 3 year employment history
Last 3 year address history
income details
commitment details
adverse credit details
property details
This would be to start withI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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