FTB Mortgage - HELP Needed!!!

nataliehc4

Hi,

Me and my boyfriend have been thinking about buying our first house for over a year and have now reached our 10% deposit target. We have found a house we'd love which costs £119k and we have £12.5k saved at present, but can probably get a bit more saved over the next couple of months.

However, we are unsure whether we will be able to get a mortgage in the present crisis. We only earn a combined income of 30k. My boyfriend has recently been recruited into the Police force and I am a part time student, but do work 3 full days in clerical work.

Do you think we have a chance? We have been saving £1000 between us for at least 10 months so we are used to having little money for ourselves.

Any advise appreciated!

herbiesjp

Assuming you have no other debts in the background, and a good credit history, then you will be able to get a mortgage

However, the number of lenders offering mortgage at 90% are not that great, and the rates are pretty high as well.

So all the more impartant to make sure you are 100% certain about proceeding?

Hopefully you can get the property for less, by putting in a lower offer.

Also don't forget the other fees that will have to be paid i.e solicitors fees, any mortgage related fees etc

downs523

will mortgage lenders be wary of your partner just joining the police as there in training then in a 2 yr probation period?

nataliehc4

Well, we have thought about that. However, it is a permenant offer of employment and every new job has a probationary period don't they?

Also, at present times wilth unemployment rising, I though they maybe will look at that more favourably as there's no risk of unemployment. But maybe thats us trying to make ourselves feel better??

nataliehc4

Thanks!

Do you have any advise regarding how much we should ideally have for fees etc?

herbiesjp

There are lenders that will accept you even if in a probationary period - so you should be able to find something.

Fees will depend on the solicitor you choose and the mortgage chosen - if you chat the situation through with a good whole of market adviser they will be able to give you a good indication on both