First Time Buyer

riabie

Really really confused!!
Me and OH would like to take our first steps on the property ladder. We earn a joint inclome of around £32400 a yaer only problem being that I am a supply teacher. We are currently renting paying £410 a month and I'm sick of spending "dead money" as I personally have been renting for 5 years. I dont have a deposit now but guess I could save or borrow. How much is needed for a deposit on a house at around 120k? What kind of mortage is suitable for first time buyers and would they give us one knowing that I'm supply and dont have a full time contract?

village_life

we have gone for a 95% mortgage, however you could take a 97% mortgage which a lot of lenders now do, or even a 100% mortgage....

ideally you'd have a £12k deposit for a £120k house - that gives you a 10% deposit and as such you avoid the extra high risk charges that the lenders put on (typically first time buyers) with a low amount of deposit.....

the supply taecher thing is only an issue if you cant prove you've earned what you say you earn in the recent past - and make sure you do the maths and prove to yourself and your partner you can afford it, even if work dries up a bit for you!

silvercar

Although ideally lenders would prefer contracted work, if you can show a history of work you should be OK. This is probably a case where a broker will know which lenders would look favourably on your situation.