First Time Morgage- HELP!

nfbottle

Hello,

My fiancee and I are due to get married in just over a year and are looking to buy our first house. Currently she lives with her parents while I rent. We have done some calculations and believe we can afford about £900.00 a month on a morgage. We are struggling with the deposit as we currently only have £1,500 and project we will have about £4,000 at time of purchase. This is something which is letting us down on the morgage calculators online. We are looking to purchase sometime with in the next year (so the deposit could slightly increase) but all the calculators we have used have stated there are no options available. We are wondering what size of property we can afford and what the best payment option is.

Many Thanks

nfbottle

Kavanne

Hey, YOU may think you can afford £900 per month but have you used any online calculators to see what LENDERS think is affordable for you? Also they will show you how much you can borrow based on your incomes

JayneG

Hi nfbottle,

I just made my first post at the same time as you - you're in a similar situaton to me in that you don't have a large depsosit.

The very minimum you can get a mortgage with at the moment is 5% of the property price, but you will see much higher interest rates than if you had, say 25% of the value. Also, higher lending charges may apply. If you can save 10% you will still have higher interest rates, but there are slightly more lenders offering 90% mortgages.

Hope this helps
JayneG