Mortgage Advice

aj9648

Hello all .....some advice from you experts would be appreciated here...

My wife and myself are looking to buy a place soon - not really started looking but hoping to sort something out in the coming months.

We are FTB - earning £65K altogether. We have stable jobs in teaching and in the utilites. We have no debts, no credit card debts as these are paid off in full each month, I half own the flat that we live in so pay no rent and we have so far £100K to put down as a deposit.

How much do you think we would be able to borrow? We have been looking at £300K properties - is that reasonable? We could deal with paying back something like £2K per month as our lives are not that exciting!!

Also should we be getting a mortgage in principal now or wait until we have something more concrete in terms of property. I dont know much about the mortgage process - the flat I live in now was paid with cash so pretty painless.

Any advice would be appreciated

Ta

_Andy_

Varies lender to lender and according to your credit commitments but 4 x joint is achieable, possibly more.
So yes £300k value with £100k deposit quite easily achievable.

opinions4u

On the face of it, you're a lender's dream.

Any reason why you need to go to £300k? Most areas have some excellent sub-£250k properties that could save you several thousand pounds in stamp duty.

I would suggest doing some research online at sites like www.moneysupermarket.com/mortgages to get an idea of cost and products available.

Once all systems are go, find a local reputable mortgage broker and talk to them before deciding whether you want to use them to do the work or approach a lender directly.

aj9648

opinions4u wrote: »

On the face of it, you're a lender's dream.

Any reason why you need to go to £300k? Most areas have some excellent sub-£250k properties that could save you several thousand pounds in stamp duty.

I would suggest doing some research online at sites like www.moneysupermarket.com/mortgages to get an idea of cost and products available.

Once all systems are go, find a local reputable mortgage broker and talk to them before deciding whether you want to use them to do the work or approach a lender directly.

Why £300K......good question. I am hoping that by looking at that sort of region we can knock the price down to somewhere near £250K (although that is ambitious I know)!!! Also OH is looking for the 'dream' house where no work needs to be done to it etc and those are in market for £300K !!!