FTB Mortgage Query

massafan

I'm very new to this so please bear with me! I've just applied for a mortgage in principle online, having researched for deals all week, but was very surprised how few questions i was asked. I've seen a new build flat I like and would like to put in an offer shortly - what price I still don't know - they are asking £110 000, but know that's way too much for one bedroom - thinking its worth more like £80 000????? But am concerned that my mortgage may still be turned down. I've got a large enough deposit, so that's not a problem, but i've only been in my current job for five months - will this affect me getting a mortgage? Think i still may be on probation too (not that there's been any problems so far...touch wood) I don't want to put down the non refundable fee only to find i'll be refused It's all so confusing at the moment. Any advice would be appreciated.

dwsjarcmcd

First thought is that many lenders are not lending above 75% LTV for new build flats. There is a reason for that! In fairness I think you know that. Being employed for only 5 months is not an issue for many lenders but the probabationary period might. The problem may solve itself because you may complete after the probationary period finishes, and a lender could make that a condition.

I think you should put the 'horse before the cart' here and get your mortgage sorted before putting money down on a flat, which as you say may be non-refundable.

At the risk of beginning to sound like 'fiesty1' I think you should see a broker, then offer £70k!

Xinpei

Hi, my husband has been in his current job for 5 months as well and we just got out mortgage offer last week. So it should be fine.

Wutang_2

Xinpei wrote: »

Hi, my husband has been in his current job for 5 months as well and we just got out mortgage offer last week. So it should be fine.

Doing ones own research on a new build flat isn't really "fine"

herbiesjp

Have you got the right deposit needed for this new build flat?