First Time Buying

owen080808

Hello all, First post here, so go easy on me.

I'm not sure if this should live in the buying/selling forum or the mortgage one, so feel free to move it if needs be.

Long story short i'm tiring of renting, 24, with a steady job, currently earn £21k (expect around 10% increase in this annually for the next few years at least, and can expect an anual bonus of between 7-10%) and think it is time to have my own place.

I'm looking at 1 bed flats in the 40-65k range (in scotland so some are still 'offers over' but most are now down to fixed price or even 'offers around') Ideally i'd find something cheap which i can work on myself but thats getting off topic.

I'm looking to get some opinions from those more clued up than myself on mortgages; do I stand a chance of actually getting one in the current climate? I currently don't have a deposit saved (was thinking of borrowing one from parents/bank? - but i have a feeling the experts might think this a bad idea?) I'm pretty sure i don't have any bad credit against my name, and have been putting expenses through a credit card (and paying it off each month) to try and boost my score a little for the past year.

So am i getting my hopes up, what's the most i can expect to borrow? I know 100% mortgages are gone, but by the looks of things so are 90 and even 80? It's really becoming clear to me now that the rent i currently pay is just paying off someone elses mortgage, and that i should if possible really get in while the prices are low(er!)

Thanks for reading,

Owen

herbiesjp

Hi Owen

Welcome to the board

Different lenders have different rate tiers and maximum LTVs

However 90% mortgage are available but at a premium when compared to people who have bigger deposits.

Although the fact you are are looking at that price range would mean that you are more fee sensitive than rate sensitive, so you may well be better off looking for a higher rate but withlower fees if possible.

There are options available, and they increase the bigger the deposit you have.

To be 100% sure on your credit history, you could always get a copy of your credit file from Equifax or Experian