FTB Mortgage Query

AppleSoup

Been lurking here for a while reading all the useful posts! We want to start looking at houses and want to budget before we start going in to estate agents.

Our joint income is £45k and we have a £28k deposit. We are looking at properties of up to £160k this would give us a LTV of 82.5%. We both work as teachers, currently owe about £300 on a credit card and have no credit problems etc

I have been looking at mortgage calculators and they all seem to vary (between broker websites and banks), whilst I know we should see a broker I like to fully understand what is going on and have been researching deals on moneysupermarket and banks / building societies. Ideally we would like to fix for 5 years in case we entered neg equity in the short term or interest rates shoot up.

What are the chances of getting a mortgage based on the above information?
Thanks
:j

_Andy_

Should be easily achievable assuming good credit history etc.

herbiesjp

Looks fine

You may want to be careful on property type as well

You might want to speak to a broker before the agents simply to get a feel of the rates available and how it will affect you on a monthly basis

But you should have pelnty room to move

Taking the LTV to 80% might make a difference in rates with some lenders

homehunter

Perhaps a daft question on my part but...I always see 85% LTV, or 80%, 75% etc. Is it possible to get 82.5% LTV mortgage? Would be really useful if we can do that - it's a case of more then 85%, but not quite there at 80% right now! Ta.

OP - similar position - FTB - joint £58k, deposit 'only' about £24k (with separate 3.5k for fees etc so far). Still doesn't seem to be enough for what we want, unless we want a mortgage with high rates :rolleyes:

Keep saving and keep looking for us! Wold be nice if the market was a bit more interesting, it's the same things in the paper every week...

herbiesjp

The 85%, 80% and 75% are only applicable when looking at rates available not mortgages per se

So different lenders price mortgage rates at different levels - some will change rates on offer at 75%, others at 80% and so on.

So if you need a mortgage amount in between two tiers it is not a problem, you simply get the interesrt rate applicable to the higher tier.