1st time-buyer looking for abit of advice

DJ84_2

Hello there,

Well i am a first time buyer who is trying to get on the property ladder but unfortunately i am getting a little confused at the range of mortgages and processes of it all. I have been reading through this forum and have been researching as much as i can from other online websites but i think i am getting a little confused by it all. Hopefully somebody could point me in the right direction, basically i have £17,000 which would raise to £20,000 by the end of the year as a deposit and have a annual income of £22,000. I approached HSBC about there current line of mortgages and well they told me how much i could borrow and that was it, i was not even told how much the monthly repayments would be or the mortgage being offered to me was. The young girl generally was not interested but told me i could get a mortgage.

I know HSBC is not covered by brokers which is why i contacted them first, would the next step be to contact a broker or just pop into local building societies and banks to see what they can offer me? Also i have seen a lot of incentives with new builds ie, first time buyers get 5% deposit paid not sure how that all works if you roll up with a mortgage in principal.

Any help would be appreciated!!

Thanks J

_Andy_

You can get a quote on the HSBC website.

What information are you actually wanting at this point though - is it to find out how much you can borrow?

Joe_Bloggs

If you mention how much HSBC say you can borrow then it is possible to work out what the repayments will be given the term of the mortgage and the interest rate. Examples of simple mortgage calulators here and here.


Check your credit files from the credit reference agencies. Your credit record is vital these days.
J_B.