First Time Buy (Mortgage help)

Bordeaux_2

Hello,
I have a question as a first time buyer.
First of all, I am Korean and can not make a question well
but I would really appreciate your feedback
for my question below regarding to get a mortgage.

Please have a look the information about me and my fiance's financial status below
then let me know your valuable opinion.

The Details as following :-

1. I am going to get married in March 2007.

2. I have seen a house for £250,000 which I hope to buy.
(I have a 12% deposit(£30,000) and I am looking for a broker)

3. My annual income :
Salary £24,000
Bonus & Commision £10,000
No debt
(I have been UK since Aug.2004 and
working as a full-time worker since Oct.2005)

4. My fiance's annual income :
Salary £17,000
No debt
(She has been UK since 1999 as an University student and
now working as a full-time worker for 3years)


Can I borrow the amount £220,000?
How much should I pay off monthly? I guess that we can pay off £1,200 per a month. Is it OK?
Can anyone advise me anything?

Thank you so much your help!

herbiesjp

There may be a few lenders that could look at this amount for you.

However, most lenders will want non EU nationals to have permanent right to reside or have a long time span left on their visa.

I think your budget of £1200 pm is in the right area of figures you could be looking at - it all depends on which lenders will agree the loan for you.

I would suggest having a word with a whole of market mortgage adviser and let them help you find a lender to suit your needs.

Bordeaux_2

I appreciate your kind reply
We both have 5years visa and 5years workpermit.
It means we may have been denizened in 5years after.

Xtreme

HI Guys sorry for using your thread , but i too want to buy a house and am a 1st time buyer ... and on a workpermit since 2003 ....

if i only have a small deposit ..like 5% and i dont have ILR do i have any chance of getting a Mortage ?


many thanks
Ian

george_by

Xtreme wrote:

HI Guys sorry for using your thread , but i too want to buy a house and am a 1st time buyer ... and on a workpermit since 2003 ....

if i only have a small deposit ..like 5% and i dont have ILR do i have any chance of getting a Mortage ?

many thanks
Ian

Absence of ILR is not really a problem, but changed visa circumstances could limit your right to reside in the country and your income, and some lenders don't like this extra risk.

But there is always a chance. I know people who got 100% mortgage on Work Permit, it usually depends on your circumstances. Try to find mortgage advisor with relevant experience.