1st Time buyer mortgages

COLINBLACK1981

Hi all,

Im 28 years of age and a serving Police Officer with 7 years experience. Im a first time buyer looking at properties in the region of 100k - 125k with a 10 - 20% deposit.
i have looked at the scottish widows professional mortgage however due to my profession i do not qualify. i am looking for a fixed rate for 2 - 3 years and monthly repayments between 400-550 a month if possible i realise the latter is going to be more realistic.

i`m on currently 31k a year and looking for a mortgage ver as long as i can get one really just to initially get on the ladder. In the past my credit rating took a bit of a battering however by monistering it on experian i have got this to improve considerably to a good rating.
I have currently approximatley 3k outstanding on loans and credit cards however i predict in 2 months will totally be paid in full by way of money expected in by another source.

How easy is it to get a mortgage, who are the best lenders for my position or offering the best deals on a fixed rate

Any advice more than welcome.

herbiesjp

On that income you will have no probelms getting the mortgage you are looking for.

What are the best deals for you? Well that will depend on the deposit you finally put down.

20% will open up a few more doors and potentially better deals for you.

At 80% deals, you would probably be looking at £85k mortgage in order to keep your payments within the budget you want

Plenty lenders can help, it's just a case of finding the best to suit your needs

COLINBLACK1981

Thanks very much for your reply herbie,
its a very confusing time as the more you look the more you look to borrow. With this being the first mortgage application and home i am still confused. Can you shed any light or have any advice on some of the companies or deals on the market at present i should be looking at?

herbiesjp

Being a FTB, and being confused as you state, I think it would be worthwhile speaking to a whole of market mortgage adviser.

They would explain the whole process to you, and then go into figures/rates with you.

Companies/deals - it depends on what YOU want from the mortgage in terms of rates, fees and flexibility and/or what compromise you are willing to make in this respect.

Plenty lenders can help, but I think you would need a little help seeing as this is the first time you would be doing this.

matt1987

COLINBLACK1981 wrote: »

Thanks very much for your reply herbie,
its a very confusing time as the more you look the more you look to borrow. With this being the first mortgage application and home i am still confused. Can you shed any light or have any advice on some of the companies or deals on the market at present i should be looking at?

Colin have you spoken to Police Mutual yet? It might be worth given them a try. They are underwritten by Brittania Building society, and may have better deals for Police officers, Police staff etc etc.

Its worth a look atleast?

Muhasib

Also with your employment look at the government assistance schemes such as HomeBuy Direct as there may be housing developments in your area offering this, just research the scheme details to see if they would be suitable for you.

Gemma_B_2

I would say the best thing to do would be to consult an array of brokers - Martin recommends London & Country who are a fees free broker. I have personally dealt with them and found them helpful