First time Buyer How much??

jamieho

Hi all,

I’m looking to buy a place in London but I’m not sure how to go about getting the amount together. I’m 30 years old and happy to go for a longer term.

I want to buy a house for about 160-180k, I have a 20k deposit and earn about 28k.

I also have about 5k in assorted low/0% interest loans and debts but will be clearing these soon, especially if it makes an impact on a lenders decision.

Is their any way this can be done?

Thanks all

J

herbiesjp

As long as you have no debts at all - including the cards balances - I think there may be just a few lenders that could look at this for you based on you taking a longer than normal term i.e. normal being 25years

I would however suggest that just beacuse you can get the mortgage agreed, you would need to make sure that it is affordable to you not just now but also in the future.

jamieho

Thanks for this,

Anyone out there know of any lenders likely to go for this kind of thing?

J

homer_j_3

I would seek advice of a Whole of Market broker as they will be able to tell you whether the lenders that may offer this will offer products that are suitable to your specific circumstances.

Also, as a first time buyer, I would suggest this warrants the use of a broker so they can explain everything to you fully and ensure that you are comfortable with the commitment that you are making.