First time buyer

aymank

Hi guys and girls

looking to take my first step on the property ladder as i have managed to save some cash and and also some help from my old man get a deposit together.

Some background - im 23 years of age, still living with my mum and my credit history is not great to be honest. My income approx 1200 p/m after tax. The deposit i have in cash is £50,000

In todays current climate and with not a great salary would it be possible for me to arrange a mortgage for a house or an apartment. Is it better to go speak with my bank first i just wanted some ideas like would i even be able to get a mortgage and if so how much might i able to borrow on top of the deposit?

any advice would be appreciated

opinions4u

aymank wrote: »

Some background - im 23 years of age, still living with my mum and my credit history is not great to be honest

What is "not great". A missed mobile pone payment 3 years ago? Current arrears on a loan? Multiple missed payments on a credit card?

Nobody can really answer you without the specifics.

My income approx 1200 p/m after tax. The deposit i have in cash is £50,000

Tell us your annual salary, how much you owe on loans / credit cards and what monthly payments they involve.

In todays current climate and with not a great salary would it be possible for me to arrange a mortgage for a house or an apartment.

Probably looking at £110k-£130k (£60k-£80k mortgage), depending on your answers to the other questions I asked.

Is it better to go speak with my bank first i just wanted some ideas like would i even be able to get a mortgage and if so how much might i able to borrow on top of the deposit?

With a patchy credit history I'd suggest you see a whole of market mortgage adviser.