Mortgage Advice for 1st Time Buyer

ips_saint

Hi,

My partner and I are looking at buying a property soon. On our combined salaries lenders would offer us around £118k - 123k. The sort of properties that we are looking at are £130k. Aside from saving a 10k deposit, what other avenues are there for us to pursue in order to get a 100% mortgage on £130k? I've used calculators and £130k over 25 years is about £815 p/m in repayments, which we could easily afford with our joint salaries but lenders only want to offer us £118k - 123k.

Thanks for your help.

MortgageMamma

Have you hafd a whole of market comparison done? This means instructing a whole of market mortgage advisor to analyse and advise on your situation and recommend the best product to you. Whole of market means the broker would have access to every lender on the UK marketplace so you would be assured of a good deal. Some of these advisors charge fee's and some don't. If you are looking for a 100% mortgage there are various lenders who will lend much mroe than 3 x or 3.5 x salary but you would need the correct advice to start with to see if you qualifed for one of these mortgages.

Fix_Rate

Don't forget your moving costs - likely to be 5k+ depending on your situation. Your employer may be able / willing to say you earn more then you do - bonus for example? Mine did some years ago saying regular gaurenteed overtime. Good Luck!

AndrewSmith

Fix_Rate wrote:

Don't forget your moving costs - likely to be 5k+ depending on your situation. Your employer may be able / willing to say you earn more then you do - bonus for example? Mine did some years ago saying regular gaurenteed overtime. Good Luck!

All well and good but it wont tie in with the income shown on the bank statements, p60, or payslips. Not to mention that it is mortgage fraud to mis-state your income, for which the Adviser, Client and Employer involved could all be sharing breakfast in Parkhurst for 10 years.

ips_saint

Thanks for your advice everyone.