New Morgage Advice

YellowIslandDreams

Hi there. This is my first post so sorry if I'm not doing it right. My partner and I want to buy our first house. I have a good and regular teacher's salary. My partner works supply and does well but it's not regular. We are also saving for our wedding. Can anyone advise on a good morgage option which has a minimum of deposit needed as all our savings at present are ear-marked for the wedding. We'll have to get a loan on top to cover stampt duty etc. I also have a flat in Edinburgh which is currently rented out and on an interest only morgage at Scottish Widows. I'd like to start making repayments on this again so any advice on whether this is wise and whether we should stay with Scottish Widows for the best deal would be very greatfully received. Thanks in advance!

dimbo61

You will need at least 10% and more like 15% deposit to get a mortgage
you also need money to pay for fees and Stamp duty ( not a loan !)
Pershaps a smaller wedding or save more as both working full time!
Could you sell the flat ?
Is there any equity in the flat ?

GavB79

What subject do you teach

YellowIslandDreams

Thanks for the replies.

I teach English although I'm not sure it's relevant is it? There is a decent amount of equity in the flat but it's hard to get out as the flat is needing refurbished and we live quite some distance from it (a plane ride away). Another option is to leave it until after the wedding, do up the flat and sell it then have the deposit etc in hand as it were. Are loans a terribly bad idea? My partner isn't working full time in terms of saving - no pay for holidays etc and supply become pretty sparse around exam and holiday times. Schools are cutting down quite a bit too to save money so ther's no guarantee of future earnings. We're saving comfortably for the wedding but anything else on top stretches things a bit (and it's a pretty frugal wedding:-)