First Time Buyer's Guide To Mortgages

lopsi

Hi

Can someone please help with some advice...

My partner has just left the forces at the start of the year after 23yrs service and he is now looking to buy his first home.
A mortgage has been applied for as hes found a house for 110k that he loves, the mortgage has preliminary been accepted but he has to provide wage slips, he started a new job 3 weeks ago,the problem is he doesnt have any wage slips yet from this company and doesnt get paid until the end of the month ,also the company have also given him a temp contract with the view to permanent after 6mths

He receives a very good army pension and with the new job included will be on a good income,and also has a 15% deposit to put down ,is there anyway round this as i know he desperately doesnt want to lose this house or will he been turned down due to the lack of wages slips(he has excellent credit rating).

Mant thanks

tassy_2

I am a first time buyer and want to get a mortgage, but also want to move abroad in the next couple of years. What are the best options for me, if I have to leave the mortgage, how can I avoid the fee?

Brutal88

Im looking to buy my first house. Should I contact a broker or have a look around on my own? Does it matter that Im single when I go to get a mortgage? Thanks for any replies.

Soot2006

Another ftb here - we have just applied for a Nothern Rock mortgage via a broker. Very stressed & nervous, as we don't have much credit history (Barclays bank accounts and Virgin Media the only thing on my partner's - and my HSBC bank account with overdraft never used since 2001 not even appearing on credit report means I have no history of existing at all, other than eletoral roll) ... We have a good deposit (60%) and are crossing fingers like WHOAH!!!!

techmax76

We we planning to buy a new house. I'm so happy that you have this thread. Really helps people who had no idea on what to do when buying a house.

mrpang0

My wife and I were in a similar position as Soot2006 - Wife only has one bank account, no credit cards, and both of us were out of the country from 2006-2008 working abroad, so possibly a gap there.

Credit history (or lack of) really did affect our mortgage applications (rejected by a couple) even with a 30% deposit available!!! We've also only been back in the UK for a year exactly - wife was employed since end of June 2008, I started work again in Sept 2008. But I think with a 60% deposit - must be safe!!!

But luckily we're back on track - got a mortgage with a great lender who actually delivers a very personalised service.

niksyg

This is a great thread, lots of advice and tips, some things I hadn't thought of!
Keep it up and thanks!!

Mabby34

My son and his fiancee are buying a house. They put an offer for a house paid for a survey fee which has not arrived yet. This was back in March. It tur4ned out that the seller was being made redundant and therefor could not sell. My son was advised to look around for another house, which they did and had to fork out another £500 for the second house survey. Is there any way they can get back the first 500 they paid for the first house s8urvey

Lady_K

Would my daughter have much of a chance of getting a mortgage? Shes a nurse on around 22k a year and would be a first time buyer. She wouldnt have that much of a deposit but how much realistically would she need to have? I don't think she can use the keyworker mortgage scheme because shes not in london. Are they still doing the government plan where you can buy so much and rent so much until you can buy more of it?

outkast_2

Brilliant thread, I've learned quite a bit, great advice! My Girlfriend and I are looking at buying our first property (150k) with a combined income of 50K+ it’s pretty daunting plunge for us but thanks to this thread we feel far more comfortable with everything.

Now the big question, should we buy now??

Thanks again, I can’t stress how much this has helped us!!