First Time Buyer's Guide To Mortgages

FinancialConvert

Hey!

I have started saving a deposit to buy a one bed flat for around £150,000. I was discharged from bankruptcy in Jan 2009 and am self employed. In order to get the best rate, I'm trying to put together a large deposit. Due to the fact that I'm self employed, I was also wondering if it would be best to get a self certify mortgage? I just don't want to be hit with a really bad rate. It I could get together £30,000 as a deposit, could I get a good deal on a mortgage and what evidence would I need to show of my earnings?

Many thanks!

_Andy_

FinancialConvert wrote: »

Hey!

I have started saving a deposit to buy a one bed flat for around £150,000. I was discharged from bankruptcy in Jan 2009 and am self employed. In order to get the best rate, I'm trying to put together a large deposit. Due to the fact that I'm self employed, I was also wondering if it would be best to get a self certify mortgage? I just don't want to be hit with a really bad rate. It I could get together £30,000 as a deposit, could I get a good deal on a mortgage and what evidence would I need to show of my earnings?

Many thanks!

Can you prove your income?

FinancialConvert

_Andy_ wrote: »

Can you prove your income?

I can prove my income for the past two years but my income will increase this year. I'm aiming to get a mortgage in one year's time so I will have approximately a £30,000 deposit and one year's proof of those earnings plus two years' proof of lower earnings - all in my bank statements.

Would that be enough?

Thanks!

MigsyBigsy

Unfortunately, just received a letter through the post stating the ownhome scheme has now come to a close in the London area and there will be no more funding for this and next year....

aarrrrrrghhhhhhhh and was now getting so close to finding a property as I have time off from work. So frustrated and depressed now......

not sure what the options are now for a ftb with limited resources

capcrackers

Could anyone help with a mortgage? I have £20000 to put down as a deposit and am looking to arrange a £190000 mortgage (inc deposit). Best rate Ive found is 4.4 with share to buy part of Brittania. As anyone dealt with these or know of any other mortgages to suit my situation. Help would be much appreciated,

Many thanks

Bufger

capcrackers wrote: »

Could anyone help with a mortgage? I have £20000 to put down as a deposit and am looking to arrange a £190000 mortgage (inc deposit). Best rate Ive found is 4.4 with share to buy part of Brittania. As anyone dealt with these or know of any other mortgages to suit my situation. Help would be much appreciated,

Many thanks

Whats your income (or combined if you're buying with someone else). What monthly payments can you afford when taking into account all of your other outgoings (incl utility bills, petrol etc).

Do you need a house worth 190k? do you have a big family or is the area you're looking at expensive? ie london.

Let us know a few more things and we might be able to make a few suggestions.

Bufger

MigsyBigsy wrote: »

Unfortunately, just received a letter through the post stating the ownhome scheme has now come to a close in the London area and there will be no more funding for this and next year....

aarrrrrrghhhhhhhh and was now getting so close to finding a property as I have time off from work. So frustrated and depressed now......

not sure what the options are now for a ftb with limited resources

what do you class as limited resources? whats your situation?? apologies if you've already posted it somewhere else.

capcrackers

Bufger wrote: »

Whats your income (or combined if you're buying with someone else). What monthly payments can you afford when taking into account all of your other outgoings (incl utility bills, petrol etc).

Do you need a house worth 190k? do you have a big family or is the area you're looking at expensive? ie london.

Let us know a few more things and we might be able to make a few suggestions.

Combined income is £55000. Can afford £1000 a month. It needs to be really £190 as were buying in St albans (v expensive)

Bufger

you have a similar joint income to me and my partner. I have a credit rating of 999 and she has 741 and with only student loans as a debt the max we could borrow was 211,000. I feel that you'll be stretching yourself way too much if you're in a similar position to us. If your credit is worse or monthly outgoings more than us then its likely you'll struggle to get a mortgage.

What can you get for £150,000 in St Albans? we set our limit at £140k in order to comfortably live and pay a mortgage.

capcrackers

a 1 bed apart,ment is about all in st.albans for that. Might stretch to £175k