First Time Buyer's Guide To Mortgages

Squish_21

SelenaLouise wrote: »

Hi, Im also trying to save up to get to 10% and am wondering if anyone knows of any places who are still willing to do 5% or 10% mortgages.

Am desperate to buy my own place!

Nationwide do 90% mortgages.
I am not aware of anywhere that currently does 95%.

calebdylan

good information surely it will give guidance for those who are seeking this kind of information

FourEd

Nice post.

I found this really informative, as it has given a clear and concise break down of everything to consider when buying a home for the first time including the different types of mortgages, setting up a mortgage and how to eventually buy a home.

It will be interesting to see how current first time buyers are finding the market in its current state and how difficult it is to start a mortgage.

mark987_2

lovely thread..enjoyed reading it a lot..and learned a lot too..

thank you..

jig

Do self certify mortgages exist? how do the rates compares? what are the disadvantages?

fkerr

After I have seen a property I like and am willing to make a formal offer do I need to put the offer in through a solicitor or can i make the offer myself and then arrange a solicitor to arrange things after that?

Fraser

Doshwaster

fkerr wrote: »

After I have seen a property I like and am willing to make a formal offer do I need to put the offer in through a solicitor or can i make the offer myself and then arrange a solicitor to arrange things after that?

Fraser

The usual method is to make the offer through the estate agent.

When the offer is accepted you will need to appoint a solicitor (actually it's a good idea to have a solicitor appointed before making the offer. If you include your solicitor's details in your offer letter it makes you look like a serious buyer)

se8ah

hi everyone,

I'm looking to buy a house at 95k. I have a 10% deposit and good credit. My concern is that, as I earn 22k, I'm basically asking for a mortgage just over 4x my income. Does anyone have a recommendation as to which lenders would most likely offer me this big a mortgage? I don't want to apply to any until I'm sure in case I get rejected and ruin my credit.

thanks

8RRJ

4x income is no big deal.

Subject to affordability (i.e. - no significant loans / credit commitments in the background), most lenders wll lend this mulriple.

If you are worried, get an agreement in principle with a lender who soft-seaches (Halifax etc) this will not affect your credit rating and should reassure you that you are ok to do this..

8RRJ

jig wrote: »

Do self certify mortgages exist? how do the rates compares? what are the disadvantages?

Self-cert mortgages no longer exist. This was down to them being abused, rather than inherently wrong IMO. Fast-rack mortgages exist, but lenders may still want proof of income on a random sample.

Rates on these are no different.