First Time Buyer's Guide To Mortgages

hanes

Hi,
Me and my partner are looking into buying our first home, i earn 21k and my partner 17k.

at present with have no savings as deposit, but also we have no debt apart from my car loan which has 2years remaining at £214 pcm.

where do we start looking? i've been reading as much advice as possible but its all very confusing, there are shared ownership schemes that look available to us, but what are the catches and can we end up worse off this way?

using repayment calcualators it worked out that we could afford a loan of 125k over 25years. and there are a few homes that are available in the area we want to live in for under this.

i have a poor credit history, but my partner does not. do they take both into consideration?

im sure i've probably missed some questions off but thats it for now.

thanks for reading.

_Andy_

hanes - with no deposit and adverse credit there are no options available to you.

hanes

we have a lump sum of 5k but i did not think this would be sufficent as a deposit towards say 5-10% of the value that would be in our range.
even if we tried just on my partners salary who has a good rating?

my credit rating does not have adverse points i.e defaults etc just a few late payments but i guess these are just as bad in lenders eyes.

so in your view we have no options whatsoever?

Natashaa

Hi,

I was just after some general advice really. Last year my partner and I decided to buy a house together. We registered with Moat housing to do the part buy scheme. We had a approval from halifax - I think its called an offer in principal?

When we found the house we wanted after lots of viewings we were then told that we had failed the credit check. This led to alot of stress, phonecalls and emails etc but as our 1st baby was due in June we decided to wait a bit longer.

We now live in a house that was bought for us by a family member. We are renting it from them. We have to buy it in June next year so I thought that it would be worthwhile trying to clear up my credit score. Even though I have written to the companies involved etc, I will have 2 taken of this year and the rest will be on my report for quite a while but I am concerned that we will not get approved after all of this.

Is there any steps you could recommend so that we have the best chance possible of getting to keep our home?

_Andy_

hanes wrote: »

we have a lump sum of 5k but i did not think this would be sufficent as a deposit towards say 5-10% of the value that would be in our range.
even if we tried just on my partners salary who has a good rating?

my credit rating does not have adverse points i.e defaults etc just a few late payments but i guess these are just as bad in lenders eyes.

so in your view we have no options whatsoever?

Without 10% deposit plus savings for legal fees, valuation fee, cost of moving etc you won't be able to obtain a mortgage. Your salary isn't relevant.

_Andy_

Idiot spammer reported.

doire_2

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!

Even if it means getting into huge debt? Save for a bigger deposit! Have you even thought what will happen when interest rates rise?

silence12

Hi,

I am a first time buyer with a 30k deposit. I have had an offer accepted on a property and have decided to use my bank as my lender.

However, when I went ahead with the MIP, they did not advised me that the arrangement fee was £1495.:mad: Also they stated that I could get 1/2 of my yearly council tax paid. After the reasearch, I advised them that they did not inform me about the fee of £1495, or did they advise me that the the council tax offer had expired!

There reply was.......im sorry. They said they could offer me 1 month home insurance for free!?

The mortgage is on a fixed at 5.49.

I feel that I have been had! Today the bank arranged for a surveyor to attend the property, of which I paid £540 for.

Even though I am at this stage, would it be too late to look for a mortgage elsewhere? Nationwide are offering excellent incentives.

I am getting a headache with this, and dont want to loose out before I have even started. Please help.

I_am_mad

Hi all,

Me and my partner are looking to buy a house. We are first time buyers and we will be earning a joint income of around £36,000. What kind of price house should we be looking for so as that we are not taking on too much. We have £11,000 savings to put towards the house. What kind of mortgage repayments would we pay on a house that was 130,000 for example.

Any help is appreciated.

Thank You

_Andy_

I_am_mad wrote: »

Hi all,

Me and my partner are looking to buy a house. We are first time buyers and we will be earning a joint income of around £36,000. What kind of price house should we be looking for so as that we are not taking on too much. We have £11,000 savings to put towards the house. What kind of mortgage repayments would we pay on a house that was 130,000 for example.

Any help is appreciated.

Thank You

You'll need a 10% deposit plus fees so you'd be looking at a property value of £100k, probably under.