First Time Buyer's Guide To Mortgages

drharrisjones

some good advise on here.. glad to be back :-)

mess0804

what income is it considered for a mortgage.
I have a yearly salary in my contract, but my husband has only an hourly rate in his contract. Being in construction he works about 60 hours a week. He has payslips for the last years with those hours every week for a year. Will this be takein into account or only his hourly rate times a normal 40hours week?

thanks

liam1989

hello all, just joined the forum/site as ive been glued to it for a few days now. so much useful info and tips. its really great.

im basically just looking for some advice and i feel this is the best place for my question to be answered.

im 21 years old and im looking to get onto the property ladder asap. i have been looking recently at the house/flat prices in my area, and it looks like my price range will be between 80-100k.

i currently earn around 18.5k a year (includes bonuses), however i do get a pay rise every year aswell. i also currently have 13.8k in savings aswell as participating in a share save scheme (i currently have an indicative value of around 4k).

all i want to know is how close and how easy or hard it will be for me to get a mortgage based on the info i have supplied to you above i.e.

is my salary sufficient enough?
what kind of deposit should i be looking for (20-30%)?
should i wait a few more years?

thanks in advance, your advice will very much be appreciated

abdonz

Hello everyone,
My husband and me are in the middle of buying our first house,
We had a homebuyers survey had the gas,electric,woodwork(evidence of wood beetle) all looked at,electric needs fuse box updating,gas fine,wood beetle £500 to sort with guarantee. house needs a new kitchen,bathroom,gutters ect,patio doors,c/heating at some point it's on back boiler and emergen heater at the min.
I'm worrying that we can't do all this on our budget of £7000,
I'm just wondering what you think about this?could we be out if our depth we could be signing papers next week with solicitor and handing over deposit.we got the house for £15k less than asking price .

EMX_2

Is it worth applying for a mortgage if i have been in my overdraft for the past few months?

zomzom

All - need some clarity with regards to FTB and avoiding the 1% on 250k or less if your not a FTB. Partner is a FTB i am not. Is it possible to get the deed to a property in just her name but have both of us on the mortgage - i.e. avoiding the stamp duty cost via her, but still getting a decent mortgage through both our wages

this may have been asked many times before - but i cant find an answer

Grogged

zomzom wrote: »

All - need some clarity with regards to FTB and avoiding the 1% on 250k or less if your not a FTB. Partner is a FTB i am not. Is it possible to get the deed to a property in just her name but have both of us on the mortgage - i.e. avoiding the stamp duty cost via her, but still getting a decent mortgage through both our wages

this may have been asked many times before - but i cant find an answer

Your mortgage provider will want both your names on the deed.
To get the FTB stamp duty exception, she'll have to be the one buying the property in her sole name.

beth_kiss

EMX wrote: »

Is it worth applying for a mortgage if i have been in my overdraft for the past few months?

you should wait 6 months

Mr_Curious

Just as a guide I have a few questions that you people may be able to help me with.

If a first time buyer was looking for a house in the region of £150,000...

What would be expected (not really the right word) deposit?

And what kind of rate could you get with the respective deposit?

This would just help me get my head around things.

Thanks Guys :beer:

mystra

what a useful thread... i'm 27 and me and my boyfriend are getting itchy for our own home rather than renting (we really want a dog and a garden lol!) and i now have a starting point!

we're getting out of our overdrafts first and then will start saving for a deposit i guess... feels like it will take years to get to any sort of start though. we both work in London and love our jobs, and we think we'd like to move to brighton as the commute isn't too bad (i have a few collegues that do it). i take it that 100% mortgages are a bad idea and don't exist anymore? we're making good progress getting rid of our debts, but aren't you supposed to have like a 25% deposit? it would take us years of living like hermits and never enjoying life and eating 9p noodles forever! :rotfl:i'm trying to be patient, but it's not working! any tips?