First Time Buyer's Guide To Mortgages

cgmc21

Hi Guys,

All help appreciated.

Getting married later in the year, so looking in to getting on the property ladder. Just have a few Mortgage queries -

As we are saving for a wedding and a house deposit, thins are tight. We have got our 10% deposit together with a bit left over, but we will need a bit of help with the wedding costs. Plan is to look at taking a low interest loan from the credit union. Question is, how would that impact on mortgage options? We wouldn't take the loan until we had the mortgage sorted, but would the mortgage prevent us from getting the loan?

Does that make sense?

Second question - fiance's passport ran expired at the end of april and she isnt planning on getting a new one as she will have get a new one in September with a name change anyway. Is that going to be a problem with the mortgage, or will a drivers licence and birth certificate do?

Thanks guys

miaculpa2011

Hi Guys,
Help would be really appreciated. I am confused between Flat/House as Flat is costing me 230-240k and for house I have to spend 280-300K.

I am comfortable buying Flat as I can save some money and buy stuff for home. Regarding house I have to overspend and use all savings I have.

Please sugges whether its better to buy House or Flat if you are first time buyer.

Thanks

SeventySeven

Quick one for advice. I already have a part ownership flat (Owning 25%) but want to move and get a house with a full mortgage.

Between me and my other half we take home around 50k a year. We also have about 15k in savings. Can anyone advise on how much a mortgage we could possibly get?
Thanks

mad_footie_lad

Hi, i am a self employed electrician but have been sub contracting to the same company for the last 3 years. As i was stilled training to become a qualified electrician my earnings were not the best.

1st year i earnt before tax - £11,000
2nd year before tax - £13,000
3rd year before tax - £16,000

I have now qualified and in the last 4 months i have earn't £20,000 before tax take away about £2,500 for business expenses, but my estitmated profit should over £50,000 for the year and the bank will not give me a mortgage for a house worth £92,000. i currently have one loan which i pay 242 a month but i have just finished paying another loan i had, and i have no missed payments on anything.

Anybody got any idea if theres a way around this?

Would appreciate any feedback you could give. thankyou

DVardysShadow

mad_footie_lad wrote: »

Hi, i am a self employed electrician but have been sub contracting to the same company for the last 3 years. As i was stilled training to become a qualified electrician my earnings were not the best.

1st year i earnt before tax - £11,000
2nd year before tax - £13,000
3rd year before tax - £16,000

I have now qualified and in the last 4 months i have earn't £20,000 before tax take away about £2,500 for business expenses, but my estitmated profit should over £50,000 for the year and the bank will not give me a mortgage for a house worth £92,000. i currently have one loan which i pay 242 a month but i have just finished paying another loan i had, and i have no missed payments on anything.

Anybody got any idea if theres a way around this?

Would appreciate any feedback you could give. thankyou

Answered on the new thread you started https://forums.moneysavingexpert.com/discussion/3403865

Halin_Brown

It is a good article

Twiddy

Great thread!

Cheers
T

Lincolnshire_Poacher_2

Hi, I'm looking to purchase my first property at present.
I had thought that I would be considered a first time buyer as I have never bought a property, however, my sister has pointed out that because we inherited my late father's house when he died , which we immediately sold, that we are not considered first time buyers.
Is this correct??

Even though I'd only be looking at 1% duty this seriously affects what I can afford.

Thanks, Matt

Tembo_2

Hello all….I’m so confused.

I am a FTB, offer accepted on a flat £152,000. I have £65,000 available to me to use as a deposit or other. I’m not sure if I should put all this into the property of £52,000 and save the rest.
I have only just head about offset mortgages, but the calculator on this website confused the hell out me.

Can anyone offer any advice?

Many thanks in advance.

kingstreet

Lincolnshire_Poacher wrote: »

Hi, I'm looking to purchase my first property at present.
I had thought that I would be considered a first time buyer as I have never bought a property, however, my sister has pointed out that because we inherited my late father's house when he died , which we immediately sold, that we are not considered first time buyers.
Is this correct??

Even though I'd only be looking at 1% duty this seriously affects what I can afford.

Thanks, Matt

Yes. It is. You are not a First Time Buyer.