First Time Buyer's Guide To Mortgages

Arshad

Hello,

Anybody can advise me regarding buying a house/flat. I have been living in a rented accommodation and I think it's a good idea to buy a house and pay mortgage than rent.
Can anyone tell me step by step for example how much deposit is required and what goverment help is out there for first time buyers. I am 40 years old, earn £18K and good credit history.
Waiting for your reply.

Thank you.

matt087

Hi,
I would like to ask do I have to pay a stamp duty (1%) on a new house worth £124,950 (first time buyer with co-ownership) if I'm paying £4,000 cash for extras towards my new house. Is that £4,000 worth upgrades I choose to pay for will be include in house price (£124,950) make it £128,950?
Thanks

Em11

Hello everyone.
My boyfriend and I are looking into the part buy/part rent scheme that is available on a percentage of new builds in our area. However, at the moment, my boyfriend and I are both currently self employed, and do not yet have 2 years of income records to show the mortgage advisor.

This being said, he did say there was an option where our parents could be on the mortgage with us, so that if for what ever reason we could not pay one month, they would be just as responsible for the mortgage payment. Does anyone know a little more about this type of mortgage (I'm sorry I can't remember what it is called as our meeting was a few months ago) and does anyone know if this can be done on a part buy/part rent basis?

I welcome any help you can give me!

kingstreet

Shared ownership, or "Homebuy" as it is known, is a Government social housing scheme and the people who can apply for it is limited. I would be very surprised if you could apply with a guarantor, as they would have to be party to the purchase and to the lease of the portion you are not buying.

These enquiries are best addressed to the Housing Association, or the HCA Homebuy Agent in your area.

http://www.orbithomebuyagents.co.uk/main.cfm?type=NEWBUILDHOMEBUY

Orbit is the Homebuy Agent in our area.

davewright13

Top advice thanks.

Newbie87

Hi, just wondering if anyone on here can help me with this as I can't seem to find anything on the Internet.
Me and my partner are looking to buy a property valued at around £160,000...we have a deposit of £30,000 and my partner earns £24,000 annually before tax. Here's the problem...I'm due to qualify as a nurse (I've had an nhs bursary of around £6,500 per annum whilst studying) but I want to top up to an extra qualification in health visiting whilst still in 'student mode'...ill be sponsored by the NHS for the duration of the course (1 year) which equates to being a band 5 nurse (21,000 per annum approx) so will basically get paid to do it. What are the chances of lenders taking my income into account with it being for 12 months? (Also, we both have excellent credit ratings.) I'd really appreciate any advice on this or if anyone has been in a similar situation

kingstreet

Can't see it, no.

Maximum mortgage for partner is £120k, assuming no existing credit commitments or dependents.

Is the deposit yours, or his?

Newbie87

The deposit is 50% my own contribution. Would it be very unlikely then that we would get a mortgage between us go £130,000? We may have to wait a little longer then if this is the case until I have a full time job secured. Thanks for your replies.

kingstreet

Lenders don't like the deposit, or part of it, coming from someone who will live in the property, but won't be party to the mortgage/ownership.

However, your inclusion would see you treated as a dependent and your partner's borrowing power greatly reduced.

5x income is the best I can suggest which gives £120k on his sole income, assuming he has no credit commitments, other dependents etc.

You could talk to an independent/whole market broker to see if there's any way of including your income.

Newbie87

Thank you very much for your advice, I've learnt a few things about the factors that could go against us!