First Time Buyer's Guide To Mortgages

grifferz · 24 September 2013 at 8:24PM

brydo86 wrote: »

nowadays is a 100% mortgage possible? I cant save up money for a deposit like many others

No. You could try to save 5% and then use Help To Buy from January to raise the other 15%.

brydo86 · 24 September 2013 at 9:13PM

grifferz wrote: »

No. You could try to save 5% and then use Help To Buy from January to raise the other 15%.

Yeah, its the 5% that causes an issue haha :S

coveragesherpa · 26 September 2013 at 12:02PM

Good information on mortgages, thanks for this advice.

suze012 · 26 September 2013 at 12:21PM

What if you were to get a personal loan to pay for a deposit on a mortgage is that allowed? So say a house of £80k and you get a personal loan of £8000 before applying for a mortgage?

grifferz · 26 September 2013 at 12:37PM

Suze012 wrote: »

What if you were to get a personal loan to pay for a deposit on a mortgage is that allowed?

You will have to disclose all credit arrangements to the mortgage provider. They will most likely deduct an outstanding loan balance like that from your available deposit, so no it won't work.

Sometimes if you have a credit card balance they will instead deduct the minimum monthly payment from your monthly available cash after living expenses and the mortgage payment.

This was the case with Nationwide for myself as I had £6k on a 0% credit card.

You should ask a broker. I can't see it being accepted if your only deposit is a loan you just took out.

Eponym · 4 October 2013 at 1:15PM

I have recently got a new job. I'm awaiting my offer letter with all the details but I think there will be a 6 month probationary period. Am I right in assuming that I'm unlikely to get a mortgage until that is completed?

weeblesim · 22 October 2013 at 3:11PM

Eponym, my partner is in the exact same position as you. We found that some mortgage providers didn't want to know, but some only cared if the job was permanent and if you have a good employment history. So its worth shopping around, I would start with Halifax, apparently most brokers use them to "test the waters" to see if your likely to be accepted. They have just offered us a mortgage!

kingstreet · 22 October 2013 at 3:14PM

There are several lenders which accept those in a probationary period, while others want it seen out and the employment to be permanent.

weeblesim · 22 October 2013 at 3:19PM

Eponym, my partner is in the exact same position as you. We found that some mortgage providers didn't want to know, but some only cared if the job was permanent and if you have a good employment history. So its worth shopping around, I would start with Halifax, apparently most brokers use them to "test the waters" to see if your likely to be accepted. They have just offered us a mortgage!

Eponym · 24 October 2013 at 7:51AM

Thanks both! I have to have a security check which can take up to 3 months to go through, apparently. At this rate, who knows when I'll be starting? If I then have to wait 6 months I won't be buying until this time next year, which is far later than I was expecting.