Any advice? Mortgage

davilown

Does your job and thus who you are employed by have an adverse or positive effect on getting a decent mortgage?

I only ask as My OH is in the NHS, permanent P/T job earning around £19k per year. I'm in the forces earning around £36k per year (with many years to go!).

We would like to buy but currently only have about £10k as a deposit. We know it's no where near enough yet, but as I'm due to have finished paying any debts off in Feb (bar £1.5k on 0%cc) we hope to at least triple that by the end of next year. Even then the deposit would only be around 10-12%. We have no CCJs, payment plans, three bank overdraft charges in the past three years.

Houses where we would like to buy are around £225k-£250k. Would it be possible to be in a position to purchase by then? Oh, FTB as well if that helps/hinders.

Cheers

davilown

Anyone?

herbiesjp

With no debts, and that income you will be able to get the mortgage amount you are looking for.

With 10% deposit you can get a mortgage, but currently, options are pretty limited when compared to say 75% deals.

Some lenders will class you are professionals, but in all honesty, the 10% deposit with limit the number of lenders open to you (at least based on the current options in the market place)

Hopefully, things will ease up, and lenders will return to that 90% market

And even if the lenders do not appreciate the job/role you do in your respective jobs - I most certainly do.

Muhasib

Homebuy Direct (ie shared equity) would also be an option if you're looking to buy now given that you will have key worker status and a small deposit (5% is the minimum now).

before i'm flamed by the usual suspects, yes I know it doesn't suit everyone .....