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New mortgage help
SCMD
Posts: 8 Forumite
Hello all,
My name is Serhan and I am close to buying my first home. I hope that you lot can help me with all your wisdom and experience so that I can find the right mortgage for me.
Let me give some background info on my situation:
Deposit:
Personal: £10,000
Parents: £60,000
Total: £70,000
Property Value: £290,000
Hopefully someone can help me.
Serhan.
My name is Serhan and I am close to buying my first home. I hope that you lot can help me with all your wisdom and experience so that I can find the right mortgage for me.
Let me give some background info on my situation:
Deposit:
Personal: £10,000
Parents: £60,000
Total: £70,000
Property Value: £290,000
Hopefully someone can help me.
Serhan.
0
Comments
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Wha' you wanna know chief?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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what is your income?0
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You need a mortgage for £220,000 - what is your annual income?"You were only supposed to blow the bl**dy doors off!!"0
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You have very nice generous parents but you have not even saved 10% deposit for this expensive property.
Paying over £250k means you will be hit with £8/9K stamp duty plus all the other costs of buying
Hope you have a very good income and safe job0 -
I'm just about to qualify as a Chartered Certified Accountant and will hopefully be on a salary of around £40,000 when I do. I will purchase the property when I do qualify.0
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Specifically what advice are you wanting?0
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Even on an income of £40k a year thats still 5 1/2 X salary and will be hard to get ( sorry forgot you are an accountant )
Look for some where under £250K and have a better LTV and more affordable0 -
Firsly I need to know where to go to get the best rates, dealing with estate agents they all give you a sales speech as to why I should get my mortgage with their guy but I'm getting confused with the different terms.
What kind of things should I look for? What kind of impact will it have on my credit rating? What value of mortgage am I likely to get? What kind of rates will I be looking at? Should I go fixed or variable? What types of mortgages are there?
I am a complete beginner so any help on any of the above questions or any other tips you can give would be good.0 -
A beginner here as well!
IFA will help. I would go for a min of 75% LTV to start to get good rates. Have you got extra money for the fees/Stamp duty?
I would personally go for a house worth less, get a better rate, pay back less and have fun with other money as well0 -
Speak to a whole of market mortgage adviser who is not attached to an estate agency............0
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