First Time Buyers

scottandjen_2 · 1 February 2010 at 10:50PM

Hello,

I wonder if someone could point us in the right direction.

We are currently renting a property for £585.00 a month and we are looking to get our first mortgage.

We would be looking for a house in the £70,000 - £80,000 bracket.

We are just finding it hard to fine the deposit of £7,000 is there anyway round this??

E.g applying for a mortgage of £90,000 and putting £10,000 down as a deposit?

Thanks

Scott and Jenny

opinions4u · 1 February 2010 at 11:06PM

The whole point of the deposit is that you don't borrow it on the mortgage.

You save it up.

10% deposit
£800ish solicitor costs
£400ish survey fees
Up to £1000 in mortgage product fees

Time to get saving hard if you really want to buy.

(or ask Granny to give you the money, or move back in with parents so that you can save the rent money, or have a frugal 12 months and see what you can save that way).

Senior_Paper_Monitor · 1 February 2010 at 11:06PM

No - any mortgage loan would be based on (at 90% max - and you need to be saintly good on the credit score front for that) the paid or valuation value of the property (whichever is the lesser) and, obviously, the lender will be fully aware of both.

Don't forget you will have not only the deposit to find, but application fees, moving costs - and setting up home costs - and conveyancing fees to find as well.

The options - save, inherit or win the lottery !