First Time Buyers

thenakedchef

Hi

Me and my girlfriend are looking to get a mortgage. We are both on approximately 16k, we will have a 15k deposit. Probably looking for a 150k house.

We have a mortgage appointment next week with HSBC just for advice really. Do i need to take details of my savings and earning etc or can they advise on what we say if it is only advice we require.

Any mortgages that would be better for us?

We have already spoken with Natwest who told us about a special first time buyers account which allows saving for 6 months prior to buying and then you take the mortgage with them and they pay all fees and give you cashback if you reach a certain savings amount. Does this sound good?

Snippa

You won't need any proof or evidence for a first visit, just for advice. They go on what you tell them, up until you actually apply for a mortgage - although it never hurts to have payslips etc.

You might be struggling on those salaries though. Usually lenders look at about 3.5X salary, and they don't always accept twice 3.5X for a couple. Even if they did, you'd be pushing it to get to £150,000 in this climate, and with lenders being ultra careful.

Worth going to see them and taking advice though, see what they can do. If they can't help, check a whole or market broker who can go through the entire market for you. First consultation should be free with them too.

TMSL

I think you will struggle to borrow what you need from HSBC, you should be ok with Natwest though

jenny_13

Can I ask how are you going to pay fees such as valuation and solicitors? We spent over £800 in fees on a house that fell through before we got our current one.

I'd advise going to an independent financial advisor who will be able to explain everything and the options avaliable. I found ours really helpful as we went through what we wanted and what our options were (we wanted the ability to overpay on a regular basis).