Advice for a First Time Buyer

mooseepoo

I know there are countless threads on here about first time buyers, but each case is specific to the person who started the topic.

Therefore I am asking some advice.

I am 21, currently living at home and would like to move out. I have seen a property for £96,500 in a semi-new block of apartments. Upon enquiring about the property, it is a reposessed property and thus the cheap price. All of the other apartments in the same block go for at least £105,000.

I consider myself to have an excellent credit rating and do not have any outstanding loans (No student loans either). My montly outgoings are around £100 per month, but could possibly be reduced further.

I currently earn around £18000 with an extra £4200 a year car allowence which may or may not be stopped in favour of a company car. As I am young, there is plenty of scope for increase in salary and I hope to gain a payrise to around £20,000 basic in the next few months.

But enough about the possible future...

I can lay my hands on roughly a 6/7% deposit, which would leave a £90000 (Roughly) mortgage. This means that I am borrowing at 5x my salary, but would like to spread the mortgage over a 30year period.

Can anyone give me any advice as to whether this would be possible, or am I chasing something that I have little or no chance of getting?

Many thanks in advance!

herbiesjp

In theory there may well be some lenders that could agree this for you. However, just because you can get the mortgage, does not necessarily mean it is the right thing to do

Have an in depth word with an adviser to make sure the numbers you are looking at are 100% feasible

Barney088

In short, yes, it is possible. Many lenders like people like you, but they will almost all work on a credit score and some on affordability too. If you pass the credit score well, a high score is not too uncommon then you should be fine. I'd get a good free, local broker to talk you through the implications. Applying "willy nilly" will not be good for your credit rating. A good broker will get it right, hopefully, first time.

Good luck