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First Time Buyers Mortgage Advice
mrsides
Posts: 65 Forumite
Hi
Ive been asked to post here to get some advice on a mortgage for a couple who are looking to buy thier first home.
The house price is £85,000, and they are a couple both fully employed and with no other debts, so they are looking for a mortgage, can they expect to find any good deals for first time buyers
thanks
Ive been asked to post here to get some advice on a mortgage for a couple who are looking to buy thier first home.
The house price is £85,000, and they are a couple both fully employed and with no other debts, so they are looking for a mortgage, can they expect to find any good deals for first time buyers
thanks
0
Comments
-
What deposit do they have?
Do they have a good credit history?
No other debts may mean no credit history at all, which would not be good either.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
hi
yes they are debt free but have a credit history achieved by previous loans etc. The deposit is approx £5000, but they were hoping for a 100% mortgage0 -
hi
yes they are debt free but have a credit history achieved by previous loans etc. The deposit is approx £5000, but they were hoping for a 100% mortgage
100% mortgages do not exist - any deposit would need to be a minimum of £8,500 under normal conditions too, plus any relevant fees.
I'd recommend they spend a little longer saving at the moment.Personal ISA Contributions Challenge - current £0 (as at 1 April 2014) / target £15,000 (deadline 31 Mar 2015)0 -
Definitely need to save more or maybe a parent may want to help out
What are their gross annual salaries?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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