Help me im a first time buyer

JA1000

bubbawelsh wrote: »

spoke to morgage advisor she said they dont do the old 4x your wages anymore she said its done on your earnings minus outgoings and many other things like how many children you have thanks anyway

Did the same adviser tell you that YOU will need a deposit!!

bubbawelsh

will need a deposit yes but there are ways and means around these things you hear all the time

just wish morgage companys ditched the min 10 % lots more houses would be sold

JA1000

"ways and means around these things" for a mortgage you will need £13k deposit for a poor interest rate and £19k- £26k for a decent interest rate.

"just wish morgage companys ditched the min 10 % lots more houses would be sold"
Would you lend someone money on an item that if it went down in value you wouldn't be able to recover the amount lent - why do you think LTVs are set at 15%-40%. I think you'll find they are in it to make profit not to help you out.

As I suggested, don't bother viewing, go back to the drawing board, save up 15-20% and look again. Until then any lender wont want to know.

mr_fishbulb

bubbawelsh wrote: »

just wish morgage companys ditched the min 10 % lots more houses would be sold

...and then repossessed 6 months later. Deposits are for your protection as well as the lenders (well they are mainly for the lender, but it stops people from making a mistake).

Also, would you be happy buying a house with nothing in the bank for emergencies? For example, what happens if the boiler stops working? How are you going to pay someone to fix it?

Cannon_Fodder

Cannon_Fodder wrote: »

Aim for under £125k, to avoid stamp duty.

TMSL wrote: »

There would be no stamp duty upto £250k for a first time buyer.

bubbawelsh wrote: »

...i owned a house before...

If you owned anytime previously, you will not count as FTB for stamp duty, so get them under £125k. Even if you were an FTB, you don't have to be truthful to EAs and developers, do you... if its gets you an extra £5k off, then great.

Though you will count as FTB for Lenders deals.

brit1234

bubbawelsh wrote: »

will need a deposit yes but there are ways and means around these things you hear all the time

just wish morgage companys ditched the min 10 % lots more houses would be sold

This has to be a wind up post.

If this is real you are a poor lending option. You have no deposit, shown no ability to save. Yet you blame the lenders as you have to get a 10% deposit rather than yourself.

Save a deposit like everyone else. If your ways and means involve loans and fraud I hope you are discovered and prosecuted. :mad:

andys15

brit1234 wrote: »

This has to be a wind up post.

If this is real you are a poor lending option. You have no deposit, shown no ability to save. Yet you blame the lenders as you have to get a 10% deposit rather than yourself.

Save a deposit like everyone else. If your ways and means involve loans and fraud I hope you are discovered and prosecuted. :mad:

I didn't have a deposit. I borrowed from family. Not all ciircumstances are the same. Its very hard to save 10-40 per cent deposits, on top of massive rents. The OP should be encouraged for trying.