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FTB deposit help!
gashead1985
Posts: 21 Forumite
Hi,
I am looking for a bit of advice! I am a FTB looking to buy a house with my partner. Today we went to a bank to have a chat with some one told them we had around 20k deposit and were looking to buy a house with the value of around 185 - 195 k. But they said we could only borrow 150k. Just wondering if this will be standard wherever we look? so should be just give up and keep wasting money renting!
Its so annoying because we can easily afford the monthly payments its just the deposit!!
I am looking for a bit of advice! I am a FTB looking to buy a house with my partner. Today we went to a bank to have a chat with some one told them we had around 20k deposit and were looking to buy a house with the value of around 185 - 195 k. But they said we could only borrow 150k. Just wondering if this will be standard wherever we look? so should be just give up and keep wasting money renting!
Its so annoying because we can easily afford the monthly payments its just the deposit!!
0
Comments
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Hi
Rule of thumb is that lenders will only lend a max of 4x your salary. Some lenders vary but its a rough guide.
Go an see an all of market broker and they should be able to tell you whats available. Banks will only push you their own products, which are not likely to be competative.0 -
The loan to value will rule out a hell of a lot of lenders at the moment too. Don't be tempted to approach banks "willy nilly" (I was determined to get that in somewhere today, brilliant!) as they will credit check you and this won't help when it comes to applying to some one who's criteria you fit.Happily an ex mortgage broker!0
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A mortgage advisor would probably get you closer to what you are looking for. Was it the LTV that was the problem or affordability? C&G offered us much more than we expected or needed, and more than other lenders. I don't know if this is typical though.0
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