FTB with deposit

ickleaimee4184

Hi, just wanting a bit of advice as I am a FTB and keen to hear your thoughts.

I am 26, earning £25k. I moved home after renting for a couple of years to save up (saved £7k) before making my first property purchase. I have good credit, always pay my credit card in full each month as well as my phone contract. I have an overdraft facility but I NEVER use it. I have a £50-72k gift from a family member. First question - the reason for the £50-72k bracket is because we are not sure whether it is better to put a £50k deposit down and use the remainder to assist in the monthly mortgage repayments OR whether it is best to use the whole £72k as the deposit?

I am looking at properties around the £200k mark - anything less in the area I live would be a studio flat on the wrong side of town!!

My dad is happy to get a joint mortgage with me (he is mortgage clear) but he is 67 years old. Does anyone know any lenders with whom this would not be such an issue since he is still working full time? The other option we have considered is him being a guarantor. Any thoughts?

I have been looking online and not had much luck as yet. I am keen to move asap and although I could keep saving I cant see it making a vast difference.

Many thanks in advance!

Person_one

The mortgage repayments should be at a level that you can afford on your salary without having to dip into other savings so its better to have as big a deposit as possible, it'll save you thousands long term in interest.

On a side note, is your generous family member single and male by any chance?

ickleaimee4184

Ok thanks for your advice. He is male...he is also my Dad!! haha!!!! Sorry he is very much taken!!

Evilm

ickleaimee4184 wrote: »

Hi, just wanting a bit of advice as I am a FTB and keen to hear your thoughts.

I am 26, earning £25k. I moved home after renting for a couple of years to save up (saved £7k) before making my first property purchase. I have good credit, always pay my credit card in full each month as well as my phone contract. I have an overdraft facility but I NEVER use it. I have a £50-72k gift from a family member. First question - the reason for the £50-72k bracket is because we are not sure whether it is better to put a £50k deposit down and use the remainder to assist in the monthly mortgage repayments OR whether it is best to use the whole £72k as the deposit?

I am looking at properties around the £200k mark - anything less in the area I live would be a studio flat on the wrong side of town!!

My dad is happy to get a joint mortgage with me (he is mortgage clear) but he is 67 years old. Does anyone know any lenders with whom this would not be such an issue since he is still working full time? The other option we have considered is him being a guarantor. Any thoughts?

I have been looking online and not had much luck as yet. I am keen to move asap and although I could keep saving I cant see it making a vast difference.

Many thanks in advance!

Looking online is less likely to suceed than going and seeing a mortgage broker. most estate agents have them and they usually have access to the whole market and know how to deal with such things.

If you don't want to use an estate agents broker then seek one from an Independant Financial Advisor. They will all usually work on commission but are usually impartial (unless you get a bad one but you should be able to tell).

ickleaimee4184

Oh ok thanks for that - I guess i was going for convenience online which presumably they play on. I have made contact today with an independent mortgage advisor that a friend has recommended. Was getting very disheartening today looking online. So you dont think its a no go then for me actually getting a mortgage its just a case of doing the leg work and getting the right people on board to search the market?!

Person_one

I found my mortgage through my own research, mainly online and a bit of ringing round for the smaller lenders, the mortgage advisor we were forced to see by an estate agent couldn't offer anything better.

If you can put the time and effort into researching there's no reason why you can't find a good deal yourself.

ickleaimee4184

I am more than happy to take the time to find something - I have been online all day today but just didnt seem to be getting anywhere! I will persevere though - were u using an online mortgage broker or going to each lenders site individually? If you can recommend any online mortgage brokers you used that would be great.

Person_one

I just went to a lot of lender's sites, and funnily enough ended up going with my own bank. Just like when you go clothes shopping and end up buying the first thing you tried on!

What exactly are you looking for? What are your numbers?

Evilm

ickleaimee4184 wrote: »

Oh ok thanks for that - I guess i was going for convenience online which presumably they play on. I have made contact today with an independent mortgage advisor that a friend has recommended. Was getting very disheartening today looking online. So you dont think its a no go then for me actually getting a mortgage its just a case of doing the leg work and getting the right people on board to search the market?!

When its a straightforward transaction then it can be ok to look online. However a Financial Advisor or a Mortgage Broker will have more experience dealing with unusual situations and therefore be able to point you to the lenders that are ok with your situation.

I personally don't know if it is a no go or not but the mortgage broker will do, or at least have the contacts within the lenders to try to make a deal for you.