First time buyer wonderings!

angeldeelite

been living with my boyfriend a few months now (renting) but we want to buy somewhere as of next summer (gives us time to save etc).
I work full time but he is starting uni this year so we'll only have one wage. Also, his credit is zilch (he is currently 'untraceable' to the debtors so is hoping to get to the 5 year rule - think he is 3 1/2 years in).
Therefore it's impossible for us to get a joint mortgage.

However, would a mortgage lender take into account the fact that 2 of us will be living there and give me a suitable mortgage? I'm only on 16k a year and live in Edinburgh where house prices are riduculously high. It annoys me that we can afford to pay £600 a month in rent, yet a mortgage lender might not give me a mortgage worth this. We're hopeing to save up a semi decent deposit.

illmonkey

What would you class a semi decent deposit? If its your salery minus rent etc then its not going to be a huge ammount.

I highly doupt you will get a mortagage on £16k, it took me and my partner a joint salery of £39k to get a £140k mortagage with a £4k deposit through a broker who is a friend.

I think that the multiply is something like 3.5x your salery, which is 56k.

jamminjamaica

angeldeelite wrote:

been living with my boyfriend a few months now (renting) but we want to buy somewhere as of next summer (gives us time to save etc).
I work full time but he is starting uni this year so we'll only have one wage. Also, his credit is zilch (he is currently 'untraceable' to the debtors so is hoping to get to the 5 year rule - think he is 3 1/2 years in).
Therefore it's impossible for us to get a joint mortgage.

However, would a mortgage lender take into account the fact that 2 of us will be living there and give me a suitable mortgage? I'm only on 16k a year and live in Edinburgh where house prices are riduculously high. It annoys me that we can afford to pay £600 a month in rent, yet a mortgage lender might not give me a mortgage worth this. We're hopeing to save up a semi decent deposit.

i am afraid it doesnt look good with only your salary to get a mortgage on. i guess the only way you will know is by contacting a whole of the market mortgage broker who may be able to give you some advice. good luck

angeldeelite

oh well thanks anyway. it's just annoying when we can easily afford a £600 quid rent every month. have looked at mortgage costs for around £75 and they are only around £450.

more years of wasting money on rent then:(

Joe_Bloggs

You can attend Uni and hold down a full time job. There are day release opportunities with certain employers.


Perhaps way off topic.
There is still national service in many European states. I've known certain people become perpetual students until it no longer applies to them.
J_B.

jamminjamaica

angeldeelite wrote:

oh well thanks anyway. it's just annoying when we can easily afford a £600 quid rent every month. have looked at mortgage costs for around £75 and they are only around £450.

more years of wasting money on rent then:(

dont take my advice as gospel. i know exactly how you feel as i was in that position 3 years ago where i was paying more in rent than what my actual mortgage is now. seek advice from a good broker. would you have a deposit to put down? how much do you realy want to borrow? and have you seen anywhere in your price range?

good luck

Julieboo

Try this guy:
Lawrence Robbins @ https://www.amortgagenow.co.uk
He's brilliant at finding the best mortgage for your situation, tell him how much and he'll come back with the best. I couldn't get a standard mortgage because of not being able to prove my income traditional ways and he sorted me out with a 3 yr fixed rate deal with good rates. E-mail him at lawrencerobbins@amortgagenow.co.uk or go through website.
Hope this helps
p.s I'm not on commision I just found him really helpful

TEDDYRUKSPIN

16k can get you on the property ladder but just don't think big!!! If your after a 120k mortgage or more, its ways out of your affordability anyway. Any broker that says you can, will just make you have a bad standard of living as you will be eating no-frill for a very long period of time.

If you want I can get you a quick agreement in principle and at least you will have a fair idea of how much you can afford to buy!

angeldeelite

i'm not looking for anything over 100k. i'm hoping we could find ourselves somewhere maybe for around 85 to 90k. hoping to have a 5k deposit. my dad is a joiner and he works with a painter and decorator so happy to take on somewhere that needs work.

i'll maybe just wait an extra year when my wage should be higher (hopefully!). my only issue with that is with house prices continually rising, it will still be out of my reach on only 1 wage. my only other option would be to ask my dad to go guarentor but he only works 5-6 moths of the year.

angeldeelite

Julieboo wrote:

Try this guy:
Lawrence Robbins @ https://www.amortgagenow.co.uk
He's brilliant at finding the best mortgage for your situation, tell him how much and he'll come back with the best. I couldn't get a standard mortgage because of not being able to prove my income traditional ways and he sorted me out with a 3 yr fixed rate deal with good rates. E-mail him at lawrencerobbins@amortgagenow.co.uk or go through website.
Hope this helps
p.s I'm not on commision I just found him really helpful

thanks, its a great site. put in my wage and some lenders are allowing much more than i expected. handy to know!

Dead_Eye_Jones

dont be in a rush, take your time and keep saving up that deposit and working hard. As your deposit rises and your salery increases you will find yourself in a stronger and stronger position. Took me about 5 years to get there but was worth it, enjoy the freedom of renting in the mean time