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First time buyer - should I wait?
HanB_2
Posts: 3 Newbie
Hi
I'm a first time buyer working hard to save for a deposit and I've now got about £10k saved up. I've estimated that I need about £20k in total, but I wondered if I can find out now how much I could borrow and what sort of mortgage I could get - or is it not worth it until I've got more deposit secured? My salary is £33k and I've got a good credit history.
Any advice would be much appreciated!
Thanks.
I'm a first time buyer working hard to save for a deposit and I've now got about £10k saved up. I've estimated that I need about £20k in total, but I wondered if I can find out now how much I could borrow and what sort of mortgage I could get - or is it not worth it until I've got more deposit secured? My salary is £33k and I've got a good credit history.
Any advice would be much appreciated!
Thanks.
0
Comments
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It depends on a number of factors. For a rough idea work on 3.5 times salary. If you want a better idea go on to lenders websites and find the calculators.
Best thing to do would be to speak to a 'Whole of Market' broker.
Good luckI 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 -
10k is not much. Keep saving, the bigger deposit you have the better rate you will get.Debt Is Slavery.0
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Yeap keep saving that deposit. On a positive note house prices are starting to fall fast now, so the longer you save the cheaper the properties will be.
:beer::exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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