Complete amateur seeks advice and opinions!

StoneColdMarkyG

Hi guys,

It's been ten years since I bought my flat and I'm looking to move. The problem is I know nothing, NOTHING about mortgages. When I bought my flat as a first-time buyer my dad organised someone to come visit me and I just nodded and said yes to some questions then signed a piece of paper. I've downloaded the remortgage PDF from here and will peruse it forthwith. In the meantime I'm hoping to pick up some tips and advice from real people in the know (that's you lot! Hello!:))

I'm looking to have circa £12k/£13k as a deposit from selling. The properties I'm looking at are roughly £65-£70k. I could afford about £300 a month as a repayment. I earn £21k a year and would be applying on my own. I have no other debt other than my car loan (approx £5k) which I intend to add to the sum borrowed and pay off.

So....

Am I likely to be accepted?

What should I be looking for mortgage-type wise?

Can anyone recommend any good deals or a way forward?

Many thanks in advance and apologies for the total 'noob' nature of my post!

GMS

Given your self described 'complete amateur' status the only advice I would give is to speak to a 'Whole of Market' broker.

This way you can ask as many questions as you like and try to get a better idea of the way a mortgage works. Your attitude towards risk would be assessed and you would have recommendations made which suit your own needs and preferences.

Have you spoken to your current lender? They may be able to help you. Do this as well as speaking to a broker.

Good luck

StoneColdMarkyG

Thanks GMS, much appreciated.

As an indicator of my amateurish-ness, no... I hadn't even thought of talking to my current lender!:o

herbiesjp

assuming you have a good credit history, this should be relatively straightforward.

See what rates your current lender can offer you, and then compare against the best of the rest - so either do that yourself or go via a broker.

In terms if the car loan, you would not be adding to the mortgage, you would be putting less of a deposit.

StoneColdMarkyG

herbiesjp wrote: »

In terms if the car loan, you would not be adding to the mortgage, you would be putting less of a deposit.

Thanks for the advice, though I'm slightly confused by this last.

I've had a quick scout around the comparison sites and nearly all lenders seem to be offering to lend only 75% of the total value. I was under the impression I'd already be skating on thin ice with the figures involved. Have I missed something?