Help for a first time buyer...

liamregan

Hi

I am looking to buy a house with my girlfriend. We are both first time buyers and have found a house which would could buy for £65000.

My girlfriend is a student, and my income is £11k + commission.

I am not too sure if commission is taken into account for a mortgage, as this would put my income up to about 17k.

We have a 15k deposit, so we would be looking at a 50k mortgage (77% of the property value)

Does anyone know what kind of mortgage would be best to look at?

Thanks
Liam

Littlebutterfly_2

I'm a ftb too and got great help through everything by contacting London and country mortgage brokers as mentioned in the mortgage broker thread by Martin.

I just rang them very informally and they just chatted about what I could afford and when I went back after finding a home, they held my hand through all the paperwork and we've got our mortgage now and the sale agreed. Really quick too - just taken 4 weeks to get to this stage and now just waiting on the solicitors too their bit!:T


Good luck

firstaspect

It would be worth talking to a whole of Market broker. They can go through your options with you.

opinions4u

I agree with the suggestion about seeing a whole of market broker.

One thing to consider is that commission based jobs are usually higher risk. While lenders may be prepared to take a percentage of the commission earned in to account, there does come a point where some might feel that the job itself is not something that they want to lend against. This has, in the past, been where commission will more than double basic pay.

Another consideration should be your deposit. If you could get aa 25% deposit together, you would be opening up a much wider range of deals.

herbiesjp

Whilst you might be able to get the mortgage agreed, you need to look carefully at affordability, and see what the actual mortgage payments would be for you.

What happens if the commission dries up?

What are your other expenses - especially when you have a new property?

If affordability is ok, you may find lenders able to agree in your sole name, or with a guarantor is another option.