There is hope out there!

barney77

I just wanted to share my news regarding the doom and gloom of first time buyers trying to obtain a mortgage.

I have recently been approved for a mortgage with Britannia. I'm not perfect in the sense that I currently owe a couple of grand on credit cards and pay monthly for my car. However, I've saved and got a 15% deposit together (with some help from the bank of mum) and am buying it on my own.

After recently seeing a programme on ITV re: FTB not being able to secure the mortgage they wanted, I thought that I would have no chance. However, this just goes to prove that you don't know until you try!

madeupname1

Congratulations. Happy home shopping!

GMS

Your 15% deposit has taken you in to the bracket where banks are more comfortable.

Well done though.

Gorgeous_George

Good luck!

Britannia have been my mortgage provider for 7 years and they are great (part of the Co-op now of course).

GG

kenwen

Great to hear that

Gives me hope in my current situation :T

dizziblonde

We got approved (should exchange contracts this week I'm assured... although I was assured we'd exchange LAST week and am about to go apocalyptic with solicitors - lol) for a 90% mortgage with the Post Office. That's with just my husband's income (I'm an agency worker so don't exist where mortgage calculations are concerned), with me having a slightly less than fantastic credit history as well (granted the only debt we have is hubby's student loan and a buy now pay next year finance deal that the money's sat in an ISA to be paid off before the free period expires which I think made us look slightly better). The PO bods have been fantastic through it all to be honest - can't praise them highly enough for hand holding, being patient with dumb enquiries when we were trying to fill the forms in, getting back to us with progress checks about the whole thing.

I'd read all the media stuff about mortgages being non-existent and didn't think for a second we'd get approved - but there's stuff out there.

Total_Chunk

We were approved for a mortgage with Britannia this month too although I have been cheesed that they waste 4 days querying things that are self evident if a human looks at our file!!

They've been really funny about where the deposit is coming from - savings thanks! We've saved a lot of money very quickly by living entirely on my wages.

We have 15% deposit and are borrowing about 3 time our annual income. Should also mention we're buying in the midlands which is much cheaper than down south! Spread the word that mortgages are available if you have the deposit! Also very happy with the rate we're getting.

Thrugelmir

Total_Chunk wrote: »

We have 15% deposit and are borrowing about 3 time our annual income.

Well done! Sensible borrowing levels and having a deposit is the key.

Unfortunately many believe their own affordability levels to be far higher than they actually are.

Danni.135

Hi there,

Myself and my boyfriend are looking for a mortgage that is way under our afforability levels, does this mean we are more likely to be accepted??

Thanks,

shimano

It is difficult, especially here in London. I took the approach of not renting and staying with parents for a bit after uni to build up savings, and ended up with around 25% deposit (with help also from parents). Though it is more of a challenge to get better rates - my g/f is thinking of a BTL with 15%-20% deposit, however the rates they are quoting her are nearly 2x what I have!

At the time I got the mortgage, they said to me in London not many FTBs are able to get accepted, though not sure if they said that to make me feel better or not

barney77

Total_Chunk wrote: »

We were approved for a mortgage with Britannia this month too although I have been cheesed that they waste 4 days querying things that are self evident if a human looks at our file!!

They've been really funny about where the deposit is coming from - savings thanks! We've saved a lot of money very quickly by living entirely on my wages.

We have 15% deposit and are borrowing about 3 time our annual income. Should also mention we're buying in the midlands which is much cheaper than down south! Spread the word that mortgages are available if you have the deposit! Also very happy with the rate we're getting.

Just to add, that I am too in the Midlands (get a lot of house for your money!) and am borrowing just over 3 x my annual salary. Hopefully am completing by the end of November, woo hoo!!!