Just bought my first house, mortgage help please!

samuelbrown85

Hi,
I have just bought a house a couple days ago... well my offer has been accepted.
I bought the property for 80,000. It requires alot of renovation work,but this is no problem being in the building trade and having friends that can help.
I originally decided on the 95% mortgage for 1st time buyers from Yorkshire bank giving me more cash to renovate as soon as i get the property. The intrest rates were not amazing but it gave me £4000 extra for a kitchen or bathroom etc.
To cut a long story short, this got refused due to only being back in the country 6months from working away in Australia.
I relise now that I will have to get a 90% mortgage giving me less money to renovate.
What is the best mortgage for me?
I dont want i intrest only mortgage, but cheap monthly payments so i can spend more making it more habitable.
Any help would be great thanks
Sam

pinkarsenalprincess

Are you house buying with the support of an independant mortgage advisor? To me it seems a bit daft to just blindly go in hoping that you will be able to get any of the mortgages offered. Can you be sure that you will even get a 10% deposit mortgage?

JQ.

I'm surprised your offer has been accepted on the basis that you don't have a mortgage in place.

You need to go and see an "all of market" Independant Financial Adviser pretty quickly, or you may find you've lost the house. I can't imagine the EA will stop marketing it until you supply evidence of a mortgage offer. For an initial idea of what you can get have a search on Moneysupermarket.com or other such comparison site - they generally give a pretty good indication of what an IFA will tell you.

pinkarsenalprincess

JQ. wrote: »

I'm surprised your offer has been accepted on the basis that you don't have a mortgage in place.

Very good point!

The IFA may also be able to recommend good solicitors to use for the purchase.