Will I be approved? First time buyer

catieeb06

Ok, you need to tell us how much deposit you have available. You also need to tell us if it's an open market purchase or shared ownership/equity purchase.

Thanks.

f1rsttimebuyer_2

Thanks for getting back to me.

I have a £15,000 deposit towards a £75,000 property. I'm looking to buy the entire property myself, and not as part of an equity share or anything like that.

Any ideas will be much appreciated. I understand that it's impossible to give a correct answer, but an idea of whether or not the mortgage is feasible and if so which companies I would most likely to be accepted with at this moment in time.

catieeb06

At 80% LTV your opening yourself up for more lenders who MIGHT be willing to lend to yourself.

Like someone else has previously posted without doing a full fact find I wouldn't really be able to give an accurate picture.

f1rsttimebuyer_2

Thank you. Any idea which companies MIGHT approve me? And can anyone recommend a good mortgage broker to deal with someone in my position?

somethingcorporate

A good broker would be able to advise you on who might approve you. Ask around your friends / family to find a good local broker.

f1rsttimebuyer_2

Any idea which companies MIGHT approve me?

Yorkie1

You have repeatedly been told that it would be irresponsible for any mortgage advisor to provide suggestions without a full fact find, and that you should approach a broker to discuss this in detail.

Why are you so reluctant to follow this advice?

The phones will be working first thing tomorrow morning, you can contact one then.

whatyadoinsucka

why don't you try your own bank, or have you already

hsbc have been giving mortgages to FTB with 10% deposits throughout the recent downturn unlike the other banks

catieeb06

Ugh.

Look in the phone book for your local area.

As an advisor working in a brokerage firm, I know that a lot of people are more assured of using a broker that is in their local area so that if they need to they can pop in for face to face interaction.

f1rsttimebuyer_2

Yes I'll get in touch with a broker tomorrow. Thanks for the advice guys. In the mean time, anyone care to hazard a guess as to which companies may approve someone with a slight blip from four years ago?

Don't worry, I won't hold you to ransom if you're incorrect.