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First Time Buyer with Deposit
FirstTime_2
Posts: 1 Newbie
Hi there, this is my first time posting after following this site for quite some time. Im after some advice/opinions on the likelihood of getting a mortgage to cover my needs. Iv found a house which I have my heart set on buying... Asking price 190k eek! Im hoping to start off with an offer around 180k, and get it somewhere in between. I have a deposit, just under 50k in an stocks and shares ISA which I hav been saving into since I started work (7 years). I have about another 20k which I could get my hands on, 10k in instant access account and the other 10k was in a fixed term bond which is not due to later this summer...so I would have to close that early and lose the interest. So in total best I could do is 70k deposit, the balance 120k I would need a mortgage for. It would be a single application, my salary is 23k before tax, 2k annual bonus, and about 3k in overtime annually. I pay five percent of my salary into a pension, but other than that my outgoings are small. Currently rent to my parentswhich would obviously stop, phone bill, and cost of running a car. I have a good credit score, no over draft used and credit card paided off in full each month. What are my chances of getting a mortgage for 120k in my position? Thank you for your time
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Comments
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Lots of lenders now work on affordability rather than salary multiples so have a look at one of the online calculators to get an idea.
http://www.godirect.co.uk/mortgage/affordability-calculator.php
Not all lenders will take into account 100% of your o/t and bonus payments so you really would be best going to a mortgage broker (preferably a recommended one) who will have access to the latest information on this.
Obviously you have a good deposit and would be looking at 65% max loan of the value (based on £190k price) so you would get good interest rate.
Find yourself a good broker though and they will do all the hard work for you.0 -
I personally don't think you will get a mortgage on 23K for that amount. You can but try though.!0
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