First Time buyer mortgage needed!

jolly9

Hi, I hope that someone can help!

I need a 100% mortgage for a £248,000 house that I would like to buy with my boyfriend. He earns 46k, but I have recently set up a small business and am not able to pay myself a salary yet. Although I do not have a salary, I will have a lump sum of £60,000 approx. I am hoping that we can get a joint mortgage and, until my business is able to provide me with a salary I will use my £60,000 to make my share of the repayments.

My boyfriend has a car loan, and this involves paying out £400 for the next 3 years. Apart from that, we don’t have any debts.

As we are first time buyers, we would be grateful for any advice!! Does anyone know what the chances are of us getting a mortgage, and from which lender?

Thank you!

herbiesjp

If you could use some of the £60k to put down as a deposit you would get far better rates

jolly9

Thank you for your reply! Yes maybe I will have to use some of the 60k as a deposit, but I was hoping not to. Is it impossible to expect to be able to get a mortgage without using it? Also, as a first time buyer, is it best to go to a broker?

herbiesjp

I would suggest that over 5 times the imcome stated would be very difficult - not impossible.

However you would be paying higher rates for a 100% mortgage as opposed to say 90% mortgage rates.

I would strongly recommend you go via a whole of market adviser, so that they could explain everything to you in detail and find you the best rate.

HTH