FTB looking for some advice

Ste171

Hi all,

looking for some general advice as looking to buy, would be looking to get a mortgage around 85 - 90k but unsure how feasible this would be - current earnings are basic £16250 pushed to around £20k includin bonuses and overtime, would just be a mortgage on my own as well.

I have managed to save just over 14k so far and have no credit card bills and have paid off a loan within last few months, any advice would be appreciated, have been thinking of speaking to an advisor but its all quite daunting knowing where to begin!

Cheers

Ste

GMS

Speak to an adviser. Dont feel intimidated by it. Ask as many questions as you like no matter how daft you think they are. Buying your forst home is one of the most important things you will do in your life.

Best to get it right and be sure you fully understand.

Good luck

kingster2069

I think you should be able to get a mortgage on a £10000K property. However you will be paying a higher than average interest rate. I would guess £500+ per month on a 25 year repayment mortgage fixed for the first couple of years.
My suggestions is to do your home work and read some forums. There are many different mortgage products and each have pro's and con's. The generally feeling is interest rates are likely to move considerably north over the next few years. How much can you afford your mortgage to increase?
I think you'll find lots of knowledge here and talking to a free independent mortgage advisor change only help. Maybe write down some questions before hand to get maximum benefit. I highly recommend the MSE mortgage guide as a great starting point.
Good luck