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22 Yr Old - Mortgage On Own
Options
dilemma10
Posts: 245 Forumite
Hi everybody,
Basically I have decided that now feels like the right time to get on to the property ladder. I am bored now of moving up and around the country.
I have moved back to my hometown in the Midlands (I have a work from home job anyway) where newish 2 bed homes sell for £100k.
My wage is £23.3k and definitely due a pay rise very soon. I have a degree from a great university and some decent employment history - I have already been in work full time for over 2 years by this October.
I would be looking to get a property by December with a £10k deposit and possible help from my parents.
I have been on borrowing calculators and bizarrely the amounts that banks seem to calculate as lending to me is between £77,000 at Lloyds to £96,000 at Natwest and Woolwich.
I did look a property which was a lovely two bed new build apartment with a balcony going through Homebuy Direct but would prefer a property with a garden.
Now for the bad stuff, I do not have the greatest credit rating (about 600-700) and am only 22 and the application would be single and in my name. Is this possible to do by December given I would have a 10% deposit? Am I dreaming?
Also is Homebuy the best option for me to get a better LTV?
Basically I have decided that now feels like the right time to get on to the property ladder. I am bored now of moving up and around the country.
I have moved back to my hometown in the Midlands (I have a work from home job anyway) where newish 2 bed homes sell for £100k.
My wage is £23.3k and definitely due a pay rise very soon. I have a degree from a great university and some decent employment history - I have already been in work full time for over 2 years by this October.
I would be looking to get a property by December with a £10k deposit and possible help from my parents.
I have been on borrowing calculators and bizarrely the amounts that banks seem to calculate as lending to me is between £77,000 at Lloyds to £96,000 at Natwest and Woolwich.
I did look a property which was a lovely two bed new build apartment with a balcony going through Homebuy Direct but would prefer a property with a garden.
Now for the bad stuff, I do not have the greatest credit rating (about 600-700) and am only 22 and the application would be single and in my name. Is this possible to do by December given I would have a 10% deposit? Am I dreaming?
Also is Homebuy the best option for me to get a better LTV?
0
Comments
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I dont think age matters so much (I was mortgaged at 19!) but cleaning up the credit a bit, and a smidge more of a deposit to buy at £100K would probably help. Be mindful you will have fees as well, and will probably need a bit of cash once you get in for any essential home goods etc.
Not sure what Homebuy is, but if it involves some kind of share ownership run a mile.;)0 -
What is actually wrong with your credit rating?
Be specific around missed payments, ccjs etc.0 -
I think you might find they want closer to 15% deposit my DD (23) just got her first mortgage on her own, she could have borrowed more than she did but the deposit was set in stone minmum 15%.0
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Yep £15K deposit and a bit spare for fees/emergencies should do it, subject of course to the credit check0
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