First Time Buyer - Advice Needed

everlastingspirit

OK, so i know a little bit about buying as i was an estate agent before but its alot different when you are the one buying!

My partner and I have seen a house that is spot on today. Price is £120,000 and its prob 15-20 years old.

We are first time buyers currently in rented (for last 1.5 years) and so far we have £11-11500 available to us. Made up of:

£5000 to £5500 after tax, etc from a side business we run
£4000 from one parent
£1000 from another
£1000 from our savings (with £2-300 left)

As the deposit is more we are looking to the vendor to hopefully provide some form of a vendor gifted deposit £2500+

I just need to make sure im getting the costs of moving correct so ive listed below. If anyone can confirm this is ok or advise any different it would be of great help

Deposit £12000
Legal Fees £1000 (up to)
Survey £500 (up to)
= £13500
-£2500 (vendor gifted deposit)
= £11000

In terms of removals, etc we arent going far and havbe two good size cars and a family to help move. Also all appliances are integrated in the new house.

Should also be no mortgage fees with FTB products we are looking at - we are speaking to mortgage advisor Friday.

What do you think or have i missed something?

Also what are chances of us getting a 10% mortgage for £108,000.
My partner and I have a combined income of £30,000
We also run a wedding florist aswell as working full time which turned over £3000 last year (likely a little more this year)

I have monthly credit commitments of
£126 - towards £5k loan (3.3 years remaining)
£20 min but pay £40 towards 2 cred cards (£700 balance)
My partner has now credit commitments

My payment history is good - last time i had a late payment must have been over 3 years ago.
Partner has a clean credit record.
In rented paying £550pcm for last 1.5 years.

Sorry for the length of the two question but as you can guess its a pretty nerve-wracking time!

Ben & Jane

everlastingspirit

sorry to bump but nearly off the first page with no response

geoffky

I think you will be limited on the mortgage front regarding gifted deposits as i think there are just a few who will allow it...check

poppysarah

Save some more.

everlastingspirit

The vendor has now confirmed they will accept a vendor giften but would want it on top of the price ie:

Asking price : £119950
say a VGD of £3000
therefore they would want £122950

Is this the correct way and would this likely get pulled up by the valuation if its just a small amount?

Obviously im gonig to try and go half way and ask for £3k VGD at a purchase price £121450?

Any advice...

Ben

hethmar

Have you thought of your parents acting as guarantors?

geoffky

why are you paying asking price when most offers come in at more than 10% off according to rightmove...i do not know anyone who has ever paid asking price for a house because believe it or not asking prices are just a number pulled out of thin air.You are at risk from yourselves..