Please Help First Time Mortgage Advice

randall0780

Hi I am a first time buyer i am 24 and my fiancee 22 together we have an anual income of around 35k i am yet to have a deposit...


My concerns are my fiancee has great credit but i have very poor credit and i am not even able to take out a normal loan...

I have seen a few flats for around 100k..

Do i have a chance of getting a mortgage and if so what is the best route to take.

Please help

thank you in advance

kingstreet

I wouldn't worry about your credit situation at the moment. You'll need to save at least 10% deposit, more would be better.

Once you've done that, get copies of your statutory credit files (£2 each, don't mess about with online scores which have no relevance) and go see a whole market or independent broker for advice.

randall0780

Thank you for the advice if im earning 20k and my fiancee 15k what kind of mortgage should we be lookign at ?

powerwin

That is a very broad question. The type of mortgage deal you can get will depend on how much of a deposit you can get together. I would focus on doing that first and then come back and ask the board about which type of mortgage. Note, most mortgages are repayment types whereby you are gradually paying the loan back, and these are less risky than interest only mortgages. Another major decision is whether you want a fixed rate mortgage deal or one where the interest rate can vary.

Rgds