Mortgage Newbie help needed

leahsymons

Hey Guys,

Just after abit of advice really. I have seen the most perfect house for £180,000. The only problems is I am confused about mortgages and how to go about everything.

I currently earn £19,000 and my partner earns £18,000 per annum but in the next 8 months my pay will increase to £27,000. Between us we have £10,000 in savings and wondered if there is any chance of us getting a 5% deposit plus does anyone know of any start-up help from the Government and how much of a loan is provided and is it conditional on us having a certain deposit together?

Thanks in advance for all the help.

Leah

abouttimetoo

Welcome to the board Leah

It may well be that some on this forum might be able to offer advice but I think you might be better of posting it on the Mortages & Endowment forum as this one is for people who are trying to overpay/clear their mortgages sooner than the planned term.

Good luck with sorting a mortgage and hopefully we will see you back here again as there is some great advice in overpaying your mortgage and/or maximising in your wealth with the aim of clearing your mortgage.

When you get your mortgage sorted (or even) before have a play with the overpayment calculators and you will be amazed how even small overpayments can make a difference to paying less interest and clearing it sooner. You should think of paying your normal mortgage payments as akin to only making minimum payments on a credit card - it takes much longer to clear!

Regards
ATT

hastie

mmm. not really much chance of getting such a big mortgage.

basicly I should think the absolute best deal you would get is a 10% deposit mortgage, which would require 18,000 pounds deposit

Your fees are likely to be in the region of 3 -6000 depending on Stamp duty, arrangement of mortgage fees, solicitors fees etc.

Why not look at cheaper property with scope to improve that you can get at a relative 'snip', which has the potential to acheive a growth in equity over next 5 years.
This would leave you some scope for running costs, savings etc, maybe overpayments .

This would then be a stepping stone towards a higher value property in the future.

I suspect if you get a 10% deposit mortgage, the interest rates would be high at the moment. So take that into account.

Have a look at one of the mortgage guides on this site, or bbc etc for detail of fees etc

good luck:)