First Time Buyer Mortgage Advice Please

anniecwp

I've recently been given some money for a deposit and just wondered if anyone could advise if getting a enough of a mortgage to buy anything bigger than a shoebox will be possible on my current salary...

I earn £16,500 and have a good credit record. My husband is self-employed and a couple of defaults on his credit history, so am I right in thinking his income will not be counted?

Our total deposit will be £25k. What do you think we would be able to borrow? A guarantor mortgage could be another option but one we'd prefer to avoid.

htb

google 'mortgage calculators' it will show you some sites, or you can go onto the lenders websites and use their individual calaculators to tell you how much you can borrow . fool.co.uk says a provider may offer to lend you between £49,500 and £70,125 based on your salary only. It may depend on the mortgage product and loan to value too to some extent...

The_Palmist

You can get something bigger than a shoe box but then you will have to compromise on area and location. You might qualify for homebuy scheme, Google homebuy direct. I would think you will able to borrow somewhere around 75K [being optimistic]. Think how much can you afford to pay per month [with some flexibility in case rates go up], and keep this in mind when borrowing.

anniecwp

Thank you. It may be just about doable then.

Does anyone have any experience of guarantor mortgages? Does the guarantor guarantee the full loan amount or just the difference? Is it based on their income or their own property?

The_Palmist

Have you got a budget ? Are you looking for houses within a certain range ?

I would assume guarantee will be for full amount and guarantor will need to show income and assets. I think it will depend on their money coming in and going out, lenders will do the same checks as they would have done for you.