Would i get a mortgage in my circumstances?

mforcer

We want to move out of my rented apartment and get on the property ladder, i've found a home i really want and in my price range but given my circumstances do i have a chance;

- we both have secure full time jobs
- i also run my own business (although i've been trading less than a year)
- we earn around £2000/month from our full time jobs (pre tax)
- i bring in an extra £4/500/month from my business
- we have no loans, overdrafts or credit card debts
- we do have credit rating as have had credit in the past
- the property value is £70,000
- we dont have much of a deposit so ideally 5%-ish would be ideal
- we're currently paying £450/month for the appartment

Are there any lenders that can accomodate us?

kingstreet

There are one or two 95% deals around, but they will be extremely tight on credit score. Your lack of credit and low property purchase price might make life difficult.

IIRC Skipton BS and Clydesdale Bank were two lenders offering 95%.

The rates will not be very attractive as there's no competition for the business.

crazyguy

Nationwide offer a 5% deposit mortgage, not sure of the criteria required to get one though !

mforcer

crazyguy wrote: »

Nationwide offer a 5% deposit mortgage, not sure of the critea required to get one though !

I'm with Nationwide for my banking so i'll give them a call.

I've also sent an email to Skipton i came across them on the compare sites.

m00m00

Nottingham BS do one too, but it's limited to the local area

5% mortgages usually come with lots of conditions (geographic, linked savings etc)

and not the best rates

JonnyTwoToes

With your income, it shouldn't take long to save 7k/10% (or even better 14k/20%)
Why don't you wait and save up?

Occams_Razor_2

I'd say no, you are very unlikely to qualify.

trading for less than a year alone would rule you out of most scenarios, and then the lack of a deposit...

might be wrong, but I'd say no.

First_Time_Buyer_Guru

Hi mforcer

The Nationwide 95% LTV mortgage is based on you opening a savings account with them for the specific purpose of saving for a mortgage deposit. There are several caveats, and you still have to pass the vetting process upon qualifying for the mortgage. If you can I would certainly apply to the government's 'First Buy' Scheme. May not be your cup of tea, but you could get away with saving a smaller deposit.

Good luck!