Advice on Homebuy Mortgage

robrymond

A little bit of advice please as we delve into the world of mortgages. We currently rent a 2 bed apartment for £450 a month on a new housing estate.

We've looked into some new houses being built round the corner and Taylor Wimpey offer some of there 3 bed (more like 2 bed plus a box) semi-detached houses. They have today reduced the price from £114K to £108K.

There is no way we can afford a full deposit, and the asking price means a deposit of around £5400, which we pretty much have/can get.

I work on a paid per hour basis rather than a salary on an average of 30-40 hours per week, at the very lowest it would be 22 hours, however this is rare. On average last year I earnt around £7500-£8000.

My partner has just being given a job which begins at £15K and rises after a potential 6 month period. However she is due to start this early August.

My question is, are we mad to try and attempt a mortage on a shared equity scheme? I know most of the doubters here will rip the scheme to shreds, but this is the ONLY way.

After calculating the costs, the mortgage with repayment and interest would be £441 a month, for a 2 year fixed period. There is then the loan to pay off from the housing company within 5 years, but again with potential for job changes, this is not something I am too worried about initially.

We both have good credit, and both of us have never missed any direct debit payments for both bills and rent to a landlord. Will this aid us at all?

My heart of hearts wants to invest together in property instead of ploughing dead money to some landlord. I know renting is great and ideal for lots of people, but it has served a purpose for 2 years now between us.

Will any mortgage lender be willing to give based on the criteria?