First time single buyer

dtaylor21184

Is it possible for a single person to get a mortgage at the moment?

Ideally looking to get a house in a years time for a property around £120-£140k

What minimum deposit would be needed?

Who is the best company to apply for a mortgage with?

GAH

There are a few lenders out there at present offering 90 and 95% LTV mortgages, but these come with a much higher rate of interest.

Also they are not fantastic in a market where prices are falling as you could become stuck when looking to re-mortgage or sell and easily find yourself in negative equity.

Most First time buyers are at least putting down 15% deposit, to get a better interest rate.

hazyjo

Yes, of course single people can get mortgages. What's your salary? You'd probably be able to borrow up to around 4x. Agree with above - you'd really need at least 10% of the purchase price, but a deposit of 15-25%+ is looking like the norm for the best rates.

Jx

dazeruk

dtaylor21184 wrote: »

Is it possible for a single person to get a mortgage at the moment?

They sure can as I've just done it.

Property value £200,000, mortgage of £160,000 and deposit of £40,000, so LTV of 80%. Salary of £38,000 so borrowing 4.2 times that. Got a 2 year fixed rate at 3.75%, no arrangement fee from ING Direct.

779

On my own, i've done it too, similar to above, property value £190,000, mortgage £133,000, deposit of £57,000, LTV 70%. Salary £37k, got a 5 year fix at 3.99%, no fee from Nationwide

dtaylor21184

Income is £30k may be more in a year when I want to buy.

Hopefully should have around £20k deposit