First Time Buyer

jhs2lq

I'm a 28 year old first time buyer, I've seen a property I like for £115k, I've £34k in the bank and was thinking of putting £25k towards a deposit therefore requiring a mortgage of £90k. I'm currently on £22k a year, can anyone give me any advice or suggest any mortgage deals which would suit me? Thanks

Doshwaster

jhs2lq wrote: »

I'm a 28 year old first time buyer, I've seen a property I like for £115k, I've £34k in the bank and was thinking of putting £25k towards a deposit therefore requiring a mortgage of £90k. I'm currently on £22k a year, can anyone give me any advice or suggest any mortgage deals which would suit me? Thanks

Your deposit is good, but if you could stretch to £29k then that would take you over the 25% threshold and open up some better offers. Lending 4x salary may be at the upper end of some lenders eligibility rules but it would depend on your employment situation, credit status etc.

I would suggest wandering down your local High Street and popping into 2 or 3 Independent Financial Advisers for a chat. You may also want to try your own bank but be aware they will only recommend their own products.

handytips

You should be ok on income, few tips for you, check that your on the voters roll, check your credit file and make sure commitments are being paid on time everytime, no commitments means lower scoring and lower borrowing (strange but true) the Experian credit score means little as most lenders have their own in house scoring system. I would get a local broker to get a decision in principle done for you either before or when you buy a property, there are plenty of affordability calculators available on most of the high street lenders websites. Good Luck