Thinking of getting my 1st mortgage, need advise....

snuffilin

Hi Everyone!

My OH and I have been thinking of getting a mortgage to buy our first flat for a while now and I hope we are finally in a position where we can do this. We both work full time and earn £25,000 pa each + overtime and bonuses about £5000.00/year. We don't really have any dedts left ( I have been on these boards for a couple of years:)) only about £1000.00 on a 0% cc which can be paid off at anytime. We have about £5000.00 in combined savings I know it is not much but it's a start. Now for the advise bit.. I am 24 and my OH is 22 this in combination with not being from this country makes this whole mortgage thing quite scary and confusing. We would need a mortgage of approx 180,000 - 200,000 to buy something near enough to our work (NW London). Do you think this is possible considering our income? What kind of mortgage is good? We don't want to be tied up for too long in case we want to leave the country in the future.Also.....we don't really have enough savings for a deposit considering the fees involved...is this going to be a problem? I should add that my credit rating is very good and OH's is not as strong but has never had any default or problems with his finanses.

I'm sorry the post is sooo long but I was trying to give as much information as possible.

I put my faith in you guys, if any one can give me some sound advise wheather it's good or bad news it's you!

Snuffi

herbiesjp

Hi Snuffi

Which country are you from? Do you have permanent right to reisde in the UK? How long have you been in the UK?

As you have no deposit you will only have access to 100% mortgage deals, but based on your incomes you should be able to get close to the figures you are looking at.

HTH

snuffilin

Hi,

Thanks for the quick reply!

I am Swedish and my OH is Brazillian we both have permanent residency and will apply for british citizenship next year. We have both been here for over 5 years. I have been permanently employed by the same employer for 5 years and my OH had some temporary jobs part-time whilst he was studying and then been full-time with the same employer for the last 2.5 years. We work for the same employer our positions are very secure within the company and our salaries have risen by an average of 15% each year we have been employed. Our boss (the owner of the company) is very supportive of us getting a mortgage. Is he able to help in any way?

Snuffi

herbiesjp

On that basis you look fine for the mortgage in all honesty.

You next step would really be to find a good fee fre whole of market adviser and let them come up with some options for you.

At that point I would suggest getting an agreement in principle, just so you know they will lend you the amount youa re looking for.

As for how you employer could help - does he want to pay your mortgage for you... and mine?;) :rotfl: :j

snuffilin

thanks for your advise, I will try and find a motgage advisor and take it from there, unless there is an advisor on these boards who could give some further advise.

Any idea what kind of mortgage to look for? There are soo many options. We currently pay £900.00 in rent but could easily manage up to £1200 or maybe a bit more ( I wouldn't want to strech too far to begin with incase rates go up) also I would like a mortgage where we would be able to make overpayments.

As for my boss, I wish!!!!!!!!!!! I was thinking more in the lines of paperwork for banks etc.

Thanks again!

Snuffi

herbiesjp

If you need to know that you are not going to go over you budget - then you would need to look for a fixed rate mortgage for 2/3 years. This way you will be able to afford the mortgage and the rates chosen for that timespan.

Hopefully you will have had increases in income, and therefore when you come to re-mortgage, you may then be able to look at otehr options.

A lender may request an employment reference, so you boss may be able to do that if need be.
HTH

snuffilin

Thank you very much Herbiesjp for all your advise.

I will start looking for a broker tonight and see if I can get someone recommended by family or friends.

This is getting me really excited I may be on my way to getting my own home!!!!!

Snuffi

[Deleted User]

I know a very good broker in that area, well, he's from Watford and he makes house visits. Got his name through our solicitor (family friend) and he was good when we came to buy our house (moved in 2 months ago).

PM me and i'll send his details

watcherman

You might also want to get advice on which parts of NW London if you don't know the areas well, there are some very nice parts and some hugely undesirable parts....