Advice

Sharpiejas

Myself and my wife need some advice on where to look to get our first morgagte. We have 4k in savings and have an annual income of 73k. Would we be able to get a loan for the rest of the deposit and then use this to get a morgagte? We are looking to borrow about 220k for the morgagte. I have had previous ccj's, these have been paid in full and i have not had any adverse credit for about 7 years. i have one credit card with a 2.5k limit. My wife has no problem getting credit and has about 15k worth of credit availble from cards. she previously took out a 10k loan that we repaid in full. We would have took a 100% scheme if these were still availble.

any advice on where to start?

boo2410

With an income of £73K I would save as much as I could for a few months to get a bigger deposit which in turn would hopefully get you a better interest rate. I don't think getting a loan for the deposit is the answer.

~Beanie~

Agree totally with the above. If you have an annual income of 73K then I would expect you to be able to save more than 4K towards a deposit. Lenders will not accept a loan as the source of a deposit so you are going to need to save up a bit more.

You haven't even got a 5% deposit at the moment, you need to keep saving.

poppy10_2

You won't be able to use a loan as a source of deposit

newdud

With a 73k income you should have much bigger deposit , the fact that you do not indicates you are going into this without much thought

Reevaluate you finance

ACG

Agree with the above, £73k income, live in a flat that costs £1000 a month for 6 months, theres your deposit sorted.

Also there are 100% mortgage around, however you would need to have a parent or grandparent prepared to act as guarentor on anything above 75%

brit1234

So at the moment you have saved up for the mortgage fees, solicitors bills and possibly the stamp duty leaving you with no deposit.

You need to spend a couple years hard saving. A tiny deposit will give you a terrible mortgage rate and put you into negative equity with the house price falls.

Save, save, save. The longer you save the more house prices will get cheaper and bigger choice of mortgages you will get.