help help first time buyer

smegy9

Looking at buying a flat.

At the moment I have about 8 grand for a deposit. Flat I quite like is offers over 96 grand . Question is would I be able to get a mortgage to offer around 103-105 thousand?

My current income is as follows

19000 per anum
10% profit share bonus



I get a 5% wage rise in march aswell and my profit share in april.

My girlfriend would also be moving in so that would help with the bills.


Currently work at a bank in finance , and studying CIMA examinations.


any one help me in what to do next and what i can afford

MortgageMamma

do you have any credit commitments, on the face of it, it looks doable. What area are you in scotland?

smegy9

credit comitments as in loans or credit cards yeh?


if thats the case no loans and nothing on the credit card

smegy9

heres two flats i am considering


http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=230407

http://www.espc.com/EspcPublic/UniversalPages/PropertyDetails.aspx?rid=231172

tomstickland

Two nice properties IMO, though both cursed with laminate flooring, the decking of 2006.

smegy9

is it true i have to get it surveyed before i put in an offer?

otherwise i have to make up the difference myself?

MortgageMamma

credit commitments include car finance, catalogues, store cards, interest free credit on sofas etc. Also if you make any csa payments or spousal maintenance payments that will affect your borrowing

smegy9

car finance finished about 6 months ago

nothing on anything else you mentioned

MortgageMamma

Hi

In that case, providing your credit rating is ok then you should be OK. Better to wait until you get that payrise in March though IMO. You need to approach a lender who is willing to advance more than 5 x salary. But before you can do this, do the sums and see if you can afford the repayments even without the girlfriend chipping in on the bills.