FTB Looking for your thoughts please

AmyW_2

Hi,

I am a first time buyer looking to buy my own property, I am due to see a mortgage broker in 2 weeks time but have interests in a few properties at the moment, I want to see if what I am looking to lend is realistic before looking @ more properties. My details;

Age : 24
Work : Full time
Salary : £18,500
Bonus : £3600 P/A (not guaranteed but consistent for 6 years)
Deposit : 10% (slightly more but wanted to keep the extra funds for fees etc)
Lending amount : £75,000
Credit rating: Good, no defaults, missed payments etc in the 6 years I have had lending.

Do you think based on the above information that I should be able to get what I am looking for?

Thank you for your time.

Gromitt

I think most banks will ignore your bonus unless its guaranteed, and will also exclude any regular outgoings (eg. to loans, cc's, etc)

So I'd guess at between 60 - 70K you'll be offered based on a 90% LTV

AmyW_2

Great, thanks for your reply.

The mortgage broker has advised he is confident he can get me 80k.

This is why I wanted some advise first, because most sites are advising me they will offer around the 65k-70k mark and I'm wondering if he is only saying this so I will book an appointment and see him.

Do you think it is still worth the visitto the broker or should I keep saving for a bigger deposit?

Thrugelmir

Build your deposit up some more. There's little point in over stretching yourself for what is such an important purchase.

Wh05apk

You are tight but £75-80k should be possible.

AmyW_2

Thanks for the thoughts!

I think I'll save a bit more as suggested and have another look at it again in a couple of months.

:):):):)

Yomo

As others have suggested, try and bump up your deposit if you can.

My partner and I are also FTB's, and as soon as we hit 15%, the rates became much more affordable. We waited for 3 months and now have 25% deposit.

You might get sick of hearing it, but waiting and saving is the best advice you'll get and it will make your life easier.

AmyW_2

Thanks.

I think I got a bit excited when I started to see the houses that could potentially be mine! :rotfl:

But thanks I value your opinios and will take them onboard.

Savings in the way forward for me.