First Time Buyer mortgage

jaype

Hi - just after some advice. The husband and I are looking to buy our first property later in the year - probably autumn. He works full time as a teacher (on about 28k from September), I work 2 days a week and earn 24k (two children under 4). How much do you think we could (and should) borrow? We have a 25k deposit. Childcare costs are 300pm, though we get help with this from tax credits. No other loans etc (except sudent loans). Also, what sort of rate would be average, and what would our monthly repayments be (not interest only, please!). If anyone knows anything about whether the new keyworker mortgages are worth it, I'd be very interested as we are eligible.

njs1999

With regards to the keyworker mortgages, I wouldn't go anywhere near them. From personal experience, they made something which was supposed to be very simple and affordable, very difficult and confusing. It may be better in your position though because of your savings.

Depends if you like the feeling that somebody has got a hold over you. That's how I felt, hence I have decided to try and get a mortgage without aid from the keyworker scheme. Just little things like you have to tell them if you want to make structural changes, etc. I just had the feeling that you had to consult them before doing anything at all.

I know the keyworker scheme is designed to help people who do not want to/cannot afford to pay higher repayments per month. Just seemed more hassle than it was worth to me...

jaype

Thanks - the problem that we have is that three bed properties in our area start at 250k (asking price), so we'd need a pretty hefty loan. I'm self-emplyed so not sure if we'd need to self cert or what - have only been doing it since last July. How many years accounts do you need for a normal mortgage?