first time buyer - any possibility of securing a mortgage?

mutty_hc

Hi all,

I'm currently searching for a new rental property but I'm coming up short and want to see if I can work out if a mortgage was a possibility.

I currently do not have a deposit available however there is the following,

Excellent credit rating
27k per annum salary
£750-800 p/m available for mortgage payments
Secure job/ contract
married + 2 children

I notice from a quick search there really aren't many 100% mortgages available and those that are do not cater for FTB, however, what about firstbuy etc?

On this website I'm struggling to find accurate info and if anyone could give me a yay/ nay with reasons I'd really appreciate it.

We're slightly desperate to identify what is available to us.

Many thanks
Muttyhc

gazfocus

With the likes of first buy, etc, you still need 5% deposit so obviously it depends on the sort of house prices you are looking at.

rachelonna

Info on First buy is available on direct gov

You will need 5% deposit

We were lucky enough that my husband's parents were willing to draw down on their mortgage to help us with a deposit, which meant we got 15% deposit in the end - maybe this may be an option - possibly a delicate question to ask

Alternatively, I think that New builds often have incentives where they will lend you the deposit, then you need to repay it interest free over 5 years. However, you will need a mortgage broker that will be able to advise you on the options for a mortgage or you may be stuck with an unfavourable deal with the mortgage broker of the builders selling you the house/deposit

You may find that renting is a good option when you factor all of these things in! Bear in mind that you'll also have the moving costs , which may just tilt the balance yet again.

Good luck!

Thrugelmir

mutty_hc wrote: »

On this website I'm struggling to find accurate info and if anyone could give me a yay/ nay with reasons I'd really appreciate it.

Why no savings to use as a deposit?

poppy10_2

Without a deposit you won't get a mortgage, even for one of the Newbuy/Firstbuy scams

ACG

There is a 100% mortgage available with a guarantor. You will need someone who is prepared to back 30% of the mortgage (ie parent or grandparent) They dont need to have it all in savings but would need it as collateral in their property if not.

Speak to a mortgage advisor as im pretty sure its only available through brokers.