first time buyer

truthman007

can someone advise me the best way to get in the property ladder

How much % of deposit first time buyer will have to put in.

what is the best mortgage available in the market now for about 150k to borrow.

How long will it take the whole process once i found the house.

what's the longest period i can pay back

Thanks for your help.

Thrugelmir

How much deposit do you have saved?

How much do you earn?

How good is your credit history?

These are the sorts of questions which will determine your mortgage.

truthman007

Thanks for your comments, I've reasonable salary and savings money but want to put as low as possible in the deposit. what is the minimum percentage i can put in a deposit.

My credit history is really good.

Thrugelmir

Deposit will determine the interest rate.

At least 10% of the purchase price.

If the property is a new build then a much higher % deposit will be required.

truthman007

ok if i put 10% of deposit, what is the best interest rate i can get.

Any idea about first time buyer stamp duty nowadays. How much for 150k.

what are the other costs involved, stamp duty, commission to agent?, valuation? any other checks?

afm_2

truthman007 wrote: »

ok if i put 10% of deposit, what is the best interest rate i can get.

Any idea about first time buyer stamp duty nowadays. How much for 150k.

what are the other costs involved, stamp duty, commission to agent?, valuation? any other checks?

The best rate depends on your financial circunstances.

1% stamp duty for a propery of 150k = £1500

valuation, the minimal one is about £200 (can change a lot)
solicitor: ours is £800
if you use a mortgage advisor it may charge you as well.
commission to agent is paid by seller
I can't remember of anything else right now but I'm sure there's something else to pay

MiniSis

Searches are a few hundred, mortgage arrangement fee (if not added) mortgage booking? The survey I'm getting is £360 (homebuyers)

CBR600F_2

When I applied for my mortgage, I put Reasonable down for my salary. Unfortunately, of the three months' pay slips I provided, one stated that in a particular month my salary wasn't Reasonable, but Alrightish. I thought I'd be okay because my salary becomes Cool when I factor in over time. Sadly, the lender didn't see it that way, told me to come back when my salary was Far Out.
I cried like a sissy that day.
True story.