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First time buyer: will i get a mortgage?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
2 replies 821 views
gocannygocanny Forumite
66 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi all, I don't know a heck of a lot about mortgages and would appreciate some advice. I've read loads of info online (and Martins PDF) and all I seem to find is conflicting advice on wether or not I would be able to get a mortgage.

I would be a first time buyer with (hopefully) a 10% deposit. Havnt checked my credit rating yet as there was a few things I wanted to clear up first. I'm fairly confident it will be okay tho as I havnt had a problem in the last 5 years.

I'm really keen to buy somewhere in the next year but if the deposit has to be more than 10% it could be years off:(

Some websites seem to offer 90% mortgages but don't make it clear if this is open to first time buyers. Also I am in scotland and some 90% only seem to be availible in england and wales.

So in other words, I have no idea wether or not id get a mortgage.

I ask because I might be getting a move through my housing association to somewhere more suitable. If I am buying in the next year I would probably decline that so as to save more for a deposit. If I get this wrong, I could end up living somewhere unsuitable for many years (a story for another day:rotfl:).

Any advice would be fantastic, I'm tearing my hair out here guys!

Replies

  • AnniseleAnnisele Forumite
    4.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    Most people (not all) can get a mortgage - the issue is usually whether you can borrow enough to buy the place you want.

    If you have £100k in savings then that's 10% of a £1 million property - but if your income is £10k a year, you can forget it.

    Are you prepared to give any indication of your income and the amount you're wanting to borrow? (If you don't want to disclose that, it would help if you gave a multiple - 2x salary you're probably OK, 10x and it's never going to happen).
  • gocannygocanny Forumite
    66 Posts
    Thanks for your reply, the value of the properties I am looking to buy are anything between 3x and 4x my annual income. Does that help? If not I can pm you actual figures.

    In any case I suppose it comes down to how clean my credit rating is. How clean does it have to be?
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