5% deposit, any point speaking to a mortgage adviser?

jofullalove

Hi all,
Hope somebody can offer us some advice, we (my girlfriend and I) are currently renting a house which is £500 per month. we are desperate to buy our own home together and have found one in the local area that we would love.
The problem is we only have about 5% deposit and have worked out that it will take us another couple of years to save for 10%. We don't have anyone in our family that could help us out.
Do you think there is any point booking an appointment with a mortgage adviser in the hope of a 95%LTV mortgage or do you think we would be wasting both our and their time?

Any advice on this would be gratefully received.
Thank you
Josh

bigadaj

Brokers will advise no doubt, but you need to post your salaries, house price and existing debts if any to get a meaningful answer.

jofullalove

thank you, salaries are 20K and 24K. house listed at 115k, other debts add up to approx 400/month.

thank you

BristolBob

If it will take you a couple of years to raise another 5% (<6K), will you still be able to manage when interest rates start to rise? A question EVERYBODY should be asking, but many people AREN'T asking...

lucy_l0cket

Monmouthshire building society are advertising that they are offering 95% mortgages at the moment. They have a big stand in my local town centre today with huge posters advertising it! I dont know what their criteria is or your circumstances and I am certainly no expert, but if their advertising is to be believed then they are an option. Good luck

bigadaj

Pay those debts down first, unless they are student loans of course.

jofullalove

thank you for the comments, most of our debt is going to be paid off in 18 months so we don't mind paying the mortgage and being a bit strapped until then.

Do people think we have a chance of getting a mortgage?

bigadaj

jofullalove wrote: »

thank you for the comments, most of our debt is going to be paid off in 18 months so we don't mind paying the mortgage and being a bit strapped until then.

Do people think we have a chance of getting a mortgage?

That isn't the issue though as the costs of the borrowing will be knocked off for affordability purposes and restrict the amount you can borrow and/ or the deals that are available. Get rid of these debts before buying.

Yorkie1

Don't forget you'll need another £2-3K, if not more, for fees and legals etc.

Dave_Ham

Aside from if I think it would be good advice, there are 95% mortgages but effectively neither of you can ever have missed a payment on anything to pass the super high credit score....