What to do first when thinking about getting a mortgage

matt2877

Hi all, me and the girlfriend are hoping to get a mortgage together soon as we have a baby due in december, but are unsure on our chances of getting one. We only have savings of roughly £5000 and would be looking at getting a mortgage of somewhere between £100,000 - £120,000, I realise that alot of banks still want 10% deposits but time is not something we have on our side.

Is the best thing to do just book an appointment with a mortgage advisor and go through the process of applying for one and see if a) they will be willing to give us a mortgage and b) for how much

We are both first time buyers, I earn £22221 per year and this year my girlfriend will earn roughly £6000 taking into account maternity leave and other factors.

Is there a certain bank that it would be best to see first or are they all similar? Any advice appreciated, thanks very much

R_P_W

Hi, not wanting to be a downer but you really will need minimum 10% deposit. The £5k you have saved will very quickly be swallowed up by fees and moving costs.

95% mortgages are available, however you need to be sqeaky clean in terms of financial history and meet some very strict lending criteria.

All the lenders are slightly different, so I would go and seen an independent broker and see what might be available - but personally think very long and hard about it as your personal situation will mean your income reducing but your costs will be increasing.