Mortgage advice foe new buyer in Falmouth

richrips

Dear all,

I am starting a PhD in October and have just come in to some inheritance. I am looking to buy a house in Falmouth with 4 bedrooms, 3 of which I will rent out to fellow postgraduates and myself living in the 4th room. I have looked at a few properties and found one that has good potential. It is likely to go for around £210,000. My Phd salary will be approx. £1300, but my parents have agreed to go in with me to offer security on mortgage repayments.

I am able to raise £40-60,000 deposit, although keeping some cash liquid for moving in would be ideal. I have run these figures past a few local mortgage advisors and rates around the 4% mark have been suggested.

Questions:

1. Are there any local brokers near Falmouth people would recommend I contact?

2. Are there any national brokers with whole of market coverage and low/no fees who first time buyers have recently found good deals with?

3. Any other recommendations, perhaps for specific forum members who have offered proven, successful, impartial advice?

I am going for a second viewing with one of my parents tomorrow and could be making an offer in the next few days, I am under pressure to get things rolling as the academic year is approaching and i will need to get tenants in by then.

Any help much appreciated, especially with such a broad set of queries!

Rich

Gary123456790

richrips wrote: »

3. Any other recommendations

Secure mortgage before making an offer!

You may struggle in that you have little salary yourself and income from fellow student 'tenants' may not be fully considered.

You'll probably need a non-high street lender you allow the parents to guarantour this for you, although it will depend on their income and debt levels.

You need a good broker... and fast! Good luck.

Gary.