First Time Buyer Mortgage

BigJammy

Hi

I have just had an offer accepted on house, I had a mortgage in principle from HSBC but after look at the trouble people are having with them at the moment. I have started to consider other options like First Direct, RBS or YBS because they all have good fixed rate for 90 LTV mortgages. But I an not sure which to go for as reading online it looks like first direct can be very strict.

My situation is I have been at my job for 4 years i earn 42k but get about 25k extra from on-call, overtime and bonus. I am looking for a mortgage of 198,000 but unsure if any of the them will be to strict.

Any advice would be great. Thanks

ACG

FD are HSBC when you drill down far enough.

Your looking to borrow 5 times your basic. Most lenders only look to accept 50% of overtime etc providing its pretty consistant - so thats 4x your income.

Ive never done a 90% FTB where your looking to borrow so many times your income, so im not sure how easy this will be. Im sure its possible, but im not sure its a walk in the park.

chambta

If you're credit rating's squeaky clean I think RBS would pass you on their affordabilty calculations.

That is assuming no other commitments.