Morgage Help

Bluebirds1975

Hi

I am looking for some advice.

My wife and I are looking to get a morgage and buy our first house. We are currently renting

We have a joint income of around £50k and I just want to know what would be the best for us and what sort of morgage we would get (Value)

Also what sort of cash up front would we need?

Do any lenders do special deals for first time buyers?

herbiesjp

What would be best for you you will depend on what exactly you want from the mortgage i.e. do you want security that your mortgage payments will not increase for a certain period of time, do you need the flexibility to make over payments?

Based on a straight £50k some lenders may offer 5 times your income. So that will give you a rough idea, some may give you more and others less.

A 5% deposit is a good starting point, however, the bigger the deposit the greater choice of mortgage deals that will become available.

Do you have any other dents in the background? Do you have any children? Do you have a good credit history? These will also impact on the loan amounts that may be offered

Some lenders do offer specific deals for FTBs however, there is very litlle difference overall, so you may as well just look at the whole mortgage market and see what is on offer?

What purchase prices/deposit did you have in mind?

Bluebirds1975

To be honest neither of us have a great credit history.

No kids as yet

I havent looked at a house as yet as I am looking to see what sort of money we would need to raise

MortgageMamma

Do you have any outstanding credit? Do you have a deposit? are you employed or self employed? is the joint income of 50k a basic or is it commission/overtime/bonuses

the breakdown of the income is very important

herbiesjp

Bluebirds1975 wrote: »

To be honest neither of us have a great credit history.

No kids as yet

I havent looked at a house as yet as I am looking to see what sort of money we would need to raise

Why do you not have a "great credit history"? What is it on there that makes you think it is bad? Have you got copies of your credit files?