First Time Buyer

maforduk

First time buyers and we can't even get on the Property Ladder because the cost of the homes these days.
We can't even afford a mortgage!!

doitmyself

Hi
I daresay there's many people who feel as you do, and many more who are currently buying their homes who will feel the same about keeping their homes if interest rates go up up up. I wonder if it's true though, I mean have you explored all your options re. buying a home or just assuming you can't? You've clearly put an end to your careless (or unfortunate) money management and you have a decent contribution to a deposit right there in your reclaimed charges.
Good luck anyway

tony863

hi,

I've just bought my first house with my wife and she is part time. We got offered a mortgage for £163,000 based on me being on £26,000 and my wife being on £8,500.

We had no deposit and 10 grand of debt and we couldn't afford the solicitors fees or stamp duty.

Northern Rock do a "together mortgage" which basically means they will give you about 4 and a half times your salary (Credit rating dependant) and offer you 90% of the properties value.

Then they loan you another, and up to £30,000 to pay all of the already mentioned.

It is all on one payment and one rate.

Without this, we wouldn't have gotten onto the property market. Maybe it is worth considering. Hope this info helped

maforduk

tony863 wrote: »

hi,

I've just bought my first house with my wife and she is part time. We got offered a mortgage for £163,000 based on me being on £26,000 and my wife being on £8,500.

We had no deposit and 10 grand of debt and we couldn't afford the solicitors fees or stamp duty.

Northern Rock do a "together mortgage" which basically means they will give you about 4 and a half times your salary (Credit rating dependant) and offer you 90% of the properties value.

Then they loan you another, and up to £30,000 to pay all of the already mentioned.

It is all on one payment and one rate.

Without this, we wouldn't have gotten onto the property market. Maybe it is worth considering. Hope this info helped

This sounds like a VERY pricey way to get a mortgage, especially if you have loaned the extra money on top of the mortgage, even if it is under one monthly payment etc.